Gering Business Insurance

Your Complete Guide to Gering, NE Business Insurance

Find the right business insurance policy for you.

Business owners going through insurance paperwork together in their coffee shop

Gering, NE is home to more than 650 businesses of varying size and scope. Construction and manufacturing companies tend to do particularly well in this city, but businesses representing a wide range of industries have found success here. As a Gering business owner, you will want to be sure to protect your investment with a comprehensive business insurance plan.  

Buying the right coverage for your Gering business can be complicated when you are going about it on your own. Fortunately, when you work with an independent insurance agent, the process is simplified. Find an insurance agent near you to learn more about your many coverage options and to start comparing customized business insurance quotes. 

Does Gering Business Insurance Offer Liability Coverage?

Many small businesses cannot handle the excessive costs associated with a liability lawsuit if they are uninsured. In fact, liability lawsuits against businesses frequently result in judgments that exceed $1 million. That is why business liability coverage is so important. Commercial general liability coverage (CGL) is included as standard coverage in all business insurance policies. This insurance is designed to cover court costs, legal defense fees, and damages related to a number of liability lawsuits that businesses commonly face. CGL has two major components:

  • Premises liability insurance: This is designed to cover the costs associated with third-party injuries, illnesses, and property damage that are the result of accidents on your business premises. 
  • Product liability insurance:  This is designed to cover your Gering-based business against lawsuits resulting from injuries, illnesses, or property damage that are caused by products your company produces, sells or promotes.

Businesses often have additional liability risks that are not covered by CGL. Fortunately, there are commercial liability coverage products that are able to address these other exposures. Some examples of the many liability policies that may be appropriate for your businesses include:

  • Cyber liability insurance: This is designed to protect businesses that store customer data electronically. It can cover the costs associated with restitution and damages if your company experiences a data breach and hackers access your customers’ personal and/or financial data.
  • Employment practices liability insurance: This is designed to protect your business finances if a current or former employee accuses your company of harassment, discrimination, wrongful termination, or any other illegal business practice.
  • Pollution liability insurance: This is designed to protect businesses that use or produce toxic substances in the event that an accident leads to the pollution of the environment, including the land, water, or air. It can cover clean-up costs and damages.
  • Professional liability insurance:  This is designed to protect individuals in professional positions in the event that they are accused of errors in judgment or other professional mistakes that result in financial or other damage to their clients.

There several other commercial liability insurance products available to choose from. An experienced independent agent can help identify which are right to include in your business insurance policy package so that your company is fully covered against all of its liability risks.

What Commercial Property Is Covered by Gering Business Insurance?

In addition to covering your business against its various liability risks, commercial insurance is designed to pay for loss or damage to your business property. Commercial property insurance, which is a standard part of any business insurance policy, can cover furniture, outdoor signs, tools and machinery, merchandise, and more. It is important that you purchase property coverage in suitable amounts to fully cover your business in the event of a catastrophe. A local independent agent can help you be certain that you have sufficient coverage in place.

  • Number of federally declared disasters in Nebraska since 1953: 60
  • Most common reasons for disasters in the state:  Severe Storms
  • Average number of tornadoes per year in Nebraska: 54.6
  • Average amount paid in business insurance claims per year in NE:  $1.35 billion

Some of the most common weather risks faced by business owners in Gering are severe storms, gusty winds, hail, heavy snowfalls, and freezing temperatures. Each of these weather events can lead to significant damage to business-owned property. Many companies in Gering are also at risk for floods, but flood damage is typically excluded from business insurance coverage. If your business is located in any of Gering’s flood zones or is otherwise at risk for flash flooding, you can talk to your independent agent about supplementing your coverage with a commercial flood insurance policy through the National Flood Insurance Program (NFIP).

Is Business Interruption Insurance a Good Idea in Gering, NE?

Property damage isn’t the only expense that business owners need to worry about in the aftermath of a disaster. Take the F3 tornado that touched down just 5 miles from the Gering city center in 1985. A disaster of that magnitude could force your business to remain closed for several weeks while repairs are made. Of course, tornado activity in Gering is not as common as it is throughout much of the state, but it is just one of the risks that business owners need to be aware of. Other catastrophic risks include accidental structure fires, excessively heavy snows, and damaging freezing temperatures. Each of these risks can lead to long-term temporary closures.

Business interruption insurance can provide your company with a continuation of income during the times you are forced to close for repairs following a covered event. This insurance enables your business to be able to continue paying monthly bills, loan installments, and employee salaries until you can once again resume normal operations.

Does My Gering Business Need to Have Workers’ Compensation Insurance?

Businesses in Gering must remain in compliance with Nebraska’s state laws. In this state, all employers are required to carry workers’ compensation insurance. There are a few exceptions. It is not necessary to purchase coverage for sole proprietors, domestic servants, railroad employees, or workers in certain agricultural operations. If you are uncertain about whether you need this coverage, you can consult a local independent insurance agent. If required, these agents can help you purchase workers' compensation coverage through a commercial provider or, if approved, your company may choose to self-insure. 

Workers’ compensation insurance is designed to cover the cost of medical treatment and lost wages if your employees are injured or become ill on the job. In the unfortunate event that a workplace injury is fatal, this insurance can also provide death benefits to surviving family members. Costs for workers’ compensation insurance are dependent on the types of jobs your employees do and the amount you spend on payroll. It would cost far more to insure employees with a high risk of injury, such as construction workers, than to cover workers with low injury risk, like waitresses.

What about Insurance Products for Employee Benefits Packages?

There is no denying that health insurance is expensive, but purchasing it for your employees can prove financially beneficial. Studies by human resources professionals have shown that offering benefits such as health and life insurance can help your business attract and retain good employees, and can even reduce the number of sick days taken by your workers. Many businesses can even qualify for tax credits for subsidizing healthcare coverage.

  • Average amount spent on healthcare coverage by NE businesses: $305,001
  • Ranked 16th for highest medical insurance costs in the US
  • Average annual cost of health care in NE: $5,431/person or $14,616/family

You have a lot of different types of policies and options available to you when you are shopping for employee coverage products. A local independent agent can answer your insurance-related questions, explain your various coverage options, and help you find and review a wide range of competitively priced policies. Contact an agent near you to learn more.

Why Work with an Independent Insurance Agent in Gering, NE?

As a business owner in Gering, you may find it advantageous to have the assistance of a local independent agent when you are purchasing your commercial insurance coverage.  These insurance professionals can help you identify the various exposures faced by your business and can then recommend the right types of policies to cover you against each of these risks.  

Find an independent insurance agent in or near Gering to learn how easy it can be to build a comprehensive and competitively priced commercial insurance portfolio.

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https://www.census.gov/quickfacts
https://www.fema.gov/disasters
http://www.naic.org/prod_serv/AUT-PB-14.pdf
https://www.nfib.com/content/legal-compliance/legal/workers-compensation-laws-state-by-state-comparison-57181/
https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/alter-benefits-attract-retain.aspx
https://www.business.org/hr/benefits/top-reasons-to-offer-employee-benefits/
http://www.city-data.com