Grand Island Business Insurance

Your Complete Guide to Grand Island, NE Business Insurance

Find the right business insurance policy for you.

Approximately 4,500 of Nebraska’s more than 150,000 small businesses are headquartered in the city of Grand Island. This city’s Chamber of Commerce works hard to ensure that Grand Island is an ideal place for entrepreneurs in all industries to open and operate their companies. If you are among this city’s business owners, you will want to be sure that your investment is suitably covered by the right commercial insurance. Independent Insurance Agents in Fremont can take away the guesswork and help you build a comprehensive and affordable business insurance plan. Find an agent near you to get started.

Liability Insurance for Small Businesses in Grand Island

Commercial general liability insurance (or CGL, for short) is one of the most important coverages a business can have. It is part of all commercial insurance policies.  CGL is designed to cover your business against the costs associated with many of the common liability risks it faces. Considering that the majority of liability lawsuits in the US result in judgments exceeding $1 million, liability coverage can prove very valuable to your company. Some common coverage types your agent may talk to you about include:

  • Premises liability insurance: This is part of your general liability coverage. It can cover third-party injuries, illnesses, and property damage if they occur as a result of an accident on your business premises. 
  • Product liability insurance:  This is also part of your general liability coverage. It can cover your Grand Island-based business against lawsuits regarding injuries, illnesses or property damage caused by products your company produces, sells or promotes.
  • Professional liability insurance:  Another name for this coverage is errors and omissions insurance. It can cover those in professional positions if they are sued for perceived errors in judgment or other professional mistakes. 

Every business is different. In some cases, other types of liability coverage may be appropriate. An independent insurance agent can determine whether additional coverage types, such as commercial vehicle liability, environmental liability, or employment practices liability insurance are right for your business.

Cybercrime Insurance for Grand Island Small Businesses

Cybercrime insurance is yet another type of liability insurance you may want to consider. This relatively new coverage was created to protect businesses against the liability lawsuits that may occur if hackers access customer information that has been stored electronically.

  • Number of identity theft complaints in Nebraska per year: 914
  • Ranked 46th highest for identity theft complaints in the US
  • Only 22% of businesses have a cyber/data breach response plan

As reports of electronic data theft continue to rise, the need for cybercrime insurance is increasing. Even if you have security protocols in place, sophisticated hackers can find ways to work around them. If these criminals manage to tap into your customers’ personal and financial data, your company may be sued for resultant damages. Talk to your local independent agent to learn more about how your Grand Island business can benefit from including cybercrime liability insurance as part of your commercial insurance portfolio.

Business Interruption Insurance for Grand Island Businesses

Businesses in Grand Island and throughout the state of Nebraska contribute to the health of the national economy.

  • Gross domestic product (GDP) for US: 2.2%
  • Gross state product (GSP) for Nebraska: 3.0%
  • The GSP is 0.8% greater than the GDP

Unfortunately, your business cannot generate revenue and add to the GSP if it is not operational.  That is why, in times of crisis, business interruption insurance is so important. Business interruption insurance is designed to provide your company with a continuation of income in the event that it is forced to close for an extended time due to forces beyond its control. This may happen if a major disaster strikes Grand Island and causes widespread destruction.

Examples include if a tornado destroys the building in which your company is housed, or if major flooding in the area washes out the roadway, making travel to your business impossible for several weeks or months. Business interruption insurance enables you to pay monthly expenses and employee salaries until you can resume normal business operations.

Property Insurance for Small Businesses in Grand Island, NE

Commercial property insurance is designed to cover your business property against loss or damage. Covered assets include computers, office furniture and décor, tools and machinery, signage, display cases, inventory, supplies, and more. 

  • Number of federally declared disasters in NE since 1953: 62
  • Most common reasons for declared disasters: Severe Storms and Floods

Grand Island businesses are at risk for damage caused by such hazards as structure fires, property crimes, and severe weather events. Tornado activity in this area is a bit higher than the state average and 126% greater than the national average. A tornado has the potential to destroy all of your business property, so it is important to ensure that your coverage levels are high enough. Flood damage can also present a risk to Grand Island businesses. However, property damage caused by floods is rarely covered by commercial insurance. Turn to your independent agent for help supplementing your coverage with a suitable flood insurance policy. 

Workers' Compensation for Grand Island Businesses

If your employees are injured or become ill while performing their jobs, your company is responsible for covering the associated expenses. Workman’s comp insurance is designed to cover the cost of medical treatment and lost wages. In the unhappy event that a workplace injury proves fatal, it 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 are calculated as a percentage of your overall payroll. Companies with higher risks, such as manufacturing firms, will pay more than those with a low risk of injuries, such as clerical operations.

In Nebraska, most businesses are required to carry workers’ compensation insurance. Exceptions are made for sole proprietors with no employees, households employing domestic servants, railroad employees, and certain agricultural operations. You can purchase this coverage through a commercial provider or, if approved, your company may self-insure. 

Employee Health Benefits for Small Businesses in Grand Island

Human resource consultants have demonstrated how including benefits such as life insurance and health insurance can help companies attract and retain ideal employees. However, rising health insurance costs often make shopping for this coverage seem daunting. Fortunately, an independent agent can help.

  • 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

If your Grand Island business employs at least 50 full-time employees, you are required by law to provide them with subsidized health insurance coverage. Smaller businesses may choose to cover their employees even though it is not required. Your company may even get tax benefits for doing so. Your independent agent can explain the various types of life and health insurance coverage you can purchase for your employees and can help you make an informed decision about which is the best.

Why Talk to an Independent Insurance Agent?

Business owners in Grand Island can find the best commercial insurance policies when they work with local independent agents. These experienced agents can help you identify the various risks faced by your business, and can help you find the right insurance policies to cover those hazards. 

Find an agent in or near Grand Island to discover how easy it can be to build an appropriate and affordable business insurance policy.

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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
http://www.gichamber.com/starting-a-business/
http://www.city-data.com