Hastings Business Insurance

Find the right business insurance policy for you.

Written by Meg Stefanac
Written by Meg Stefanac

Financial blogger and business owner, Meg Stefanac, has more than 15 years experience working in the financial services industry and enjoys helping individuals make solid financial decisions. Meg has extensive experience writing about insurance and finances and is a key contributor to TrustedChoice.com.

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Nearly 400,000 people are employed by the more than 150,000 small businesses in the state of Nebraska. Hastings is home to more than 2,300 of these businesses. Manufacturing and construction companies tend to do well in this city, but successful businesses representing a wide range of industries can be found here.

As a business owner in Hastings, you will want to be sure to protect the investment you have made in your company. Fortunately, you can do so by building a suitable commercial insurance plan. Considering that approximately $2.6 billion is paid out in commercial insurance claims in Nebraska each year, this coverage can prove quite valuable. Getting the right business insurance to fully cover your Hastings business can be complicated. Independent Insurance Agents make it easy. Find an independent agent near you to learn more and start comparing business insurance quotes. 

Liability Insurance for Small Businesses in Hastings

Liability insurance is vital to Hastings businesses.  All business insurance policies include commercial general liability coverage (CGL). This very important coverage is designed to cover court costs, legal fees, and damages for a number of common liability lawsuits businesses face. Some of the most important components of commercial general liability coverage include:

  • Premises liability insurance: This can cover the costs associated with third-party injuries, illnesses, and property damage that may occur as a result of an accident on your business premises. 
  • Product liability insurance:  This can cover your Hastings-based business against lawsuits resulting from injuries, illnesses or property damage caused by products your company produces, sells or promotes.

There are a number of other types of liability coverage that may be appropriate for your business. Some examples include:

There are a variety of liability insurance types available. An experienced independent agent can help identify all the types that may be of benefit to your business so that you can be fully covered against all of your liability risks.

Cybercrime Insurance for Hastings Small Businesses

Cybercrime insurance is yet another type of liability coverage that you may want to consider. This optional insurance was created to protect businesses from the expensive aftermath of a computer breach. 

  • 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

If your business in Hastings stores customer data electronically, you may be at risk. Sophisticated hackers are always finding ways to work around firewalls and other computer protections. If they access customer data such as personal information, passwords, or financial data, they may be able to use it to perpetrate identity theft, and your company will be liable. You can learn more about cybercrime liability insurance by discussing it with your local independent insurance agent.

Property Insurance for Small Businesses in Hastings, NE

In addition to covering your business against liability risks, commercial insurance covers against loss or damage to your business property. Commercial property insurance can cover computers, tools and machinery, inventory, display cases, outdoor signs, furniture, and more.  

  • Number of federally declared disasters in NE since 1953: 72
  • Most common reasons for declared disasters: Severe Storms

Hastings businesses are at risk for property damage caused by hazards such as tornadoes, structure fires, and property crimes. It is important that you purchase 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 the right policies in place to insure all of your business assets. Business owners should be aware that flood damage is typically excluded from business insurance coverage. If you feel that your Hastings business is a risk, you can talk to your independent agent about supplementing your coverage with a commercial flood insurance policy. 


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Business Interruption Insurance for Hastings Businesses

Business interruption insurance can provide your company with a continuation of income if you're forced to cease business operations for an extended period. This may happen if a major disaster, like an F5 tornado, strikes Hastings and causes widespread destruction or if your business burns to the ground in an accidental structure fire. Businesses in Hastings and throughout the state of Nebraska contribute to the overall health of the national economy.

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

However, your business cannot generate revenue if it is not operational.  That is why, in times of catastrophe, business interruption insurance can prove extremely valuable. Business interruption insurance will enable your company to continue paying employee salaries and monthly expenses while you work to get it up and running again. Coverage typically lasts up to one year.

Workers’ Compensation for Hastings Businesses

Workers’ compensation insurance is required of most businesses in Nebraska. Exceptions are made for sole proprietors with no employees, households employing domestic servants, certain agricultural operations, and a few other cases. Workman’s comp insurance is designed to cover the costs associated with injuries or illnesses your employees may suffer while doing their jobs. It can also pay out death benefits to surviving family members in the unfortunate event that a workplace injury proves fatal.

Costs for workers’ compensation insurance vary according to the risks associated with the types of jobs that are being covered. It is far more expensive to cover a construction worker than a secretary. An independent insurance agent can help you find the right workers' comp plan to cover your Hastings business.

Employee Health Benefits for Small Businesses in Hastings

If your company employs at least 50 full-time workers, you are required by law to provide them with subsidized health care coverage. Many businesses can qualify for tax credits for doing so.

  • 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

Studies show that offering your employees benefits such as life insurance and health care coverage can help you attract and retain great employees. Your local independent agent can help you find and review a wide range of competitively priced policies.

Why Talk to An Independent Insurance Agent?

As a business owner in Hastings, you may find it beneficial to have professional assistance when you are building your commercial insurance coverage. Independent agents can help you identify the various exposures faced by your business and can then recommend the right types of policies to cover you against these risks.  

Find an agent in or near Hastings to learn how easy it can be to build a suitable and affordable commercial insurance policy.

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