Nearly 400,000 people are employed by Nebraska’s more than 150,000 small businesses. Of these, approximately 1,280 are located in the small city of La Vista. Manufacturing and construction companies tend to do very well in this city, but businesses representing a wide range of industries are seeing success here. Businesses in Nebraska collect approximately $2.6 billion in business insurance claims per year.
Whether you own a large company that employs thousands, or you have a small family-run business, it is a good idea to shield your company from large financial losses by investing in a well-built commercial insurance policy. That way, the coverage will be there when you need it. Independent insurance agents can help you identify the risks that are unique to your particular business. They can then offer appropriate coverage recommendations and can help you find suitable coverage at a competitive rate.
Liability Insurance for Small Businesses in La Vista
Liability insurance is one of the most important types of coverage your La Vista business can have. The costs associated with liability lawsuits against companies frequently exceed $1 million. Liability insurance can protect your business by covering court costs, legal fees, and damages.
Commercial general liability insurance (CGL) is included in all business insurance policies. It is designed to cover your company against some of the most common lawsuits businesses face. It includes two major types of coverage:
- Premises liability insurance: This can cover third-party injuries, illnesses, and property damage that occur as a result of accidents on your business premises.
- Product liability insurance: This can cover your La Vista-based business against lawsuits resulting from injuries, illnesses or property damage caused by products you produce, sell or promote.
There are a number of other liability insurance products available to businesses. An independent insurance agent can help you identify which are right for your particular company. Some examples of other liability insurance types include:
- Professional liability insurance: This covers professionals against damages caused by errors in judgment or other professional mistakes. It is generally purchased by individuals in professional positions.
- Employment practices liability insurance: This covers your business against claims of discrimination, harassment, and wrongful termination.
- Commercial vehicle liability insurance: This is required if your business owns a vehicle or fleet of vehicles. It can protect your business against its increased liability risks.
Talk to your agent to learn more about these and additional liability insurance options.
Cybercrime Insurance for La Vista Small Businesses
A relatively new type of liability insurance that needs to be discussed is cybercrime insurance. This coverage can protect your business against the very expensive lawsuits and damages that may result if criminals hack into your business computer system and steal sensitive customer information such as financial or personal data.
- 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
In today’s world, where most businesses store data electronically, this coverage is extremely important. Passwords and firewalls are often not enough to stand up against a sophisticated hacker. Talk to your local independent agent to learn more about how your La Vista business can benefit from including cybercrime insurance in your business insurance package.
Property Insurance for Small Businesses in La Vista, NE
Severe weather events, like storms and tornadoes, can do a great deal of damage to your business property. Business property insurance can keep this risk from causing your business large financial losses.
- Number of federally declared disasters in NE since 1953: 72
- Most common reasons for declared disasters: Severe Storms
Hazards like severe weather, property crimes, and accidental fires can all lead to significant loss and damage to your commercially owned property. Commercial property insurance can cover everything from inventory to furniture to outdoor signs. Including sufficient levels of property insurance is very important. Many businesses in La Vista also face a serious risk of being hit by floods. However, property damage caused by floods is not typically covered by business insurance. Talk to your independent agent about supplementing your coverage with an affordable commercial flood insurance policy through the National Flood Insurance Program (NFIP).
Business Interruption Insurance for La Vista Businesses
Businesses in La Vista and throughout the state of Nebraska contribute to the health of the United States 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 if it is not operational. That is why, in times of catastrophe, having the right insurance can be extremely valuable. Business interruption insurance can provide your company with a continuation of income if it is forced to close for an extended period due to forces beyond its control. This may happen if a major disaster, such as a tornado or flood, strikes La Vista and causes significant destruction to your business or to the roads leading to it. Business interruption insurance enables you to continue to pay monthly expenses and employee salaries until you can once again resume normal business operations. Talk to a local independent insurance agent to learn more.
Workers’ Compensation for La Vista Businesses
Workers’ compensation insurance can cover the costs associated with illnesses or injuries your employees suffer in the course of doing their jobs. It can cover medical treatment, lost wages, and, in worse cases, death benefits. This insurance not only protects your employees, but it can also prevent your business from facing expensive liability lawsuits. Every state has its own laws pertaining to workman's comp insurance. In Nebraska, most businesses are required to carry this insurance.
Exceptions are made for sole proprietors with no employees, households employing domestic servants, certain agricultural operations, and a few other specific business types. Your business may purchase coverage through a commercial provider or, if approved, may self-insure. Your local independent agent can help you find a workers' compensation policy that is well-suited to your business industry.
Employee Health Benefits for Small Businesses in La Vista
Studies show that offering good benefits, such as life insurance and healthcare coverage, can help you attract and retain talented employees. If your La Vista-based business employs at least 50 full-time workers, you are required by law to provide them with subsidized health insurance. Unfortunately, the costs for this coverage can often be daunting.
- 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
Fortunately, many small businesses that offer health insurance qualify for tax credits. A local independent agent can help you find and review a wide range of affordable policies so that you can make an informed decision when making a purchase.
Why Talk to An Independent Agent?
Building a suitable business insurance plan can be a complex job. Independent insurance agents can simplify the process. These agents can work with you to identify the risks specific to your La Vista business, and they can offer appropriate coverage solutions. With their help, you can build a policy package that leaves your company without any accidental coverage gaps.
Find an agent in or near La Vista to learn more and start comparing quotes.
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