Lincoln Business Insurance

Your Complete Guide to Lincoln, NE Business Insurance

Find the right business insurance policy for you.

As the second-largest city in Nebraska, Lincoln is a busy community with a booming economy. This capital city is home to businesses ranging from large scale corporations to small startups. You’ll find numerous manufacturing industries and dozens of tech companies spread across Lincoln, NE, and the vast majority enjoy a long track record of success. If you are looking for a great place to chase your business dreams, Lincoln is an ideal setting.

In recent years, there were 167,678 small businesses in Nebraska, providing employment to 391,150 people. Of course, owning a business also carries serious risks. Recently, loss payouts to Nebraska businesses totaled $3,969,364. Purchasing comprehensive Lincoln business insurance is the best way to avoid losses and protect your business investments. Our Independent Insurance Agents can help you find the best commercial insurance options to protect your company from Nebraska’s most worrisome business risks.

Liability lawsuits are one of the most dangerous financial pitfalls for small businesses. According to Travelers Business Risk Summary, 60% of small-business owners ranked medical cost inflation as their highest concern and more than 30% said they felt the least prepared to handle this issue. It only takes one upset customer to land you in the middle of an expensive lawsuit. All business owners need to take these risks seriously and have appropriate liability coverage added to their comprehensive Lincoln business insurance policy.

  • Product Liability: According to a national study, 71% of product liability awards and 53% of medical malpractice awards by the courts amounted to $1 million or more. If your company manufactures a physical product, then product liability insurance is really non-negotiable. Without it, you are risking everything on your current quality control measures and a single failure or oversight could ruin your entire company overnight. Product liability insurance protects your business by stepping in to cover the cost involved if you ever face a lawsuit related to the products your business designs, manufactures or sells.
  • Errors & Omissions/Professional Liability: For professionals like contractors or consultants, professional liability insurance is a better choice. If an employee makes an error or gives some bad advice that causes harm to a client, you could find yourself in the middle of an expensive lawsuit. Every type of business is at risk for liability. With professional liability insurance, you can have the peace of mind that any legal fees or settlements will be paid without draining your business bank account in the process.

Business Interruption Insurance for Lincoln, NE Businesses

  • Gross domestic product in recent years: 2.2%
  • Nebraska gross state product in recent years: 3.0%
  • The recent GSP was 0.8% more than the recent GDP

Nebraska residents are very familiar with severe winter weather. Heavy winter snows and winter blizzards put local businesses at risk for major property damage every year. The next big snowstorm could cause substantial damage to your business property and put your entire company at risk. If you’re forced to shut down operations until your property is repaired, your revenue streams will screech to a halt, leaving you with no way to continue paying your business bills. 

Business interruption insurance protects small businesses by offering compensation for lost revenue during an unexpected interrupting event. This policy could literally be the difference between a small business that survives an unexpected catastrophe and a business that has to close the doors for good.

Property Insurance for Nebraska Businesses

  • Number of natural disasters in a recent year: 119
  • Only 61% of losses from natural disasters were covered
  • Total uncovered property damage during this time: $9.7 billion

Natural disasters are a common occurrence in Lincoln, with residents seeing an average of two tornadoes each year. These storms can leave behind massive property damage that can take weeks or months to repair. Any property damage can be expensive, so you need commercial property insurance to cover those costs. As a business owner, it is imperative that you be prepared by adding property insurance to your comprehensive Lincoln commercial insurance policy.

Workers' Compensation for Nebraska Businesses

Workers' compensation insurance is now legally required across most of the nation before businesses hire their first employees. As a business owner, you are legally responsible if an employee is injured on the job. Workman’s compensation protects your company by paying for lost wages and medical bills while simultaneously protecting you from lawsuits related to the accident.

Employee Coverages for Lincoln, NE Businesses

  • Total spending on premiums in Nebraska recently: $305,001
  • Ranked 16th for the highest premiums in the U.S.
  • Annual cost of health care for small businesses recently: $5,431/person or $14,616/family

Lincoln business owners are in a constant struggle to find affordable health insurance to offer employees. All over the nation, premiums are skyrocketing. Our agents can help small businesses navigate the world of health insurance and find affordable employee coverage plans. Independent insurance agents can provide quotes on multiple policies, giving you more options and a better chance of finding budget-friendly coverage for your staff.

Cyber Crime Insurance for Lincoln Businesses

  • 914 identity theft complaints in Nebraska this year.
  • Ranked 46th highest for identity theft complaints in the U.S.

Cyber crime is a growing problem across the nation, and Lincoln is no exception. Hackers often target small businesses and can cause massive damage with a serious data breach. Only 22% of small businesses have a response plan in place to deal with cyber crime and data breaches. Make sure your business is prepared by adding cyber crime coverage to your commercial insurance policy in Lincoln.

Searching for the right business insurance can feel like a monumental task. With so many coverage options to consider, it can be difficult to determine which policy is the best fit for your company. Our Independent Insurance Agents offer complete support for business owners in Lincoln, walking you through the process of designing a custom commercial insurance solution to protect against liability lawsuits, cyber crime, and property damage. 

Contact an agent today to learn more about how to protect your Lincoln business, and get a free customized quote on Lincoln commercial insurance.

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