Nearly 400,000 people in Nebraska are employed by the 150,000 small businesses in this state. Of these, approximately 2,700 businesses are located in the city of Norfolk. Companies operating in the manufacturing and retail industries do particularly well here, but businesses of all types can thrive.
If you are a Norfolk business owner, you will want to protect your investment in it with a suitable commercial insurance policy. With approximately $2.6 billion paid out in commercial insurance claims in Nebraska each year, it is easy to see why this coverage is worth having. Independent Insurance Agents can help you identify the risks that are unique to your particular business and can recommend the appropriate coverage solutions. Find an agent near you to learn more and start comparing quotes.
Liability Insurance for Small Businesses in Norfolk
Liability coverage is a vital part of any commercial insurance policy. It is designed to cover your business against the costs associated with many of the liability risks your company may have. Your business insurance policy will include commercial general liability insurance, also known as CGL This insurance includes two main components:
- Premises liability insurance: This insurance can cover third-party injuries, illnesses, or property damage if they occur as a result of accidents on your business premises.
- Product liability insurance: This insurance can cover your Norfolk-based business if products you produce, sell, or promote cause injuries, illnesses, or property damage to consumers.
Your independent agent may recommend other types of liability coverage to ensure that your business is suitably protected against liability lawsuits of all types. Some liability insurance products your agent may recommend include:
- Professional liability insurance: This covers individuals in professional positions for damages caused by errors in judgment or other professional mistakes.
- Employment practices liability insurance: This covers your business if a current or former employee sues your company for harassment, discrimination, wrongful termination, or another illegal business practice.
- Environmental liability insurance: This helps cover the cost of restitution and cleanup if your business is sued for polluting the land or groundwater.
Every business has specific liability risks, and there are a number of different policies to meet various coverage needs. Talk to your independent agent to learn more.
Cybercrime Insurance for Norfolk Small Businesses
One type of liability insurance you may want to pay particular attention to is cyber liability insurance. This is a relatively new insurance product designed to meet the costs associated with cybercrime.
- 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. This insurance can cover your business if hackers break into your computer system and steal personal and financial data belonging to your customers. Talk to your local independent agent to learn more about how your Norfolk business can benefit from including cybercrime insurance in your commercial insurance portfolio.
Property Insurance for Small Businesses in Norfolk, NE
Property crimes and accidents can often cause damage to your business property. So too can severe weather events, such as severe storms and tornadoes, which are not uncommon in Norfolk.
- Number of federally declared disasters in NE since 1953: 62
- Most common reasons for declared disasters: Severe Storms and Floods
Commercial property insurance is designed to cover items such as computers, tools and machinery, signs, display cases, inventory, furnishings, and more if they are lost or damaged by a covered event. Some business-owned property needs specific endorsements or specialized policies, so be sure to discuss your coverage needs with an independent agent. Flood damage is also a serious risk for some businesses in Norfolk. However, property damage caused by floods is not typically covered by commercial insurance. Talk to your independent agent for help supplementing your coverage with a suitable flood insurance policy.
Business Interruption Insurance for Norfolk Businesses
A major disaster can sometimes force your business to close for repairs for an extended period. This can have a significant impact on your business finances.
- 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
Businesses in Norfolk and throughout the state of Nebraska contribute to the health of the US economy. Unfortunately, your business cannot generate revenue if it is not operational. That is why, in times of crisis, business interruption insurance proves so valuable. Business interruption insurance is designed to provide your company with a continuation of income during times that it must halt operations for an extended period due to forces beyond its control. With this coverage, you can continue to pay monthly expenses and employee salaries so you can focus on getting your business back up and running.
Workers' Compensation for Norfolk Businesses
Workers’ compensation insurance, often referred to as “workman’s comp,” is designed to cover the cost of injuries or illnesses your employees suffer on the job. It can cover medical treatment, lost wages, and, in the worst cases, provide death benefits to surviving family members. It protects your employees while shielding your business from liability lawsuits. Rates for this coverage vary according to the risks associated with the jobs your employees do. Therefore, a construction or manufacturing company will pay significantly higher rates than an accounting firm.
In Nebraska, most businesses are required to carry workers’ compensation insurance. Exceptions are made for sole-proprietors with no employees, households employing domestic servants, railroads, and certain agricultural operations. Polices can be purchased through a commercial provider or, if your business is approved, it may self-insure.
Employee Benefits for Small Businesses in Norfolk
Studies show that offering your employees benefits such as health and life insurance can help you attract and retain talented workers. If your Norfolk-based business has at least 50 full-time workers, you are required by law to provide them with subsidized healthcare coverage. With so many different types of coverage available, and with the high costs associated with health insurance, shopping for coverage can sometimes 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
Your local independent agent can help you find and review a wide range of affordable policies. That way, you can make an informed decision when purchasing coverage.
Why Talk to an Independent Agent?
Building suitable commercial insurance for your Norfolk business can be a complicated endeavor. Independent agents make it easy. These agents can help you identify the various risks faced by your business and can ensure that you have the right coverage in place to protect your business.
Find an agent in or near Norfolk to learn more.
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