Papillion Business Insurance

Your Complete Guide to Papillion, NE Business Insurance

Find the right business insurance policy for you.

There are more than 150,000 small businesses headquartered in Nebraska, and these businesses provide employment to almost 400,000 people. Papillion is home to approximately 1,700 of Nebraska’s small businesses. Retail and manufacturing companies tend to do especially well in this city, but any business that meets the needs of the community has the potential to be successful. 

Whatever the size of your Papillion business, it is important that you protect the investment you have made in it with comprehensive commercial insurance. With more than $1.3 billion paid out in commercial insurance claims in Nebraska each year, this is certainly coverage worth having. Independent Insurance Agents can help you identify the specific risks your business faces, and they can then offer appropriate insurance solutions. That way you can be sure that you are getting the right business insurance coverage. 

Liability Insurance for Small Businesses in Papillion

The costs associated with a liability lawsuit against your company can exceed $1 million. Liability insurance protects your company by covering court costs, legal fees, and damages. Every business insurance policy includes general liability coverage. Some companies will need additional liability insurance products, depending on what services they provide. Some of the common liability coverage types your agent may talk to you about include:

  • Premises liability insurance: This is part of your policy’s general liability coverage. It is designed to cover third-party injuries, illnesses, and property damage that occur on your business premises. 
  • Product liability insurance:  This is also part of your general liability coverage. It can cover against lawsuits resulting from injuries, illnesses or property damage caused by products your Papillion-based company produces, sells, or promotes.
  • Professional liability insurance: This is also known as errors and omissions insurance. It is designed to cover employees in professional positions against charges of errors in judgment and other mistakes. This liability insurance can cover all sorts of professionals, from doctors to lawyers to stylists. 

An independent agent in Papillion can help you identify other types of liability insurance — such as pollution insurance, employment practices liability insurance, and commercial vehicle liability insurance — that may be appropriate for your business. 

Cybercrime Insurance for Papillion Small Businesses

One type of liability coverage that deserves special attention is cyberliability insurance. Businesses tend to store a lot of customer data electronically. This can include personal and financial information. If hackers target your business and access this information, your company can be held liable for resultant damages related to identity theft and fraud, and this can prove extremely expensive.

  • 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

Cybercrime insurance was created to help businesses obtain protection against the risks associated with a data security breach. A local independent agent can explain the many ways cybercrime insurance can prove beneficial to your Papillion business.

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Property Insurance for Small Businesses in Papillion, NE

Your business may own a lot of expensive property. This can include tools and machinery, signs, inventory, furnishings, computers, and more. Commercial property insurance is designed to cover these assets in the event that they are damaged or stolen. Severe weather events, particularly tornadoes and severe storms, can cause widespread damage to your business property.

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

Other risks include property crimes and accidental fires. With the right property insurance, you can be sure that your Papillion business is fully covered.

Business Interruption Insurance for Papillion Businesses

Businesses in Papillion and throughout the state of Nebraska play an important role in the US 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

Of course, your business cannot generate revenue if it is not operational.  That is why, when disaster strikes, business interruption insurance can prove quite valuable. It enables you to continue to pay your business expenses, such as loan payments and employee salaries, while your business is closed for repairs. To learn more about how business interruption insurance can help your company in Papillion, talk to a local independent agent.

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Workers' Compensation for Papillion Businesses

If your employees are injured on the job or if they suffer illnesses related to the work they do for your company, your business is responsible for covering associated costs. Workers' compensation insurance, also known as "workman's comp,"  is designed to cover medical treatment and lost wages, and can even pay death benefits to surviving family members should an injury prove fatal. This insurance protects your employees.  It also protects your business from facing potential liability lawsuits related to workplace injuries as well, so it can be very beneficial.

Every state has its own laws pertaining to worker’s compensation insurance. In Nebraska, most businesses are required to have it. Exceptions include sole proprietorships with no employees, federal employees, domestic servants, railroad employees, and some agricultural operations. You can purchase coverage through a commercial provider or, if approved, your business can self-insure. 

Employee Health Benefits for Small Businesses in Papillion

If your Papillion-based business employs at least 50 full-time workers, the employer mandate portion of the Affordable Care Act (ACA) requires you to provide them with subsidized healthcare coverage

  • 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

A study by the Society for Human Resource Management showed that offering employee benefits such as life insurance and healthcare coverage can help businesses attract and retain talented employees. Your local independent agent can help you find and review a wide range of policies at affordable prices.

Why Talk to an Independent Agent?

Business owners in Papillion can benefit from working with an independent insurance agent. These local agents can help you build a policy package that provides your company with a full range of coverage. They get quotes and coverage options from several insurance companies so you can be sure you are getting your coverage at a competitive rate. 

Find out how easy it can be to build a suitable commercial insurance policy by contacting an independent agent near you.

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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.city-data.com