Scottsbluff, NE is home to nearly 1,500 businesses of varying sizes and types. Companies operating in the retail trade and construction sectors do particularly well in this city, but businesses representing all types of industries have found success here. As a Scottsbluff business owner, you will want to be sure to protect your investment with a comprehensive business insurance plan.
Buying the right coverage for your Scottsbluff business can be complicated if you are going about it on your own. Fortunately, when you work with an independent insurance agent, the process is much simpler. Find an independent insurance agent near you to learn more about your various coverage options and to start comparing customized business insurance quotes.
Does Scottsbluff Business Insurance Offer Liability Coverage?
For many small businesses, the expenses associated with a liability lawsuit can be overwhelming if they are not properly insured. In fact, liability lawsuits against companies frequently result in judgements of $1 million or more. That is why commercial liability coverage is so important. Commercial general liability insurance (CGL) is included as standard coverage in all business insurance policies. It is designed to the cover court costs, legal defense fees, and damages related to a number of liability lawsuits that businesses are likely to face, and made up of of two major coverage components:
- Premises liability insurance: This can cover the costs associated with third-party injuries, illnesses, and property damage that are the result of accident on your business premises.
- Product liability insurance: This can cover your Scottsbluff-based business against lawsuits resulting from injuries, illnesses, or property damage that are caused by products your company produces, sells, or promotes.
Businesses typically have additional liability risks that are not covered by CGL. That is why there are a number of other commercial liability products that are specifically designed to address these other exposures. Some examples of the many liability policies that your businesses may want to consider include:
- Employment practices liability insurance: Also called “EPLI,” this is designed to cover your business if a current or former employee makes an accusation of harassment, discrimination, wrongful termination, or any other illegal business practice.
- Cyber liability insurance: This is designed to cover the costs associated with restitution and damages if your company experiences an electronic data breach and hackers access your customers’ personal and/or financial data.
- Pollution liability insurance: This is designed to cover businesses that use or produce toxic substances in the event that an accident leads to the pollution of the environment, including the land, water, or air. It can pay for clean-up costs and damage.
- Professional liability insurance: Also known as errors and omissions coverage, this is designed to cover individuals in professional positions if they are accused of errors in judgement or other mistakes that result in damage to their clients.
There are several additional commercial liability insurance products available to choose from. An experienced independent agent can help you identify which are appropriate to include in your business insurance policy package so that your company is fully covered against all of its liability risks.
What Commercial Property Is Covered by Scottsbluff Business Insurance?
Your business insurance policy is also designed to pay for loss or damage to your commercially-owned property. Commercial property insurance, which is a standard part of every business insurance policy, can cover office furniture, display cases, outdoor signs, tools and machinery, merchandise, inventory and more. A local independent agent can help you be certain that you have a sufficient amount of coverage in place to fully cover your business in the event of a total loss, which may happen if your business faces a catastrophe. Catastrophic events are not uncommon in Nebraska:
- Number of federally declared disasters in Nebraska since 1953: 60
- Most common reasons for disasters in the state: Severe Storms
- Average number of tornadoes per year in Nebraska: 54.6
- Average amount paid in business insurance claims per year in NE: $1.35 billion
Fortunately, the risk of a tornado in Scottsbluff is rather low. However, businesses in this city have a significant risk of damage caused by lightning, gusty winds, hailstorms, heavy snowfalls, freezing temperatures, and accidental fires. Each of these events can lead to extensive damage to your business-owned property. Many companies in Scottsbluff are also at risk for damage caused by floods, particularly if they are located close to the North Platte River or the Winters Creek Canal. However, this hazard is typically excluded from business insurance coverage.
If your company is located in any of Scottsbluff’s flood zones or is otherwise at risk for flash flooding, you can talk to your independent agent about supplementing your coverage with a commercial flood insurance policy through the National Flood Insurance Program (NFIP). That way, your business will be covered against this expensive hazard.
Is Business Interruption Insurance a Good Idea in Scottsbluff, NE?
What would you do if your business were severely damaged by a fire? What about if it sustained significant damage after a water pipe burst during freezing temperatures? While your property damage may be covered by your insurance, what about your loss of income while you are busy making repairs so you can reopen? These are the times that business interruption insurance can step in and save the day.
Business interruption insurance can provide your company with a continuation of income during the times you are forced to close for repairs following a covered event. This insurance enables your business to continue paying monthly bills and expenses, loan installments, and employee salaries until you can once again resume normal operations.
Does My Scottsbluff Business Need to Have Workers’ Compensation Insurance?
Businesses in Scottsbluff must comply with Nebraska’s state laws. In this state, all employers are required to carry workers’ compensation insurance, with a few notable exceptions. It is not necessary to purchase coverage for sole proprietors, domestic servants, railroad employees, or workers in certain agricultural operations. Workers’ compensation insurance is designed to cover the cost of medical treatment and lost wages if an employee is injured or becomes ill on the job. In the unfortunate event that a workplace injury is fatal, this insurance can also provide death benefits to surviving family members.
Costs for workers’ compensation insurance are dependent on the types of jobs your employees do and the amount you spend on payroll. It would cost far more to insure employees with a high risk of injury, such as roofers, than to cover workers with a low injury risk, like sales clerks. If you are uncertain about whether your business is required to purchase workers’ compensation insurance, you can request the advice of a local independent agent. If you wish to purchase this coverage, these agents can help you obtain a suitable policy through a commercial provider that specializes in covering businesses in your industry.
What about Insurance Products for Employee Benefits Packages?
Studies by human resource professionals have demonstrated that offering benefits such as health insurance and life insurance to your employees can help your business attract and retain good workers. Many businesses can even qualify for tax credits for subsidizing their employees’ 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
You have several types of policies and options available to you when you are shopping for employee benefits insurance products. A local independent agent can explain your various coverage options, answer your insurance-related questions, and help you find and review a wide range of competitively priced policies. Contact an agent near you to learn more.
Why Work with an Independent Insurance Agent in Scottsbluff, NE?
As a business owner in Scottsbluff, you may find it to your advantage to have the assistance of a local independent insurance agent when you are shopping for commercial insurance coverage. These experienced professionals can help you identify the various exposures faced by your business and can recommend the right types of policies to cover against them.
Find an insurance agent in or near Scottsbluff and learn how easy it can be to build a comprehensive and competitively priced commercial insurance portfolio for your business.
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