The city of York, NE is home to nearly 900 businesses of varying size and scope. While manufacturing and educational services companies tend to do best in this city, businesses of all types have found success here. If you are among York’s proud business owners, you will want to be sure to protect your investment with suitable business insurance coverage.
Building a comprehensive business insurance plan can be complicated for those who are not familiar with the ins and outs of commercial insurance products. Independent Insurance Agents in York can eliminate the guesswork and help you obtain the coverage you need at a competitive price. Contact an insurance agent near you to learn more.
Why Do Businesses in York Need Liability Coverage?
Liability lawsuits against US businesses can sometimes result in judgments exceeding $1 million. For a small business, this can be devastating. That is why all business insurance policies include commercial general liability insurance. This insurance is designed to cover the costs associated with many of the liability risks your business is likely to face. Commercial liability insurance has two main coverage components:
- Premises liability insurance: This is designed to cover third-party injuries, illnesses, and property damage when they occur as a result of an accident on your business premises.
- Product liability insurance: This is designed to cover third-party injuries, illnesses, or property damage when they are caused by products your company produces, sells, or promotes.
Commercial general liability insurance does not cover every liability risk businesses face. Other liability coverage products may often be necessary in order for your business to be fully covered against all of its liability exposures. Some of the many other available liability coverage types that you may want to consider include:
- Cyber liability insurance: This is designed to cover your business against the financial damage it may face if hackers break through your company’s firewalls and access sensitive customer data that has been stored electronically.
- Employment practices liability insurance (EPLI): This is designed to cover the cost of defending your company if a current or former employee makes an accusation of illegal business practices such as harassment, discrimination, or wrongful termination.
- Environmental liability insurance: This is designed to cover the cost of clean-up and restitution if toxic substances used or produced by your company pollute the environment—including the land, water, or air—due to an accident at your facility.
- Commercial vehicle liability insurance: This is designed to cover your company against its excessive liability risks in the event that one of your workers causes a collision while on the road in a company car or driving their own vehicle to do a job for your business.
An independent insurance agent can help you determine which of the many available commercial liability products are right for your particular business.
What Kinds of Damage Does Commercial Property Insurance Cover?
All business insurance policies also include property coverage. Commercial property insurance is designed to cover your business-owned property in the event that it is lost or damaged due to a covered event such as an accidental structure fire, severe weather event, or property crime. Covered assets include merchandise, tools and machinery, outdoor signs, display cases, office furniture, computers, supplies, and more. Businesses in York are most at risk for damage caused by heavy snows, freezing temperatures, severe storms and wind, and hail.
Flood damage is also a risk in this city, particularly when heavy snows begin to melt and severe storms drop a lot of precipitation in a short time. However, flood damage is not covered by most business insurance policies. In order to protect your business from losses due to overflow events, your local insurance agent can help you obtain a supplementary flood insurance policy through the National Flood Insurance Program (NFIP).
Why Is Business Interruption Insurance Important for York Businesses?
A disaster like a serious structure fire or a tornado can cause extensive damage to your business in York. Catastrophic events are not unheard of in this state:
- 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
If your business is significantly damaged due to a catastrophic event, it may need to remain closed for a long time while repairs are made. Would it be able to withstand the financial hit if it was unable to generate income during this time? For most small businesses, a loss of income of this magnitude could lead to bankruptcy. That is why, in the wake of a disaster, it pays to have business interruption insurance.
Business interruption insurance is can provide your company with a continuation of income if it is forced to remain closed for an extended period due to excessive damage caused by a covered event. This coverage, which is typically limited to one year, enables you to keep paying monthly expenses and employee salaries until your company can resume its normal business operations.
Do All York Businesses Need Workers’ Compensation Insurance?
Employers in Nebraska are required to carry workers’ compensation insurance. There are a few exceptions. It is not necessary for employers to cover sole proprietors, domestic servants, railroad employees, or workers in certain agricultural operations. If you are in doubt, you can consult your local independent insurance agent. Workers’ compensation insurance protects businesses and employees alike by covering the costs associated with 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 the deceased employee’s surviving family members.
The cost of workers’ compensation insurance for your business is dependent on the types of jobs your employees do and the amount you spend on payroll. It would cost far more for you to insure employees with a high risk of injury, such as tree trimmers, than to cover employees with a low injury risk, like office workers. Your local insurance agent can help you find a competitively priced workers' compensation policy through a commercial provider that specializes in covering businesses operating in your industry.
What about Insurance Products for Employee Benefits Packages?
According to many human resources management professionals, offering your employees benefits such as life insurance and health insurance can help your business attract and retain good workers. Additionally, employees with healthcare coverage tend to take fewer sick days, which further adds to the cost-effective benefits of subsidizing this insurance. Unfortunately, rising health insurance costs can make shopping for employee benefits products daunting for many small business owners. The good news is that independent insurance agents in York can help.
- 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
Independent insurance agents can explain the pros and cons of the many health and life insurance policy types and options that are available to you, and they can answer your insurance-related questions. That way, you can make an informed decision when deciding which policies are the best to include in your employee benefits package.
Why Work with an Independent Insurance Agent in York, NE?
Business owners in York can obtain the best commercial insurance coverage when they work with a local independent insurance agent. These experienced professionals can help you identify the various risks your business faces, and can then help you find the best insurance products to cover against each of these exposures.
Find an insurance agent in or near York to discover how easy it can be to build a comprehensive, yet affordable, business insurance policy for your Nebraska business.
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