In Nebraska, $3,632,370,000 in commercial insurance claims were paid in 2019 alone. Sufficient and accurate coverage is necessary to avoid a lengthy legal battle or worse. Commercial property insurance can help protect your assets and investments.
An independent insurance agent will have access to several carriers so that you get coverage that won't break the bank. They do the shopping for you and review your policies at no additional cost. Connect with a local expert to get started.
What Does Commercial Property Insurance Cover?
Your belongings, equipment, buildings, and more can be insured under your commercial property policy. There are several forms and coverage options to choose from, and they should be reviewed with a professional. Take a look at what is covered under a commercial property policy in Nebraska:
- Commercial equipment: This can be anything from machinery to forklifts. Coverage will be for actual cash value or replacement cost. A deductible usually applies.
- Commercial structure: This covers the actual building you own up to the dwelling amount listed. A replacement cost estimator is used to determine how much it would cost to replace or repair your building. Coverage can be for actual cash value, replacement cost, or depreciated value.
- Commercial belongings: This will cover any business belongings, such as furniture, office supplies, and more. It will be for replacement cost, actual cash value, or depreciated value.
Commercial Property Insurance Cost
Your business insurance costs will vary depending on numerous factors. Carriers look at many data points and specifications before deciding your premiums. Check out the risk factors insurance companies use in Nebraska:
- Local weather
- Claims history
- Type of property insured
- Square footage
- Value or replacement cost of property
- If you rent out the commercial property to others
- Your insurance score
- If you have other policies in place
There are a few common weather-related risks that business owners should be aware of in Nebraska. Here are the top examples:
- Severe storms and lightning damage
- Flooding and water damage
- Burglary and other property crimes
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How Much Commercial Property Insurance Do I Need?
There are 176,358 small businesses in operation in Nebraska. If you're one of them, you'll probably need commercial property coverage. The amount necessary is different for everyone and depends on the values of what you're insuring. Check out the different types of insurance given to commercial property owners:
- Replacement cost: This will pay in full for your commercial property's current value at the time of a loss. When you have a claim, it will restore or replace your property to like kind and quality.
- Actual cash value: This coverage is equal to replacement cost minus depreciation. If your commercial property is damaged, aged, or has natural wear and tear, this will be subtracted from the replacement cost amount.
- Functional replacement cost: This meets between actual cash value and replacement cost. It will replace or repair your commercial property with material that is less costly but just as functional.
Who Needs Commercial Property Insurance?
If you own any form of property for your Nebraska business, you need commercial property insurance. It can be anything from inventory to structures that need protecting. Take a look at a list of who may need commercial property insurance:
- Business owners
- Commercial property owners
- If you have commercial equipment
- If you have a property titled in a business name
Does Commercial General Liability Insurance Cover Property Damage?
In Nebraska, your commercial property insurance will be different from your general liability coverage. They will both pay for specific areas of a claim, but they can be on the same policy. Take a look at the facts:
- General liability insurance: Pays for a lawsuit arising out of bodily injury, property damage, or slander. This is usually the most accessed policy you'll own.
- Commercial property insurance: Pays for the replacement or repair of a commercial structure, belongings, or equipment. This does not have its own liability limit but is in addition to your general liability coverage.
- Commercial package policy: This is just how it sounds, a package. This package will include general liability, commercial property, and more ancillary coverages together in one policy. Typically, lower premiums and more robust coverage options will be included in a commercial package.
How an Nebraska Independent Agent Can Help
When you own and operate a Nebraska business, coverage is crucial to keeping the doors open. Most small business owners won't have the cash flow to sustain a substantial loss. Commercial property insurance can help cover your largest assets.
An independent insurance agent will have access to multiple carriers so that you have coverage and premium options. They do the shopping for you at no cost so that you can save big-time. Connect with a local expert on TrustedChoice in minutes.