CGL Insurance Nebraska Policy Information
CGL Insurance Nebraska CGL (commercial general liability) insurance will protect your small business from financial losses. These can range from property damage, lawsuits, advertising injury, or any other liabilities your company might have which relates to personal loss for a client or employee.
Non-professional negligent acts are covered under your CGL policy, so as a business owner you should understand what it covers, and how a CGL insurance Nebraska policy can protect your business.
CGL insurance Nebraska protects your business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Do I Need CGL Insurance For My Business?
You can be responsible for a number of occurrences during the normal course of business, which could result in varying degrees of financial loss. This is where CGL insurance Nebraska can help. From medical bills, to malpractice claims, to personal injury claims, you could be liable for these, as well as punitive and compensatory damages if you are found liable. Some potential issues might stem from:
- Slip and fall cases or a custom tripping and falling on damaged flooring within your commercial space.
- An employee which leaves water running and causes damage to a client's home.
- Misleading advertising, or class action lawsuit against your business.
These are a few of the many instances you can be found liable as a NE business owner.
What CGL Covers
Basically your legal defense and coverage of damages which stem from injuries or loss, should be covered by your CGL insurance Nebraska policy. Not only will this protect you financially, but will also protect your company in the event of a lawsuit. A basic policy will cover:
1. Coverage A - Bodily Injury and Property Damage: The property damage or bodily injury which stems from non-professional negligent acts, are covered under this section of your CGL insurance Nebraska policy. Mental injuries or distress claims might also fall under this category, even when physical injuries aren't present. NE worker's comp and employment practice liability are excluded under this clause. You can however purchase additional coverage for these protections. Pollution liability is also excluded.
Any high risk business entity should consider purchasing this limited coverage to protect themselves financially. Liquor, professional, and other liability risks might also be excluded (check with your insurer). An broker can assist you in choosing coverage options.
2. Coverage B - Personal and Advertising Injury Protection: Insured businesses are protected from personal or advertising injuries caused by their business; somethings which are covered include:
- Libel and slander claims.
- False arrest.
- Copyright claims.
- Entry/evasion of property or wrongful eviction claims.
3. Coverage C - Medical Payments: Personal injuries sustained by non-employees are covered with this coverage option. If an accident occurs in the business place, your company is protected to your coverage's extent. Even in the event of settlements you are covered, so this can limit litigation and attorney fees for your business.
You are covered for all necessary medical, ambulance, or surgical/medical care necessary for the injured party. No defense or legal liability coverage is afforded under this section of the CGL insurance Nebraska policy(as is the case with coverage A and B).
Choosing & Purchasing Commercial General Liability Policy
CGL insurance Nebraska can be purchased on its own or with a BOP policy or CPP (commercial package policy) insurance. It is best to discuss your options with an insurance agent prior to deciding. And, in the event CGL, BOP, and CPP aren't sufficient, umbrella (excess liability) policies are also available for businesses to consider.
Additional Coverages To Consider
Depending on the line of business, risks, and other factors, you might require additional coverage:
1. Director/Officer Liability - Past, present, and future directors and officers are protected with this coverage option. Wrongful acts committed by these persons in a profit or not-for profit business are protected. Whether it is an actual or alleged error, your coverage shields your business from liability. Misstatements, omissions, errors, or breach of duty, are all covered under policy coverage.
2. Liquor Liability - Covers your business from loss or damages which are claimed in the event your patron/client is intoxicated, and either injure themselves or another person. If your company sells or furnishes liquor, this is a policy coverage option you should invest in. You can purchase as an add-on or stand alone policy, but if not added, your general liability protection won't cover these damages.
3. Pollution Liability - Industrial, agricultural, and commercial property owners, managers, or developers, are protected with this form of coverage. Gradual as well as accidental pollution claims are protected, and assets from unforeseen environmental exposure which could affect earnings, are also protected. Pollution hazards which can lead to bodily injury or harm, are also covered under this optional coverage prong, as are clean up costs.
NE CGL Insurance
There are additional types of insurance that may be a good fit for your business. Your agent can then help you find the right coverage to protect you against those specific risks.
Nebraska Economic Data, Regulations And Limits On Commercial Insurance
Are you an entrepreneur? Are you looking for a location to open up your startup or a new division of your existing business? If so, then it's imperative that you choose a place that offers an environment that's favorable to your specific industry.
Why? Because it doesn't matter how excellent and useful your products or services may be, if the location where your business is located doesn't offer an environment that's conducive to your specific industry, chances are you'll have a hard time achieving the success that you desire.
If you are thinking about starting a business in the state of Nebraska, understanding the current economic trends can help you determine if it's the right place for your operation.
Knowing what commercial insurance policies are required is also important so that you can ensure you are properly protected and that you are operating within compliance of the law. Below, we provide an overview of both of these crucial factors for entrepreneurs who are considering Nebraska for their operations.
Economic Trends For Business Owners In Nebraska
According to the most recent report from the Bureau of Labor Statistics, the unemployment rate of Nebraska was 3.1% in December, 2019, which is a total of 0.4% lower than the national average of 3.5% during the same time.
This rate held steady throughout most of 2019, and economists predict that it will continue to hold steady in the upcoming years. This is a good indicator for business owners who are thinking of setting up their operations in Nebraska, as they suggest that the workforce is strong, which is a direct correlation to the business climate.
While the entire state of Nebraska offers ample business opportunities for Nebraska, there are key areas that offer more favorable conditions for entrepreneurs. These locations, as in most states, include metropolitan areas and the regions that directly surround them, including:
- Grand Island
- La Vista
These regions have a large workforce and a higher median income than other areas throughout the state, which is good for prospective business owners.
Multiple industries are seeing gains in the state of Nebraska; however, there are certain sectors that are seeing more growth than others.
If you are thinking about starting a company in any of the following industries, NE offers great opportunities:
- Finance and insurance, as is indicated by some of the key players in these industries that are located in the state, including Mutual of Omaha and Berkshire Hathaway.
- Health care and social assistance, thanks to the University of Nebraska Medical Centers.
- Manufacturing, in particular agriculture; however, the manufacturing of various other products also do well in this state.
- Transportation; the Union Pacific Railroad, for example, provides a wealth of jobs for residents of the state.
These regions and the areas that surround them are home to numerous businesses, offer easy access to national markets, and provide a healthy and diverse workforce.
Commercial Insurance Requirements In Nebraska
The Nebraska Department of Insurance regulates insurance in NE. Nebraska mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Nebraska requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Nebraska also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Small Business Insurance
Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.
- Small Business
- Business General Liability
- Business Interruption
- Business Liability
- Business Owners Policy (BOP)
- Certificate of Insurance
- Commercial Auto
- Commercial Crime
- Commercial Package Policy
- Commercial Umbrella
- Comprehensive General Liability
- Directors and Officers Liability
- Cyber Liability
- Employment Practices Liability
- Event Cancellation
- Fiduciary Liability
- General Liability
- Home Based Business
- Independent Contractor
- Liability Insurance Certificate
- Liability Insurance
- Ocean Marine
- Professional Liability
Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.
A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?
Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.
Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.
You need a written plan that allows you to get your operations back up and running as quick as possible.
Request a free CGL Insurance Nebraska quote in Ainsworth, Albion, Alliance, Alma, Arlington, Ashland, Atkinson, Auburn, Aurora, Battle Creek, Beatrice, Bellevue, Bennington, Blair, Broken Bow, Burwell, Central City, Chadron, Chalco, Columbus, Cozad, Crete, Dakota City, David City, Fairbury, Falls City, Fremont, Fullerton, Geneva, Gering, Gibbon, Gordon, Gothenburg, Grand Island, Grant, Gretna, Hartington and Bridgeport, Hastings, Hebron, Hickman, Holdrege, Imperial, Kearney, Kimball, La Vista, Lexington, Lincoln, Louisville, Madison, McCook, Milford, Minden, Mitchell, Nebraska City, Neligh, Norfolk, North Bend, North Platte, O'Neill, Oakland, Offutt AFB, Ogallala, Omaha, Ord, Papillion, Pierce, Plainview, Plattsmouth, Ralston, Ravenna, Schuyler, Scottsbluff, Seward, Sidney, South Sioux City, Springfield, St. Paul, Stanton, Stromsburg, Superior, Sutherland, Sutton, Syracuse, Tecumseh, Tekamah, Terrytown, Valentine, Valley, Wahoo, Wakefield, Waverly, Wayne, West Point, Wilber, Wisner, Wood River, Woodland Park, Wymore, York, Yutan and all other NE cities & Nebraska counties near me in The Cornhusker State.
Also find NE local small businesses by General Liability Class Code and learn about Nebraska small business insurance requirements for general liability, business property, commercial auto & workers compensation including NE business insurance costs. Call us (402) 235-4795.