Nebraska Product Liability Insurance Policy Information
Nebraska Product Liability Insurance. This insurance is crucial when you run a business. When a claim is made against your company because of a problem with your product, having this type of insurance keeps you protected. Product liability is a must to keep your business covered if bodily injury or property damage occurs as a result of the use of your product. Covering your business with this type of insurance is important and can save you millions of dollars if you are sued. If your product causes damage to a buyer or a third party you are covered having this Nebraska product liability insurance for your business.
When you run a business there are a wide range of risks that you need to be aware of that could potentially turn into a problematic legal situation. By being proactive and finding a solid Nebraska product liability insurance policy from a reputable company, you can help to protect your business from future lawsuits.
Nebraska product liability insurance protects your business from lawsuits with rates as low as $107/mo. Get a fast quote and your certificate of insurance now.
What Does NE Product Liability Insurance Protect Against?
Design Defect Claim - A design defect claim is when a person who bought your product claims that the product is unsafe because of a defect in its design. Once a person believes they were injured because of a defect in your product they can sue your company.
Manufacturing or Production Flaw - A person that buys your product and is injured could claim that during the process of producing the product a defect was created. Probably the person who bought the product is injured while using the product if so they could make this claim against your business.
Product Warnings And Instructions - If a person feels that they were injured by your product because you did not have enough warnings or instructions, then they could make this claim against your company. The claimant says that because of the lack of instruction they were injured while using your product and decided to sue your business.
You Need Protection Even If You Are A Seller
Most of the lawsuits that happen may fall on the manufacturer of the product, but there may be times when the suit could fall on the product seller as well. Typically if the seller directly imported the product from outside the USA, or if you white or private label or alter the product in any way. In a case like this, it is always a good idea as a vendor to have Nebraska product liability insurance protection for your business. Product sellers include wholesalers, retailers, distributors, and resellers. Once you are involved in the process of selling the product you need to have this protection for your business.
If a seller helps to market a product to a buyer and that buyer is injured, that seller could be held liable. If the seller has to pay for the damaged caused to a buyer then the seller could turn around to sue the manufacturer to make up for the losses from the lawsuit.
If a buyer can prove that the product manufactured contains a defect, injures the buyer or the injury occurred while the buyer was using the product then the buyer may win a product liability lawsuit. In a case like this, the seller or the manufacturer can be sued in the absence of negligence.
Payment For Damages
When your business is sued, you may have to pay for the expenses that occur as a result of using your product. Whether it is medical expenses, loss of income or pain and suffering your business may have to pay. Lawsuits against your business can cost you lots of money, and having the right Nebraska product liability insurance coverage is the way to keep your business protected when it does.
Product Liability Insurance Costs
You may have a business that manufactures a hazardous product, because of this, it may be harder for you to get product liability insurance. Using a specialty insurer can help you to get this type of insurance. Using a surplus lines broker helps you to find this kind of insurer. How much you're charged for liability insurance depends on the type of product your business produces. The more hazardous the product made by your company, the more expensive it is to get insurance. However the lower the hazard risk of your product the less money you'll have to pay. When getting this type of insurance, your insurer will categorize your business and assign a class code.
NE Product Liability Insurance
When you make products and people buy these products, there is always the chance that your business could be sued because of these products. Having product liability insurance protects you in cases where your company is sued because of your product. Speaking with an experienced insurance agent can help you to find the right insurance for your business. Taking the time to find the right insurance for your company and can save your business from financial ruin if you are ever sued in the future.
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 Manufacturing & Wholesaler Insurance
Read informative articles on small business manufacturing and wholesale insurance. Manufacturing and wholesale companies face many risks due to the nature of their business operations.
- Canned Fruit & Vegetable Manufacturers
- CBD Oil And Hemp
- Machine Shop
- Product Liability
- Wholesaler Distributor
For manufacturers and wholesalers, having the proper coverage is very important. You will need Products/Completed Operations Liability Coverage to protect you against injuries or property damage cause my the products you make or sell.
Manufacturing is an extremely broad category that includes countless potential hazards and exposures in virtually all coverage areas. Because of this, every individual manufacturer is unique and a specific risk survey of every operation is advisable.
The basic insurance needs for every class of business or operation includes property coverage for buildings, machinery and equipment, as well as for raw stock and finished products. Liability insurance for premises exposures is important but products liability insurance presents greater concerns so these exposures and coverage needs must be evaluated carefully.
In addition, protection for injuries to workers, environmental coverages and automobile insurance are priority items.
Wholesale and distribution operations have many of the same physical damage and property coverage concerns as warehouse operations. In both, the value of both real property and stocks of merchandise is very high. Loss control and other techniques appropriate to the types of merchandise involved are needed. For these reasons, adequate and appropriate property insurance coverages are important.
The commercial auto exposure can also be significant, based on the extent of merchandise delivery. In addition, transportation or motor truck cargo insurance on the merchandise must also be arranged.
Employee theft is always an issue and can be a significant exposure, depending on the type of property involved. Finally, the types of merchandise and material handled makes workers compensation insurance another very important coverage.
What does the insured does that could result in a covered loss? The insuring agreement only requires that the insured be legally obligated to pay damages for injury to others or damage to their property included within the products-completed operations hazard covered by the insurance.
Because of this, every product manufactured and completed operation exposure for each named insured must be determined, described and evaluated to be certain that each represents acceptable exposures, or are acceptable classes of business to the insurance company providing coverage.
Once the extent of all business activities and operations is determined, the process of identifying hazards begins. The first step in the process is completely listing and describing all current products being manufactured and projects being worked on.
The next step is obtaining the same information for discontinued products and completed projects for the past five to 10 years, depending on the products or projects involved. This should include an explanation of why the products were discontinued. If some completed projects were of a different type than those currently being worked on, an explanation is in order, including whether the insured may resume them in the future.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income with Extra Expense, Equipment Breakdown, Employee Dishonesty, Accounts Receivable, Bailees Customers, Computers, Goods in Transit, Valuable Papers and Records, General Liability, Employee Benefits Liability, Environmental Impairment Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Flood, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Nebraska Product Liability insurance 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 cities near me in NE - The Cornhusker State.
Also find Nebraska insurance agents & brokers 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.