Umbrella Insurance Nebraska Policy Information
Umbrella Insurance Nebraska. Does you business need an umbrella excess liability policy? Any company in business in today's modern world is subject to claims of wrongdoing and/or negligence. With an NE umbrella insurance policy in place, the fallout from these types of lawsuit is minimized and mitigated.
In the litigious environment in which we live, people are seemingly looking for a reason to sue a company, business, or individual and the excess liability policy can cover damages that exceed the limits of your underlying liability insurances.
Umbrella insurance Nebraska is excess liability that protects your business from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.
Any Company Can Be Sued for Negligence or Wrongdoing
Now more than any time in history, people are more than glad to lodge a complaint against a business, even if the complaint has little or even no merit. When an individual feels wronged or jilted in some way, the first thing that comes to mind is to make the company offending them pay. Many people see a business as having deep pockets, even if the business is small and doesn't have a lot of revenue. With business umbrella insurance Nebraska, your business edeoys a heightened level of protection from such claims, and should your business find itself paying an exorbitant amount in a claim, this insurance can be invaluable.
A commercial agent working with experiencing writing business policies is a go-to source for getting the right umbrella insurance Nebraska policy. An agent with experience can be helpful in recognizing the risks that your business faces and helping you to find the right level of protection to put a shield between you and potential litigants.
Reasons to Buy Business Umbrella Insurance
There are a number of reasons that an umbrella insurance Nebraska policy may be right for you. Some of them include:
- You have professional liability coverage in force, but it might not be sufficient to cover your needs, including any payouts to litigants and the legal fees incurred to defend yourself in court.
- Your business has significant assets to protect. Remember that if a monetary award is quite significant, you may be asked to sell off assets to cover any award not met by your insurance.
- Your company runs a high risk of claims because of the service or products that you provide or sell. For example, a dog walking business is generally a less-risky endeavor than a sky-diving instruction business.
- The work you do is prone to litigiousness. Some professions see more litigation than others; a doctor is more apt to be sued than a guy providing landscaping services.
Commercial Umbrella Insurance and Your Business
Lawsuits in the business world are filed each and every day. Do you know your own business' risks?
Big businesses are not alone in their risk for legal action against them. Small businesses and mid-sized enterprises are also vulnerable, perhaps even more so. Any business of any size can be targeted, and even a minor lawsuit can cost a lot of money to dispose of, including legal fees for representing claims without merit.
Some scenarios that often leave businesses at risk of being sued include:
- An employee posting something deemed damaging about another business or individual on a social media network from a company computer.
- Advice rendered by an employee causes a client to lose money.
- A customer coming into the office for a consult slips in ice on the pavement out front and is inured.
- A bartender serves too many beers to someone who ends up in an accident and kills someone.
- A waitress drops a hot cup of coffee on a customer and causes a burn.
- An adjustment by a chiropractic professional leads to the patient's injury.
- A product you sell causes people to become ill or die.
- An employee in a company car runs a red light and causes an accident.
These are real world examples of accidents that have occurred and been adjudicated in a court of law. It is impossible to know in advance if an event will occur, which is why an umbrella insurance Nebraska policy makes sense. The policy kicks in to pay any excess liability not covered by your standard business insurance policy.
How Does An Umbrella Business Policy Work?
Umbrella policies have simple structures that are not too difficult to understand. To illustrate such as policy, assume that you or an employee causes an accident. Several people sustain severe injuries. The accident happens in your company car. As a result, the legal fees and costs of the accident amount to $2 million and include legal settlements, attorney's fees, hospitalization and medical costs. You only have $1 million in liability coverage. Who pays the other million? If you have an umbrella policy, the umbrella policy does.
If you don't have the policy in force, you would pay yourself, or your company would pay.
LLCs and Umbrella Policy
While an LLC structure provides some protection to businesses when it comes to such claims, there is also such a thing as 'piercing the corporate veil.' In this instance, if the plaintiff can provide evidence that the LLC and business owner were inseparable, then the business owner can be held personally liable, leaving his personal assets open to seizure.
Because of this, even if your business is set up as an LLC, having that extra layer of protection in place can be fundamental to keeping your business on the right track and progressively growing, even in the face of claims.
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 Umbrella 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 Nebraska insurance agents & brokers, 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.