Commercial insurance protects businesses from potential damages and losses, which would typically result in substantial out-of-pocket expenses. Commercial insurance encompasses a broad range of insurance types, and not all businesses need comprehensive coverage. However, you may be surprised to learn that your state mandates specific forms of coverage. For example, if you operate a business in Omaha, NE, what types of commercial insurance does the state of Nebraska require you to have? Here’s a guide on what you need, what’s optional, and how you can get the coverage your business requires with us at Ed Thompson Insurance Agency.

What Types of Commercial Insurance Do You Need in Nebraska?

Nebraska mandates two main types of commercial insurance for businesses operating in the state: workers’ compensation and commercial auto insurance. Workers’ compensation safeguards your employees (if you employ one or more individuals), and commercial auto insurance provides necessary road coverage for vehicles used for business activities. That being said, many other types of commercial insurance are worth pursuing. Policies often purchased by businesses in Nebraska include general liability insurance, commercial real estate insurance, and cyber insurance, to name a few. It’s important to ask yourself: how much coverage do I need, and will it support my business beyond just the basics?

Find the Right Degree of Coverage With Ed Thompson Insurance Agency

Whether you need only basic coverage or want to protect your business comprehensively, the team here at Ed Thompson Insurance Agency in Omaha, NE, is dedicated to helping you find insurance that works for you. It all starts with comparing multiple quotes to find coverage and premiums that work for you. If you need any help, we’re always here to assist you!

Commercial Insurance for Sharing Economy: The Crucial Role it Plays

The burgeoning sharing economy, fueled by the rise in peer-to-peer platforms, has raised unique challenges for commercial insurance providers, especially in regions like Omaha, NE, and across the nation. Activities such as ride-sharing, home-sharing, and equipment rental necessitate deep consideration, as traditional insurance policies often fail to encompass the diverse risks associated with these services.

Limitations of Traditional Coverage

Typically, traditional commercial insurance policies have limitations that might not address the risks inherent in peer-to-peer transactions. For example, auto insurance policies often exclude coverage for vehicles used for commercial purposes, posing potential coverage gaps for ride-sharing drivers while transporting passengers.

Tailor-Made Solutions to Address Gaps

Insurers are now focusing on developing tailor-made insurance solutions to bridge these gaps. Specialized coverage options are being designed for service providers across sectors such as ride-sharing drivers, home-sharing hosts, and equipment rental businesses. Adapting insurance to meet the unique risks associated with sharing services ensures that service providers and consumers are protected against potential losses.

Significance of Collaborative Partnerships

Collaborative partnerships within their platforms can facilitate the integration of insurance offerings into their services, allowing users to access relevant coverage options at the point of transaction. Platforms are taking measures towards risk management and imposing safety protocols to abate potential liabilities and reduce insurance risks for all parties involved.

Regulatory Compliance

Regulatory compliance is another significant aspect of addressing commercial insurance gaps in the sharing economy. As regulatory frameworks are evolving to adapt to new business models and emerging technologies, insurers need to ensure that their insurance products comply with these regulations and provide adequate coverage for sharing service participants.

Contact Ed Thompson Insurance Agency

Ed Thompson Insurance Agency extends its expertise to answer your commercial insurance queries and caters to the Omaha, NE, region. Contact us today to learn more about the rise of sharing economy insurance.

If you own your own business, you may need commercial insurance. At Ed Thompson Insurance Agency in Omaha, NE, we offer commercial insurance to meet your needs. 

Commercial Property Insurance 

Commercial property insurance will cover your building and its contents. This includes business equipment and inventory. You may be eligible for this policy even if you work from home. 

This covers damage due to fire, vandalism, theft, storms, and more. If your business is damaged, the policy will cover the repair or replacement of the building or items. 

Business Liability Insurance 

Business liability insurance offers liability protection. If your business is responsible for damaging someone’s body or property, this policy will cover the costs, including judgments against you and defense costs. 

It’s important to note that it doesn’t cover intentional acts, employees, or accidents while driving. 

Commercial Auto Insurance 

 Commercial auto insurance is similar to a regular auto policy. However, your regular auto policy won’t cover you if you are using your vehicle for business activities. Commercial policies will typically cover any licensed driver who is driving in the course of the job rather than being tied to you as the driver. 

Business Interruption Insurance 

Business interruption insurance is a great idea, particularly if you are a small business. If your business is temporarily closed, this insurance will cover your lost income until your business is open again. 

Business Owner’s Policy 

Business owner’s policies are a bundle of commercial coverages and are typically customized to meet your needs. Commercial property insurance, business liability insurance, and business interruption insurance are often included in this type of policy. 

Reach Out To Us

At Ed Thompson Insurance Agency in Omaha, NE, we offer commercial insurance options for all businesses. Contact us today and one of our friendly agents will help you choose the best policy for your needs. 

If you own or operate a business in Omaha, NE, you may wonder if you need workers’ comp insurance. Workers’ comp insurance is a type of insurance that covers medical expenses and lost wages for employees who become injured or ill while on the job. It also protects employers from lawsuits by injured workers or their families.

When you consider the scope of all that workers’ comp covers, it would make sense that every business in Nebraska should consider it. At the Ed Thompson Insurance Agency, we want you to understand if this type of commercial insurance is a necessity so that you can make an informed business insurance decision.

What Does the Law Say about Workers’ Compensation Insurance in Nebraska?

The state of Nebraska does require businesses to have workers’ compensation insurance. This law applies no matter the size of your business, its location, or the nature of the work facilitated by your business.

Some independent contractors may not need this type of insurance, and there are some other caveats for very specific types of industries, however, you should assume that if you have employees, then you need also to have workers’ compensation insurance.

What If You Don’t Have Workers’ Compensation Insurance?

A failure to provide workers’ comp insurance can come with noncompliance fines. More importantly, not having this type of insurance can lead to much larger issues for a business, especially if an employee decides to sue the company because of work-related injuries or illnesses. You could lose your ability to operate as a business or even face criminal charges.

Schedule A Consultation Today

If you’re unsure if you need workers’ compensation insurance, you should speak with a professional commercial insurance agency about it. Our team at Ed Thompson Insurance Agency can help you figure out if your Omaha, NE business requires this or any other type of commercial coverage. 

Being a business owner can be an ideal career path for people in the Omaha, NE area. While you can be quite successful as a business owner here, there are always going to be risks as well. Fortunately, some of the risks can be protected if you get the right insurance. Overall, a commercial insurance plan will support an Omaha-based business in various ways. 

Protect Company Owned Assets

One way that a commercial insurance policy can protect your business is by covering any assets owned by your organization. Depending on the type of business you own, your assets could be crucial to your success and continued operation, and having to replace them due to damage or theft could be devastating. If you are insured with a proper commercial insurance policy, you will have the support you need to replace or repair these assets. 

Mitigate Liability Risks

It can also be a good idea to get a commercial insurance policy to mitigate any liability risks. There are a lot of risks that come with running a business in Omaha, including the risk of being named liable in an accident. When you are insured with a full commercial insurance policy, you will get the support that you need to manage these types of claims and cover any damages that are sustained. 

Reach Out To Us

A business owner in the Omaha, NE area will want to ensure that they have proper insurance. When you are looking to get coverage here, call our team with the Ed Thompson Insurance Agency. When you do call our professionals at the Ed Thompson Insurance Agency, you will get ideal support that can help you build a new plan that will adequately support your business. 

Anyone who lives in the Omaha, NE area is aware of the area’s strong population base and ongoing support for small companies. This is not only a beautiful area to live in, but it is also a great spot to establish a small business. When you start a business in this field, you must verify that you have adequate coverage.

There are various scenarios in which commercial insurance is required. Here at Ed Thompson Insurance Agency, we’ve compiled some advice about when to get commercial insurance for your small business. 

Why Commercial Insurance?

When It Comes to Raising Capital

A common reason for a company to obtain commercial insurance is to raise funds for its operations. Many small firms will need to take out a loan or raise equity in order to move forward. In order to receive the funds, most businesses must first produce proof of complete commercial insurance coverage. 

When It Comes to Hiring Employees

When you are about to hire a new crew, you will also need to obtain a commercial insurance policy. Once you begin recruiting employees, you must have workers’ compensation insurance. This is an important type of coverage that will protect your staff if they are injured on the job. When your team reaches a certain size, this becomes a must.

Reach Out To Us

Those that are in the Omaha, NE area will need to get proper insurance. As you are looking for a new policy here, you should speak with the Ed Thompson Insurance Agency team. If you decide to speak with us, you will quickly find that our team is experienced and understands the risks of starting a company. We’re here to help you, give us a call today!

Business establishments at their introductory stages may encounter risks and challenges. For any business entity to remain relevant in entrepreneurial dealings, it should devise a framework to reduce these impeding risks. Without efficient commercial insurance protection, you may be exposed to a stressful settlement of legal dues in cash, leading you to bankruptcy or resulting in detrimental financial constraints.

Our team of insurance experts at Ed Thompson Insurance Agency is here to provide you with more information on commercial insurance. 

How Is Commercial Insurance an Asset to Entrepreneurs?

Commercial insurance coverage provides you with a broad range of benefits for various investors, including:

Protection from lawsuits

Lawsuits are catalysts for bankruptcy for many ventures. Any business can be at risk of costly lawsuits. Workers’ comp insurance kicks in and pays for the lawsuit fees.

Covering of advertising liability

Any violation of the copyright of any individual establishment can result in dire consequences from respective authorities in Omaha, NE. If your business entity interferes in any copyright aspect of other existing ventures or parties, commercial insurance comes in and pays for any legal costs against such accusations.

It protects business assets.

Any business establishment has crucial and valuable components within its location. These assets ensure seamless productivity for the business enterprise in question. However, these precious assets responsible for the smooth running of your business are at risk. Commercial insurance will prevent your business components like furniture and computers from imminent risks.

Protecting your employees

Statistics have proved that many employees suffer injuries while operating in various businesses but go unrecorded and are compensated. Worker’s comp insurance coverage is mandatory in Omaha, NE where business entities are hiring permanent or seasonal workers. It is a safeguard against work-related sickness or injuries for employees working for your company. It is also for funeral benefits and missed wages.

Give Us A Call

Start a thriving business without fear of an underlying peril in Omaha, NE! Please don’t hesitate to contact or visit our dedicated agents at Ed Thompson Insurance Agency and get more details about commercial insurance.

 

No one wants to think about getting sued, but it’s a risk every business owner faces. If you’re sued, having the right insurance can save your business. There are various types of business insurance, but every business owner should have three: general liability, product liability, and errors and omissions insurance. Discover more about protecting your business during litigation from Ed Thompson Insurance Agency in Omaha, NE.

The Five Most Common Types of Business Lawsuits

The five most common types of business lawsuits are a breach of contract, violation of intellectual property rights, employment discrimination, personal injury, and wrongful death.

A breach of contract occurs when one party to a contract fails to perform its obligations under the agreement. This can happen for several reasons, including not being able to meet the terms of the contract, not being able to complete the work, or not being able to pay for the job.

Violation of intellectual property rights is when a company uses someone else’s intellectual property without permission. 

Employment discrimination occurs when an employer mistreats an employee because of race, religion, gender, age, or national origin. 

Personal injury occurs when someone is injured because of someone else’s negligence. 

Wrongful death occurs when someone dies because of someone else’s negligence. This can happen in the same ways as personal injury, but it also can occur when someone dies because of a defective product.

How Insurance Can Save Your Business from a Lawsuit

If you have insurance, your business is protected in case of a lawsuit. Your insurance company will pay for your legal defense if you are sued. If you are found liable, your insurance company will pay the damages up to your policy’s limit.

We specialize in commercial insurance at Ed Thompson Insurance Agency in Omaha, NE. We work with businesses of all sizes to find the coverage that best suits their needs. Whether you’re looking for property, liability, or workers’ compensation insurance, we can help. Contact us today for a consultation.

Insurance plans for businesses or property are designed to compensate owners for financial losses sustained as a result of property damage. They often include a number of exceptions to the rule. Understanding what the policy does not cover is equally as vital as knowing what they cover. Consult with us at Ed Thompson Insurance Agency in Omaha, NE for expert insurance advice. 

Commercial Insurance Exclusion: What It Entails

An insurance policy exclusion details a kind of loss for which the policy doesn’t provide coverage. The law demands that exclusions be specified in a way that is explicit and detailed. 

Every insurance policy comes with a set of features and restrictions. The kinds of businesses that are excluded might also change depending on where you live. Most insurance firms don’t offer coverage that results from things such as water damage, acts of war, kidnapping, and existing damage. 

In commercial insurance contracts, "exclusions or carve-outs" remove coverage for particular types of property, risks, conditions, or hazards. Exclusions are a tool that insurance companies use to exclude coverage for risks that they do not wish to insure. 

Because they cannot be prevented, certain dangers, like regular deterioration, aren’t covered by insurance policies. These include normal wear and tear. The ability to mitigate risk is provided to the policyholder, who is responsible for performing conducting routine maintenance and upkeep. Commercial insurance exclusions include: 

• Contractual Liability
• Liquor Liability
• Pollution
• Aircraft, Autos, and Watercraft
• Intentional Acts
• Contractual Liability

The higher the level of protection provided by the policy, the greater the risk posed to the insurance provider, and the higher the premium required to pay for the coverage. 

Give Us A Call

Most insurance policies prohibit coverage for any act or danger related to war or terror. You are required to carefully go over your policy before signing the document. Also, ask questions about exclusion issues. For expert insurance guidance in the greater Omaha, NE community, confer with Ed Thompson Insurance Agency.