Why Does Your Business Need Commercial Insurance?

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.


How Insurance Can Save Your Business If You’re Sued

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.

What Are Some Common Exclusions In Commercial Insurance Policies?

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.

How to Protect Your Omaha, NE Business

Business insurance is vital for anyone who owns a company in Omaha, NE. There are many types of policies available, and it’s often challenging to know which one is right for your business. The Ed Thompson Insurance Agency can help you find the perfect policy to protect your business.

What Types of Business Insurance Are Available?

There are many types of business insurance policies available, and the right one for your company will depend on various factors. Some of the most common types of business insurance include:

Commercial property insurance:

This policy protects your business if your property is damaged or destroyed.

Liability insurance:

A liability policy protects your business from claims if someone is injured on your property or if you’re sued for defamation.

Product liability insurance:

Choose this type of policy if you sell products and want to be protected from liability if one of your products injures a customer.

Business interruption insurance:

When a covered event forces your business to close, this policy will help cover your lost income.

Commercial vehicle insurance:

If you use vehicles for business, you’ll need to have them insured. A representative from the Ed Thompson Insurance Agency can help you find the right policy for your business.

Workers’ compensation insurance:

This type of policy is required in some states if you have employees. It covers medical expenses and lost wages for employees injured on the job.

Contact Ed Thompson Insurance Agency for a Quote

The Ed Thompson Insurance Agency in Omaha, NE can help you find the perfect business insurance policy for your company. Contact us today for a free quote. We’ll work with you to understand your needs and find a policy that fits your budget.

Is Cyber Liability Insurance Needed For My Business?

Cyber liability insurance safeguards businesses from the unexpected and high costs tied to a cyber incident such as a data breach or malicious attack. Covered expenses include notifying impacted customers, credit monitoring services, legal fees, and fines. Many businesses fall for the misconception that the smaller their organization, the less likely it will be attacked, but this is not true. Small companies often have less or non-existent cyber security mitigation practices, making them an attractive target for threat actors seeking a quick payday. Suppose you own a small business with access to sensitive information such as banking data, PII, social security numbers, or similar documents. In that case, you need cyber liability coverage as a component of your commercial insurance. 

There are two types of cyber liability insurance policies – first-party coverage and third-party coverage. First-party, as the name implies, helps cover expenses associated with an attack on your systems, such as confidential company information or HR records being stolen. Third-party coverage is utilized when a client sues you for safeguarding their protected information inadequately. 

Cyber liability insurance is an optional coverage in Nebraska; however, small businesses are mandated to carry commercial auto insurance and workers’ compensation insurance to help cover the cost of medical bills and loss of work accrued by employees injured on the job. 

At the Ed Thompson Insurance Agency in Omaha, NE, our dedicated and knowledgeable team of insurance professionals can answer any of your commercial insurance questions. Our goal is to help safeguard your business by offering insurance products that best meet the needs and demands of your company. Give us a call today or stop by our office to learn more about how we can help you with a commercial insurance policy.

Is Commercial Insurance A Must in Nebraska?

If you are a small business owner in Omaha, NE it’s fundamental to understand the Nebraska business requirements. Establishing a business is an income-generating project though it comes with unique inherent risks. These risks can sometimes interfere with your business operations. However, acquiring spectacular commercial insurance from Ed Thompson Insurance Agency will safeguard your profits as your business thrives. Do you need commercial insurance in Omaha, NE to guard your business venture as it thrives to its full potential? We at Ed Thompson Insurance Agency customize insurance plans designed to suit your business insurance needs and budget.

Is commercial insurance a must in Nebraska?

Commercial insurance is not legally required in Nebraska. Nevertheless, the law requires every business entity with one or more employees, whether seasonal or permanent, to maintain workers’ comp insurance to cater to medical expenses for work-related injuries and general sickness. The state-advocated coverage requirement is inadequate. Therefore, scouting for other optional coverages is paramount. They include:     

General liability coverage: Imagine what can happen when your customer sustains an injury at your business premises? This policy safeguards your business from claims of bodily injury or property damage from third parties. In addition, it’s designed to cater to the probable medical bills, libel, slander, and related legal fees.

Commercial auto insurance: If your business venture owns vehicles, this type of policy is best suited for this purpose. It covers damages and injuries inflicted on other people if your driver is found legally responsible for the occurrence of an accident.

Data breach insurance: Did you know that your online business in Omaha, NE is susceptible to cyber-attacks? Worry no more because you can avert this malpractice by investing in a data breach policy. It safeguards your business from data breaches and cyber-attacks.

Do you have outstanding commercial insurance at your disposal in Omaha, NE to avert significant financial ruin that may throw your business operations into disarray? Call or visit us at Ed Thompson Insurance Agency for more information about commercial insurance coverage.

Common Risks Small Businesses Face

Business owners face risks every day in Omaha, NE. Though these risks are not the same as homeowners face, they are still risks that require insurance protection. In addition, some risks business owners face are more significant than others and need different kinds of insurance coverage. After reading this, give us a call at Ed Thompson Insurance Agency for help answering all of your business insurance questions. 

Below are common risks business owners face: 

Liability Risk

Regardless of the type of business, all businesses face a liability risk. Common liability risks include bodily injury, physical damage, and failure to meet contractual obligations. A general liability insurance policy protects you and your employees whenever conducting business for accident-related damages your company is liable to cover. 

Property Risk

All businesses face property risks. Having adequate commercial property insurance protects you against accidents, hazards, and natural disasters that could impact your inventory, equipment, and physical property. 

Commercial Auto Risk

Auto use related to your business includes taking employees out to lunch, making a delivery, or traveling to a meeting. Commercial auto insurance protects your business when a personal or company vehicle is used for any business-related purposes. 

Business Interruption Risk

Unexpected events, such as a fire or natural disaster, could force a business to close. The closure presents a risk of lost revenue, negatively impacting business operations. Business interruption insurance covers the company should it be forced to close, including all fixed expenses, relocation costs, and lost revenue. 

Cyber and Data Risk

Cyber threats and data breaches are rising and becoming increasingly common. As more of our business is conducted online, we have a greater need to protect ourselves from these threats. Cyber liability insurance covers your business against these threats by providing legal coverage, notification costs, and providing system disruption coverage. 

Omaha, NE business owners need to ensure they are protected from all possible risks. Call the experts at Ed Thompson Insurance Agency today for additional information about potential business risks and how to keep yourself and your company protected. 

What Are The Benefits Of Commercial Insurance?

If you have a business in Omaha, NE, you need to have a commercial insurance policy to take care of the liabilities and catastrophes that your company might be facing. Ed Thompson Insurance Agency helps many business owners in this region find commercial insurance that benefits their business, as shown below.

Prevents Business Collapse

Every business today is facing significant risk and uncertainty that can happen at any given time. There are possibilities of natural disasters like floods and earthquakes that can destroy the business. Fire can consume everything in a matter of minutes, which means that the company might collapse. However, with commercial insurance in place, everything will be restored, and the business will continue operating. 

Enhances Business Credibility

Today, customers are conducting background checks before they determine whether to do any business with an organization. One of the most important aspects that most customers are checking is whether a business is insured. Companies that are bonded, licensed, and insured build trust, a primary recipe for a company’s growth and success. 

Protecting Your Workers

Besides all the tools and equipment, employees stand as the most important resources that an organization has. Therefore, protecting them and making sure that they feel protected is necessary as it promotes business success. With commercial insurance, employees are covered in multiple areas such as possible injuries, medical expenses, and replacement of lost income after an injury in the workplace. 

As a business owner in Omaha, NE, you might have a perception that avoiding commercial insurance will save you thousands of dollars in insurance premiums. However, it may expose you to possible business collapse or possible loss of millions of dollars. Contact Ed Thompson Insurance Agency and get a commercial insurance policy that meets your commercial operations’ needs.

Required Commercial Insurance in Nebraska

Every state has its own rules about how small businesses operate. Part of those rules is the types of commercial insurance your business must-have. There are two that are required by Nebraska law, but there are also other types that can add to your legal and financial protection. For more information, call us at the Ed Thompson Insurance Agency in Omaha, NE.

Commercial Auto Insurance

When your business owns a vehicle, it’s required for each of these vehicles to be covered by a commercial auto insurance policy. If you try to get by with a personal insurance policy on the vehicle, it will not only be illegal, but the personal policy likely won’t pay out if there is an accident. The commercial policy that you have must have a specific, state-mandated minimum for bodily injury liability for the accident as a whole as well as per person injured. It must also have a specific amount of property damage liability. The policy must also have the legal minimum of coverage for an uninsured motorist protection per accident and person. If you have a vehicle that gets used for business a lot but is not owned by the business, it should have a hired and non-owned coverage policy. 

Workers’ Compensation Insurance

Nebraska’s law requires that every business that has any number of employees must have workers’ compensation insurance coverage. This is true, no matter how many employees you have and whether they are part-time or full-time. This coverage helps the workers by having coverage available to pay their medical bills for accidents and sicknesses that occur on the job. It also helps the business by having that coverage in place so that the medical bills don’t have to be paid out of pocket.

Talk to an Insurance Agent

If your business needs commercial insurance, call us at Ed Thompson Insurance Agency in Omaha, NE to talk to an insurance agent about your business and its commercial insurance needs.

What Happens if a Business Doesn’t Have Commercial Insurance

If you operate a business, then it is all but a necessity that you have commercial insurance to protect both the company and your employees. In fact, Nebraska law requires that all small businesses – regardless of the number of full or part-time employees – carry both workers’ compensation insurance and commercial auto insurance if there are any company vehicles. Workers’ compensation insurance covers the cost, up to your policy limits, of any work-related injuries or illnesses. In contrast, commercial auto insurance ensures that regardless of whether they are driving a company vehicle or their personal vehicle on company time that they are covered for any accidents. 

Failure to carry commercial insurance can have serious consequences. For starters, you would be in violation of state law, which could result in substantial fines and other serious legal repercussions. Also, if one of your employees is injured while on the job or a vendor slips and falls at your location because of negligence, then you would be on the hook for all of their medical expenses and damages if sued, which ultimately could cost you the business. As a result, carrying commercial insurance offers substantial peace of mind and protects your livelihood from potential financial ruin. 

When it comes to shopping for commercial insurance, it is imperative to choose a company that has your best interests in mind. Consequently, if you are in the Omaha, NE area, look no further than the Ed Thompson Insurance Agency. With our vast experience in the insurance industry, we are uniquely positioned to help you find the right policy for your needs and are committed to earning your business today and into the future. Give us a call today to schedule your no-obligation consultation with one of our friendly and knowledgeable insurance professionals.