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.