What Are Some Common Exclusions In Commercial Insurance Policies?

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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.

5 Tips for Buying Home Insurance

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Owning a home is a huge financial and emotional investment. You want to protect your home and belongings in case of an accident, theft, or natural disaster. That’s where home insurance comes in. Home insurance provides financial protection if your home is damaged or destroyed. With that in mind, Ed Thompson Insurance Agency in Omaha, NE provides this guide in navigating this important coverage.

Here are five tips to help you find the best home insurance policy for your needs:

1. Know What You Need

Before you start shopping for home insurance, it’s important to know what coverage you need. Home insurance policies typically cover the structure of your home, your personal belongings, and liability if someone is injured on your property. You can also purchase additional coverage for things like flooding or earthquakes.

2. Shop Around

Once you know what you need, it’s time to start shopping around. Get quotes from multiple insurance companies and compare their rates and coverage. Be sure to read the fine print to understand what each policy covers.

3. Consider Your Deductible

This is one of the most important factors to consider when shopping for home insurance. Deductibles work like this: if your home is damaged in a covered event, you will have to pay the deductible before your insurance company starts paying for repairs. The higher your deductible, the lower your premium will be. However, you don’t want to set your deductible too high, or you could have to pay more out of pocket if something happens to your home.

4. Read the Fine Print

As with any insurance policy, it’s important to read the fine print before you purchase home insurance. This way, you’ll know exactly what’s covered and what isn’t. Pay attention to exclusions, limits, and conditions so you’re not caught off guard if you need to file a claim.

5. Review Your Policy Regularly

Your needs will change over time, so it’s important to review your home insurance policy regularly to ensure it still meets your needs. If you’ve made any major changes to your home, such as a renovation or addition, be sure to let your insurance company know so they can adjust your coverage accordingly.

Get Home Insurance in Omaha, NE

These are just a few things to remember when shopping for home insurance. Ed Thompson Insurance Agency can help you find the right policy for your needs. Give us a call to get started.

How to Protect Your Omaha, NE Business

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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.

5 Mistakes People Make When Buying Auto Insurance

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When it comes to auto insurance, most people think they know what they’re doing. But in reality, many people make mistakes that can cost them a lot of money. In this post, we’re going to look at five of the most common mistakes people make when buying auto insurance and how you can avoid making them yourself.

1. Lying on the Application

This is perhaps the most common mistake people make when buying auto insurance. They think that by lying on their application, they’ll save money on their premium. But in reality, all it takes is for one tiny detail to be different from what you put on your application, and your policy could be voided. And if you have an accident while your policy is voided, you could be in for a world of financial pain. So always tell the truth on your application. It might cost you a few dollars more in premiums, but it’s not worth the risk.

2. Not Shopping Around

Another mistake people make is not shopping around for the best rate. There are a lot of auto insurance companies out there, and they all offer different rates. So take the time to shop around and compare rates before deciding on a policy.

3. Not Understanding the Policy

Before you sign up for a policy, it’s important that you understand what it covers. Don’t just take the word of the insurance agent. Please read the policy yourself and make sure you understand it. If there’s something you don’t understand, ask questions until you do.

4. Going for a High deductible

Many people think that having a high deductible will save them money on their premiums. And while it’s true that it will lower your premium, it’s also true that you’ll have to pay more out of pocket if you have an accident. So you need to weigh the pros and cons of having a high deductible before deciding on a policy.

5. Not Getting Enough Coverage

This is a mistake that can cost you dearly if you have an accident. Make sure you have enough coverage to protect yourself financially in the event of an accident.

These are just a few of the most common mistakes people make when buying auto insurance. By avoiding these mistakes, you’ll be able to get the best coverage for your needs. Are you looking for auto insurance in Omaha, NE? Ed Thompson Insurance Agency can help you get the coverage you need at a price you can afford. Contact us today for a free quote.

 

Is Cyber Liability Insurance Needed For My Business?

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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.

Home Insurance Riders to Consider Investing In

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A rider is an additional protection measure that can be added to your home insurance policy in Omaha, NE. These riders allow you to receive compensation after a fire, theft, etc. for items that may potentially exceed your standard policy while also expanding your overall home insurance coverage. Ed Thompson Insurance Agency would like to shed some light on common insurance riders you may want to consider.

Water Backup Coverage

Many homeowners make the mistake of assuming that their general home insurance policy will cover any kind of water and moisture damage. However, most insurers have restrictions on this type of property damage.

For instance, your policy coverage may only be limited to damage caused by a water-using appliance, burst pipe, or the like, whereas damage from a sewer, drain, or sump pump backup is not covered. 

Because of this, you should consider investing in a water backup rider to ensure you are properly protected from an assortment of water-related perils.

Personal Property Protection

Your personal property is covered under your home insurance policy, but this coverage is only up to a certain amount. Therefore, if the personal items under your roof are damaged by a covered event, your policy will pay for repairs or replacement of these items up to the policy limit. In the event the damage exceeds this amount, you will need to pay out of pocket.

With that being said, if you have expensive items in your home, such as jewelry or artwork, you may want to invest in a rider that protects your personal property. You can also invest in individual riders for specific belongings. 

Identity Theft Protection

No one expects to become a victim of identity theft, and if it happens to you, you will likely spend years trying to reverse the damage that occurred. 

The good news is there is an identity theft protection rider that can be added to your home insurance policy to reimburse you for expenses related to undoing the damage from an identity thief. For instance, this rider can help pay for any legal expenses, deal with creditors, and replace documents. 

Anything can happen at any time. If you want to ensure you are properly covered, you should speak to Ed Thompson Insurance Agency, serving Omaha, NE, about a comprehensive home insurance policy that includes the necessary riders based on your individual situation. 

3 Auto Insurance Mistakes to Avoid

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Buying an auto insurance policy is one of the most important financial decisions you’ll make, so it’s worth taking the time to research. However, too often people don’t do their research, and they make mistakes as a result. Below are some of the most common auto insurance mistakes. At the Ed Thompson Insurance Agency in Omaha, NE, we want to help you avoid these mistakes. Take a look at the list below, and let us know if you have any questions. 

Not Understanding State Auto Insurance Laws

Before purchasing, it’s important to understand the auto insurance laws for your state. Because each state has different laws, some drivers may break insurance laws without realizing it. This is especially true for drivers who move from one state to another. If you’ve recently moved to Nebraska, make sure that you have the right auto insurance coverage. 

Not Updating the Policy

When was the last time you updated your auto insurance policy? Some drivers buy car insurance and then forget about it. However, you’ll want to make sure that your policy stays up to date. For example, your rates may change if you get a new car or go a certain amount of time without having an accident. If it’s been a while since you’ve updated your policy, it’s time to take a second look. 

Only Buying the Bare Minimum

Many drivers only get bare minimum coverage. They look at what their state requires, purchase exactly that much coverage, and then move on. However, this approach can become costly over time. In case of a car accident, for instance, someone with minimum coverage may end up paying a lot of money out of pocket. 

Have Questions? 

Want to make sure you’re not making these crucial mistakes? Get in touch with the Ed Thompson Insurance Agency in Omaha, NE. We’d love to answer your auto insurance questions and help you get the right coverage for your needs. 

The Importance of Home Insurance

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The agents at the Ed Thompson Insurance Agency in Omaha, NE are explaining the importance of home insurance.

You have made a very large investment in your home and will want to ensure that you have an adequate amount of home insurance in place to protect it. You do not want to wait until something horrible happens, such as a fire or tornado, to decide that you need a home insurance policy.

Home Insurance Coverage

Whether you are required by a lender to have a home insurance policy or your home is paid off, you need to have enough home insurance to replace or repair your home if it is destroyed or damaged by a fire, natural disaster, or an act of vandalism.

A home insurance policy normally covers the structure of your home along with any outbuildings, including sheds or decks. It will also cover the items inside your house, such as furniture, appliances, and your personal belongings if they are damaged or destroyed.

If someone robs your house or commits an act of theft while they are at your house, a home insurance policy can help cover the items lost. Your policy will also cover any injuries a person sustains if an incident happens at your house, such as a slip and fall incident, and they become injured and incur medical bills.

A home insurance agent can explain to you other options that are not covered under your regular home insurance policy, such as flood insurance and earthquake insurance. Those are separate policies that you can have tacked on to your main policy.

To obtain the proper amount of home insurance for your situation, you should contact a trusted and experienced home insurance agent, the agents at the Ed Thompson Insurance Agency in Omaha, NE are ready to assist you with all of your home insurance needs.

Is Basic Auto Insurance Adequate?

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With increasing economic challenges, most motorists are keen to cut their car insurance bill. As such, they may only stick to the state-required car insurance. But is it adequate? Is it wise to stick to basic car insurance? If you are anxious to find out the answers, please hang on as Ed Thompson Insurance Agency in Omaha, NE, discusses whether basic car insurance is a good idea.

Required car insurance in Nevada

Before getting far, the best place to start is looking at Nevada’s required auto insurance. If you drive or park in public places, Nevada requires you to include the below coverages in your car insurance.

  • Bodily injury liability of at least $25,000 per person and $50,000 for an accident involving more than one person
  • Property damage liability with a minimum of $20,000

So the million-dollar question is: Is the ("25/50/20") car insurance adequate? It’s a resounding no. If you are faced with a severe accident, the coverage limits are likely to be depleted, exposing your finances to uncovered auto accident expenses.

Besides, the above coverages don’t cover you and your vehicle. The state-required coverages are liability insurance policies that cover third parties only.

What we advise our clients

While meeting the minimum auto insurance coverages is superb, we usually advise our clients to:

  • Increase limits: Given that the mandatory liability limits are insufficient, we advise our clients to increase limits to about $300,000 for bodily liability coverage and $100,000 for property liability damage. And if these limits are still insufficient, we advise you to invest in umbrella insurance.
  • Consider other insurance coverages: For well-rounded protection, motorists should consider comprehensive, collision, and medical payments coverages. This way, you, your vehicle, and passengers are covered if the unthinkable strikes.

Are you looking for auto insurance in Omaha, NE? Please consider Ed Thompson Insurance Agency for all your auto insurance needs.

Is Commercial Insurance A Must in Nebraska?

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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.