Every state has its own rules about the kinds of commercial insurance that a business must-have. In Nebraska, there are two types of commercial insurance that most businesses have to have in place, and there are other types that are useful and recommended for most businesses. If you have questions about your commercial insurance needs, contact us at Richards Insurance Agency in Lincoln, NE.

Workers’ Compensation

This type of insurance is required for every Nebraska business that has any number of employees. This applies no matter how many of them there are and whether they are part-time or full-time. This coverage protects your business by paying the medical bills of employees who will become ill or injured while they are working. This also protects your employees, as they will have funds available if there is an accident at work.

Commercial Auto

If your Nebraska business owns a vehicle of any kind, it has to have a commercial auto insurance policy on it. If you try to place a regular, personal policy on it, it will likely not pay out if there is an accident. If you use a vehicle for work purposes, but the company doesn’t own it, there is a different type of insurance that is not required but highly recommended. It is called a hired and non-owned policy. If you use your personal vehicle for work tasks and have an accident, a personal policy is unlikely to pay out for it.

Your commercial auto policy has to have at least the set minimum for one person who has been in an accident with you and another amount for everyone who was injured in the accident. There is another minimum required for any property damage caused by accident. There is another coverage amount required to cover you against one person being injured in an accident with an uninsured motorist. Another amount is required for all parties who are injured.