Understanding Business Contracts and the Significance of Liability Insurance

Clarity in business contracts, particularly in relation to liability and insurance provisions, is crucial for a successful business. Specialists in commercial insurance solutions, Brokers Insurance Agency in Lincoln, NE, are committed to fostering transparency in business contracts to ensure optimal protection for businesses. Let’s explore key aspects of liability insurance that are pivotal for every business owner.

The Concept of Contractual Liability

Contractual liability covers legal commitments outlined in your business contracts. These liabilities can greatly vary, encompassing everything from indemnity clauses to hold-harmless agreements. A clear understanding of these obligations is essential for safeguarding your business interests.

The Function of Liability Insurance Brokers

Liability insurance brokers help businesses navigate the often complex landscape of insurance-centric contractual agreements. Their role ensures that insurance policies align with contractual obligations and adequately limit potential liabilities.

The Process of Contract Review and Analysis

Insurance brokers undertake a careful review of business contracts to identify insurance-related conditions. They confirm that policies fulfill all mandatory criteria and provide the necessary coverage to meet contractual duties.

Creation of Custom Insurance Solutions

Insurance brokers formulate custom insurance solutions by considering contract specifications and potential risk assessments. This process includes adjusting coverage limits, endorsements, or provisions to meet precise contract requirements.

Support during Contract Negotiations

Brokers offer crucial support during contract negotiations, providing insights to secure beneficial insurance terms and advocating for fair provisions.

Claims Management

In the event of a claim, brokers facilitate communication between the insured party and the insurer, ensuring swift resolution and the maximization of coverage benefits.

Consistent Monitoring

By continually monitoring contracts and policies, brokers adjust coverage as per evolving business requirements and situations to maintain compliance and effectiveness.

Providing Educational Resources

Brokers supply clients with educational resources to enhance their understanding of contractual liabilities and insurance implications, enabling informed decision-making.

In conclusion, liability insurance brokers are crucial for ensuring contractual transparency and protecting businesses from unplanned liabilities. If your business is currently without this type of commercial insurance coverage, consider securing it soon. For expert advice and bespoke commercial insurance solutions in Lincoln, NE, contact Brokers Insurance Agency.

Large businesses with many employees have Employment Practices Liability Insurance (EPL or EPLI). But at Brokers Insurance Agency, which serves Lincoln, NE, we suggest that small businesses and new businesses consider getting this coverage, too.

Reasons an Employee May Sue a Business

EPI policies provide a defense lawyer if a company is sued by an employee who charges an unfavorable work environment. There are many reasons an employer can be sued that may activate the stated provisions of this coverage. They may include an employee’s allegation of:

• Discrimination based on sex, race or disability
• Sexual harassment
• Wrongful firing
• Breach of employment contract
• Subjectively in giving a poor employee evaluation
• Wrongful discipline
• Failure to promote
• Actions causing emotional distress
• Mismanagement of employee benefit plans

Employment Status Does Not Deter Lawsuits

With so many possibilities, it’s obvious that almost any business except a sole proprietorship is susceptible to employee lawsuits. A company may be sued by an applicant who did not get the job, a current employee, or a former employee.

What EPI Policies May Cover

An Employee Practices Liability policy pays for a defense attorney. If the company loses, the insurer makes a payout. This coverage does not pay punitive damages or civil or criminal fines. Nor does it pay for liabilities covered by another insurance policy.

How Businesses Can Protect Themselves From Employee Lawsuits

Having effective human resources and legal departments may help to prevent a lot of employee lawsuits. But since some businesses aren’t yet large enough to have these departments, we strongly suggest EPL insurance for many businesses at Brokers Insurance Agency.

At Brokers Insurance Agency, we serve Lincoln, NE, and we have the expertise to help business owners choose EPI. Contact us today.

Job site safety is a priority for any company, and ensuring that all personnel is adequately protected is essential. It is important to follow safety guidelines when working in any environment, especially on job sites in the Lincoln, NE area. Here are some tips for job site safety from us at Brokers Insurance Agency: 

• Wear protective gear: When working on a job site, make sure you are wearing the appropriate clothing, such as long pants, boots, hard hats, eye protection, and gloves. This will help protect you from any potential hazards that may exist on the job site. 
• Identify potential hazards: Take a few moments to survey the area before starting work to identify potential risks or hazardous materials on the job site. Ensure everyone is aware of these potential risks to avoid them. 
• Follow proper lifting techniques: Proper lifting techniques should always be used when working with heavy equipment or other materials. Keep your back straight and use your legs instead of your back to lift items off the ground. 
• Utilize safety equipment: Whenever possible, utilize safety equipment provided by the company, such as harnesses, ladders, scaffolding systems, fall protection devices, and other protective measures put in place for employees’ safety. 
• Follow instructions from supervisors: Listen carefully to instructions given by supervisors or managers related to job site safety and adhere to them at all times for maximum protection against accidents or injuries while working on a job site. 

By following these simple tips for job site safety in the Lincoln, NE area, you can ensure that all personnel remains safe while performing their tasks in any environment. For more tips, call us at the Brokers Insurance Agency today!

When you purchase commercial insurance in Lincoln, NE, you expect it to cover a wide range of potential risks to your business. But what about financial crimes and theft committed by your employees? Unfortunately, these are not always covered by standard commercial insurance policies. However, there are ways to get coverage for financial crimes and employee embezzlement. Brokers Insurance Agency wants you to know how to protect your business from these risks.  

What Is Financial Crimes Insurance?

Standard commercial policies protect your business against employee actions, such as inventory theft or damaging property. However, for financial crimes like embezzlement, you need additional coverage. Financial crime insurance is a type of coverage that protects businesses from losses resulting from fraudulent or dishonest acts committed by employees. This can include anything from embezzlement and payroll fraud to identity theft and data breaches. Financial crime insurance can help cover the costs of investigating and prosecuting the responsible parties and any losses incurred by the business.

Do I Need Financial Crimes Insurance?

The short answer is it depends. Financial crime insurance may be wise if your business deals with large sums of money or sensitive customer information. It’s always a good idea to speak with your insurance agent to determine if this coverage is right for you.

No one in Lincoln, NE likes to think about the possibility of their employees committing fraud or theft, but it’s essential to be prepared for any eventuality. Fortunately, financial crime insurance can help protect your business from the potentially devastating effects of these types of crimes. If you’re unsure whether or not this coverage is right for you, speak with Brokers Insurance Agency for more information.

When you have a business in Lincoln, NE, you will do everything to see it become a success. From burning the midnight oil to employing top employees, you are willing to throw everything you got to make your business stand the test of time.

While you are dedicated to your business, risks beyond your control can wipe your prized investment in a matter of minutes. We are talking about risks like fire, theft, and natural disasters that can consume your business within no time!

Commercial insurance options

Given the risky nature of the business environment, you need commercial insurance from Brokers Insurance Agency to protect your business. And because commercial insurance is broad, here are some coverage options you can consider for your business:

• Professional liability insurance: This coverage protects your consultancy business when you miss deadlines or when accused of negligence.
• Commercial auto insurance: Do you have vehicles for the business? Do you use your personal vehicle for commercial use? Either way, you need commercial auto insurance.
• General liability insurance: This coverage protects your business when accused by third parties. It protects your business when other people sue you or accuse you of property damage, bodily, and advertising injury.
• Umbrella insurance: This liability coverage takes over when your general liability insurance is exhausted.
• Worker’s comp insurance: This insurance plan covers employees against illnesses and work-related injuries.
• Property insurance: If you have assets like inventory, computers, buildings, and furniture, you need property damage to cover your assets against fire, theft, vandalism, and other risks listed in your policy.
• Flood insurance: If your business is in a high-risk flood zone, you require flood insurance because typical commercial insurance doesn’t cover flood damage.

Shopping for commercial insurance in Lincoln, NE? Why don’t you contact Brokers Insurance Agency for an affordable insurance plan? We offer numerous commercial insurance coverage options to cater to different categories of businesses.

Brokers Insurance Agency understands the importance of protecting all of your hard work as a business owner. We are here to provide Lincoln, NE companies with the coverage they need, now and into the future. If your business has been growing and changing, it may be time to review your current commercial insurance policy.

We can help you understand your commercial policy coverage options 

Today’s business environment makes it more important than ever to have an appropriate commercial policy that meets your current needs. The policy that was right for you when you were just starting out may not be adequate now. Protecting your business with commercial insurance includes coverage for:

• Business interruption
• Inventory
• Equipment
• Vehicle Fleets

and a lot more! As you build your business and enter into a growth stage, it becomes more important than ever to protect your efforts. We strongly encourage our commercial clients to review their coverage on a regular basis to ensure that their policy protection keeps pace with their current business needs. If you haven’t taken a close look at your commercial policy in a while, now is a perfect time to sit down and review your policy. It’s always better to have the appropriate protection in place before you need it!

Contact us today and find out more

If you are a business owner in the greater Lincoln, NE area, give Brokers Insurance Agency a call today. We will work with you to ensure that your company has the protection it needs! We can set up a consultation for a comprehensive review of your policy and your current commercial protection needs.