Is Commercial Insurance Necessary?

Posted on May 31, 2020May 31, 2020 by agentinsure

Under most circumstances, you are not required to have commercial insurance, but that does not mean you should not obtain it. It is crucial to understand what types of business insurance coverage you can receive and how each can help you.

The following are common coverage types to consider:

Commercial Property

Commercial property insurance coverage helps to protect the physical location, such as a warehouse or office, and other business items.

Commercial Liability

This is coverage to protect your business if there are any lawsuits against your business due to damage or bodily injury.

Income Coverage

Should your business not be able to operate for a covered reason, business income coverage can help you pay your bills as well as payroll.

Workers’ Compensation, Unemployment, and Disability Insurance

Nebraska employers are required to carry workers’ compensation insurance, disability, and unemployment insurance for employees. Only under some extraordinary circumstances can businesses self-insure. Regardless, employers are required by law to carry these protections.

This coverage needs to be obtained as soon as possible. If you do not, you might end up with a $1,000 fine for each violation, having to put your business on hold until you obtain the coverage, and even up to a year in prison. That is not to mention the potential lawsuits you could face from employees.

Deciding whether or not commercial insurance is necessary is typically a personal decision- aside from the required coverage. At Richards Insurance Agency in Lincoln, NE, we want to encourage you to make this decision carefully. If you were to lose your business today due to a fire or a lawsuit, how easily could you rebuild? If your business was not operational for some time due to equipment malfunctions, could you still make payroll and pay your bills?

We understand that your business is important, which is why we want to partner with you to get you the best coverage possible. Stop by Richards Insurance Agency in Lincoln, NE today, or call for a no-obligation quote.

A Startups Guide to Commercial Insurance

Posted on August 20, 2019August 20, 2019 by agentinsure

The energy and effort that surrounds a startup means that there is a lot of attention to details but any incident or accident can prove perilous. Commercial insurance can mean the difference between recovery and failure should the unthinkable occur. Consider how commercial insurance policies are designed to protect the business financially. It’s a tool that covers everything from physical structures to the corporate fleet or even copyright infringement cases. That’s a lot in one tiny package. Our team at Richards Insurance Group can help you get your Lincoln, NE area business protected. They will get to know your business then make recommendations so you can quickly move forward.

For businesses, policies are designed to cover specific aspects of the operation. Property insurance was created to protect any buildings or structures that they own. It will also cover the company’s inventory and equipment. The policy will also provide a general liability product. This is important if a customer has an accident on the company property. Some companies will also want to consider additional liability coverage if they produce products or provide professional services. These protect if someone sues for a defective product or professional negligence. Workers compensation is in place to protect any worker who has a job-related accident. Many companies also look into policies that provide ‘business interruption’ coverage or ‘loss of income’. This is helpful if an event interrupts the normal conduct of business. It’s like a bridge to quickly recover from any event.

New companies need the protection that commercial insurance provides. Any time that an accident or disaster occurs, it is a threat to the continuation of the operation. The right insurance plans allow normal operation to resume more quickly. Our agents at Richards Insurance Group understand what businesses in the Lincoln, NE area face every day. To get started, get information from the website then visit our offices today. It’s never too soon to protect your growing business.