What Types of Insurance Should I Have for My Small Business?

What Types of Insurance Should I Have for My Small Business?

Oct 28, 2021

What Types of Insurance Should I Have for My Small Business?

While every business venture has unique needs, we take a tailored and targeted approach to customizing your insurance coverage. Being a Trust Choice Independent Agency, we can create a custom package of insurance coverage which will protect your business or organization from various situations. Below are descriptions of some of the most common coverages found in commercial insurance.

Commercial General Liability

A Commercial General Liability (CGL) policy is the first barrier of defense, protecting your business from liability claims involving bodily injury and property damage. The damages can be caused by operations, products, or on the premises.

Commercial Property

The Commercial Property policy reimburses businesses and organizations for damage to their buildings and/or the contents of their buildings. Coverage can include your physical location as well as your business property from various causes of loss, such as fire, theft, wind, and hail.

Inland Marine (Property Floater)

This is a large category of property insurance. It is useful for when property is being transported or while it’s away from its normal storage location. A commercial property floater is a rider that is attached to a commercial insurance policy to protect property that a company doesn't store at a fixed location. For example, a construction company may want to safeguard equipment it owns and uses at various sites. Some examples of business exposures which would need this coverage are contractors' tools or large equipment that would go to from one construction site to another, or a sales team who has company laptops used when they visit customers. An Installation Floater is the solution to cover materials, machinery, equipment, and property which will become a permanent part of a project. An Installation Floater can be written on its own or as part of a Package Policy that also includes Property and Commercial General Liability coverages.

Business Automobile

Automobiles used in business and other commercial activities exceed the scope of a Personal Auto policy, leaving gaps in coverage. Business Automobile insurance expands coverage to fill these gaps, providing a policy suitable for commercial uses. However, it still provides similar types of coverage, such as liability, damage to the auto itself, and for Uninsured/Underinsured Motorists. It can be altered further for specialized commercial uses, such as semis and garbage trucks.

Cyber Insurance

What is cybercrime? Cybercrime encompasses any criminal act dealing with computers and networks (called hacking). Every day, more than 1 million people become victims of cybercrime. Cybercriminals look for weaknesses in your system to gain access to protected information. Cyber policies not only supply protection in the event of a loss, but can help you identify areas that could lead to a potential loss. For example, hate crimes, telemarketing and internet fraud, identity theft, and credit card account theft are considered to be cybercrimes when the illegal activities are committed using a computer and the internet.

Workers’ Compensation

In Nebraska and many other states, Workers' Compensation is a mandatory coverage as soon as an organization has even a single employee. Workers' Compensation provides state-mandated benefits to a worker for injury, disability, or disease contracted by the worker in the course of their employment.

Professional Liability

A Professional Liability policy goes beyond the Commercial General Liability policy to cover specialists, such as professions that require a license. It also covers purely financial losses that are caused by the professional's errors or omissions.

Commercial Umbrella Liability

This policy provides an extra layer of liability protection that supplements underlying liability policies (e.g., the Commercial General Liability policy). It can also provide broadened and supplementary liability coverages. Coverage is provided in million-dollar increments.

Unemployment

While this type of business insurance is required if you employ even one individual, it isn’t handled by a private agency like most other policies. Business owners must pay federal and state unemployment taxes depending on the number of employees, their average turnover, and the age of their business. These taxes serve to support employees in the event of job loss while they search for their next occupation. Employers are directed to contact their state’s unemployment agency to register an account, and while executives can calculate tax payments on their own, we recommend delegating this task to a payroll provider or HR specialist to avoid needless errors.

Wondering if you are covered? Call us today for a complementary comprehensive review of your coverages. We look forward to giving your business the protection it needs to grow and operate with confidence.

Meet the Team
If anyone knows me at all they know how I hate insurance. When my wife and I switched to Michael Cooper I was really impressed with his knowledge and the way he broke everything down for me. Michael has helped me with a couple of claims and I really appreciate how seamless he m...Jeremy S.Lincoln NE
AUTO | HOME | LIFE | HEALTH | BUISINESS
See how much you can save!

Visit us at one of our Nebraska Locations

Lincoln

Main Office
501 N 46th St.
402-325-0777
9AM-5PM Mon-Fri
South Office
6001 S 56th St.
402-325-0777
9AM-5PM Mon-Fri
North Office
5101 N 27th St.
402-325-0777
By appointment only
East Office
8400 Lexington Ave
402-325-0777
By appointment only

Seward

Seward Office
3531 Progressive Road Suite 103
402-325-0777
By appointment only
Omega Insurance Group The last Insurance Agency you will ever need!

Omega Insurance Group
The last Insurance Agency you will ever need!

Hours


Mon - Fri
9am - 5pm CST

Contact


Phone
402-325-0777

Email
Contact Us

Info


Privacy Policy
Terms of Use