Contractual Clarity: The Role of Liability Insurance

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.

Does Your Business Need Employment Practices Liability Insurance?

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 tips

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!

Does commercial insurance cover financial crimes and embezzlement by employees?

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.

Commercial Insurance Options for Nebraska Business Owners

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.

Protect your Lincoln, NE business with a commercial policy

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.

Why Nebraska Restaurant Owners Should Consider Adding Umbrella Insurance

Richards Insurance Agency provides coverage to the Lincoln, NE community. We strive to serve our clients with passion and integrity. For over 20 years, we have helped our clients protect their assets and stay covered in the event of an emergency. We look forward to assisting you with your insurance needs.

Why Restaurant Owners Should Research Umbrella Insurance

Umbrella insurance is supplemental coverage that protects you during uncertain times. Normally, the policy is used to help protect assets from being seized due to a serious liability dispute. As a local Lincoln, NE restaurant owner, you know the risks associated with operating your business. You face challenges daily. Umbrella insurance can prevent you from dealing with disaster.

Attracting customers is the primary objective of your business. However, there are a few ways that things may take a turn for the worst. Imagine if one of your customers slips and falls in the dining areas or parking lot. You could face potential litigation if they suffer serious injuries. Imagine your customer has a bad reaction to one of your menu items, and they plan to pursue litigation. Umbrella insurance gives you a safety net as you deal with the charges.

If you have an issue with one of your employees, umbrella insurance can help you protect the reputation of your business. You are covered if your employees pursue litigation by alleging discrimination or wrongful termination.

If you serve alcohol at your restaurant, umbrella insurance can prevent you from being held liable for the actions of a patron. If you serve a patron alcohol, and they end up causing property damage or harming someone, you may be indirectly responsible. Umbrella insurance can be an asset as you go through the process.

Richards Insurance Agency Can Help You Protect Your Business

Visit our website to learn more information about umbrella insurance.  

Required Commercial Insurance in Nebraska

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.

Get Your Commercial Insurance

If your business needs commercial insurance, contact us at Richards Insurance Agency in Lincoln, NE.


Is Commercial Insurance Necessary?

  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

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.