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.