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.