Business Insurance
Nephi

You have a strong entrepreneurial spirit and have worked hard to create your business. We can help you implement the proper risk management strategy and insurance coverages to protect your hard work and ensure your business continues to have an opportunity to succeed and grow.

What is business insurance?

The term business insurance covers a wide range of policies available for purchase by businesses. There isn’t a single business insurance policy able to cover your entire range of risks. However, there is an upside. Because your business is unique, you can tailor coverage to best fit your business’s needs.

Who needs business insurance?

This answer can vary from person to person, but a good rule of thumb is “everybody with a business.”

Consider doing a brief self-evaluation by asking yourself the following questions:

1. Does your business have property you can’t afford to replace if it’s broken or damaged?
2. Is there a possibility you may be faced with a lawsuit for a substantial amount of money?

If your answer to either of these questions is yes, then it is strongly recommended you protect yourself and your business with a business insurance policy.

What does business insurance cover?

Business insurance coverage varies depending on the policy. However, there are six policies we strongly recommend for all business owners.

1. Commercial Liability

As a business owner, you are potentially liable for every product, service, and operation relating to your business. While sound procedures may be stressed throughout your organization, the fact remains that no person or machine is perfect. Despite your best efforts, harm caused to a third party relating to your business could lead to litigation. Commercial liability insurance is designed to protect business owners and assets from a variety of exposures.

2. Product Liability

Even though commercial liability and product liability sound similar, it is very important to know they are not the same. If your product may potentially damage a person or property, even if the product is properly used, then product liability insurance is essential.

3. Property Insurance

Imagine a fire breaks out and you lose your entire inventory. Or your business is burglarized causing physical damage and possibly lost assets. Your ability to recover from these incidents is dependent on your commercial property insurance.

4. Business Auto Insurance

Imagine you were involved in an accident in your personal vehicle while engaged in company business. Did you know your personal insurance may not cover you? What if you have employees on the road making service calls to customers? Commercial auto insurance provides valuable protection for your company-owned vehicles, leased or rented vehicles, and your employees' vehicles used for business purposes.

Read more about business auto insurance »

5. Workers Compensation

If you employ any number of workers who are not considered owners of the business, then you are legally required to maintain a workers compensation policy. You do your best to maintain a safe work environment, but if any of your employees are injured or become ill on the job, you are legally responsible. A workers compensation policy can cover the payment of your employee’s medical expenses, lost wages, and rehabilitation costs.

6. Excess/Umbrella

Without an excess or umbrella policy, a catastrophic claim could deplete your future income and business assets. Every business is vulnerable to devastating losses and lawsuits that could exceed your primary insurance coverage. This is a critical coverage—especially for small to mid-sized businesses.

Other beneficial policies may include the following:

Flood & Earthquake

Your basic insurance policy does not protect you against damage from earthquakes and floods. Whether you are in a high-risk area or moderate-to-low risk area, you should consider adding earthquake and flood insurance to your business insurance policy. More than half of all flood claims occur in areas considered to have low flood exposure, and each year there are around 5,000 earthquakes in the United States.

When it comes to natural disasters, here are important things to keep in mind »

Inland Marine

Do you have business equipment, materials, or supplies in transit? Do you store business property in an off-site location? Protect your most valuable business property or equipment wherever it may be with inland marine coverage.

Professional Liability

If you or your employees are specialists providing services that may cause a client financial damage through any errors or omissions, then you will benefit from professional liability coverage. You work hard to perform your duties and responsibilities to the best of your ability, but if your customer isn’t satisfied you may be faced with a lawsuit. Protect your employees, your business, and yourself with a professional liability policy.

Cyber

In today’s digital world, cybercrime runs rampant. Data breaches are an all-too-common occurrence and are commonly targeted towards small businesses. If you store sensitive customer information, such as account numbers, driver’s license numbers, and credit card numbers, and you are the victim of a data breach, you are liable for any damages caused by the breached information.

Learn about the importance of cyber liability insurance and how to protect your business from cybercrime.

How do I find the right business insurance for me?

One of our experienced business insurance brokers can help you through the complex process of finding the insurance policy that best fits your needs. We can help you identify your potential risks and liabilities and then work with you to tailor a policy that will protect your business.

We would love to chat with you. Contact us today!

Frequently Asked Questions

• How much does trucking insurance cost? 

  Your commercial trucking insurance premium can vary a lot from someone else's, even if you're in similar situations or have similar policies. Some factors that affect premiums include:

  • The type(s) of vehicles you're insuring.
  • How far vehicles are traveling per year.
  • Types of cargo. Drivers' driving records.
  • The location of your center of operations.
  • Standard operating radius.
  • How you store the vehicle(s).
  • Amount of coverage you opt for.

  As commercial trucking insurance professionals, we strive to know you and your worries. We spend time listening and learning to serve you better and help you find solutions. You've worked hard to build and promote your trucking operation. The next step is to protect it. We'll assess your risks and help you tailor an insurance policy. We'd love to chat with you. Contact Nebo-Leavitt Insurance today!

• What does trucking insurance cover? 

  Every trucking insurance policy is a little different from the rest based on your or your company's needs. That said, there are several common coverages you can include when building your trucking liability insurance policy.

• What kind of insurance does a truck driver need? 
  Federal guidelines require you to have commercial truck insurance for all interstate transportation. As we mentioned in the first section, only the direct owner of the truck needs to maintain the policy, whether it's an independent contractor or a larger company.  The amount of coverage required varies, based primarily on what you're hauling.  If your trucking operations stay within a single state, you don't have to worry about the federal insurance requirements. However, you may be subject to state insurance requirements, so be sure to take the time and double check. 
• Do truckers need general liability insurance? 

  General liability insurance is different from trucking liability insurance. They sound similar but cover very different things. You don't need it like you need trucking insurance, but it's still very beneficial coverage to have.  With general liability insurance, you cover things associated with business, not trucking or transportation themselves. A couple of these coverages include: 

  • Bodily injury and property damage that occurs due to a covered incident. 
  • Personal or advertising injury. 
• How does commercial trucking insurance work? 
  Out of all the types of business insurance available, trucking insurance is one of the more unique ones. Yes, it protects trucks that transfer products and goods from one place to another, which isn't anything groundbreaking.   What makes commercial trucking insurance special is how it's purchased. If you're an independent trucker with your own big rig or semi, then you buy it for yourself. Or you may be part of a larger trucking company that owns the vehicles outright. In this case, the company is responsible for insuring the trucks.   Regardless of who purchases the policy, trucking insurance is there for you when commercial auto insurance just won't cut it. Trucking usually requires many straight hours of driving, often across state borders, and involves many unpredictable risks. Between the constant wear and tear on the machinery and environmental factors on the road, you need insurance that'll be there, rain or shine. 
•  Who can use trucking insurance?  
   You already know trucking isn't isolated to a single industry or specialty good. In fact, in 2020, 72.5% of the total domestic tonnage shipped was transported by truck. There are many types of trucks on the road, and trucking liability insurance can account for them all. A few examples of companies and trucks that can use commercial trucking insurance include:   Livestock Trailers and Movers  Moving Companies  Delivery Drivers  Container Haulers  Cement Mixers  Tow Trucks  Box Trucks  Construction Material Movers  Dump Trucks  Automotive Haulers 
• What risks does rafting insurance cover?

  Even if your guests have signed a waiver, you risk a lawsuit or liability claim if something goes wrong on your excursions. We provide coverage solutions for a variety of exposures faced by white water rafting outfitters and guides, including:

  • Equipment rentals
  • Guided water trips
  • Office/facility for rental purchases and instruction
  • Equipment storage areas
  • Transportation to and from the water
  • Food and beverage concessions
  • Instruction
  • Camping
  • Hiking
  • Retail sales
• What type of rafting insurance do I need?

  The exact coverage you need will vary based on your business’s operations. However, some types of insurance can benefit almost every rafting business.

  • General Liability – Protects your company against bodily injuries, property damage, product damage, and more.
  • Commercial Auto – Even if you use a personal vehicle for work, a personal auto insurance policy doesn’t cover the car while it’s used for work purposes.
  • Watercraft and Boat Liability – Can cover costs for boat repair or replacement, damage to someone else’s property, and medical bills when people are injured.
  • Retail Property Coverage – Offers commercial structures, business personal property, and machinery protection.
  • Inland Marine Equipment Coverage – You can protect stored equipment in an off-site location and any equipment you’re transporting.
  • Workers Compensation – If any employees are injured or become ill on the job, this insurance can cover the payment of their medical expenses, lost wages, and rehabilitation costs.
• Do I need rafting outfitter and guide insurance?

  Do you rent rafts or give rafting lessons? Do you guide clients across waterways or downriver? Or are you hosting a special event that includes rafting? If yes, you should consider purchasing a rafting insurance policy.

• What risks does rafting insurance cover?

  Every rafting insurance policy is unique, meaning every policy premium will also be unique. Because there’s so much variation between rafting businesses, there’s no precise estimate for your premium. However, we can tell you what factors may influence how much you pay.

  • Your business’s location
  • Claims history
  • Size of your operation
  • Number of employees
  • Your chosen deductible
  • Amount of coverage you choose
• Is medical malpractice insurance required near you?

  Medical professional liability insurance requirements vary from state to state. Malpractice insurance is required in these states:

  • Colorado
  • Connecticut
  • Kansas
  • Massachusetts
  • New Jersey
  • Rhode Island
  • Wisconsin

  The following states have claim-assistance programs requiring you to have a minimum amount of malpractice insurance coverage to participate:

  • Indiana
  • Louisiana
  • Nebraska
  • New Mexico
  • New York
  • Pennsylvania
  • Wyoming
• Who needs malpractice insurance?

  Medical malpractice insurance is essential for anyone who provides healthcare services. You may be covered under your employer. However, this coverage may have limitations, so make sure to find out what these limitations are from your local Nebo-Leavitt Insurance insurance agent.

  Remember, it's not just physicians and surgeons who need medical liability insurance. Other medical professionals can benefit from coverage, including:

  • Social workers
  • Therapists
  • Counselors
  • Physical therapists
  • Pharmacists
  • Nurses
  • Dentists
  • Radiologists
• What does medical liability insurance look like?

  Claims-made and occurrence policies are the two most common coverage options. While both give you a second line of defense, they have key differences.

  Claims-made policies only cover a claim if both the treatment occurred and the lawsuit was filed while the policy was active.

  Occurrence policies will cover claims that take place during the coverage period, even if the treatment did not occur during the active policy.

• What is medical professional liability?
  You may have heard other names for this type of insurance such as medical liability insurance, malpractice insurance, and medical malpractice insurance. Regardless of what term used, medical malpractice insurance provides a second line of defense if you are faced with a malpractice lawsuit. You can tailor a policy to fit your unique needs. Some coverage options include the following: Misdiagnosis Surgical errors Medication errors Childbirth-related injuries Anesthesia administration errors Settlement costs Punitive and compensatory damages Attorney and court costs Arbitration
• What affects manufacturing insurance premiums?
  You run a unique company with unique factors and risks. Each factor and risk play a part in determining your company's manufacturing insurance premiums. Some of these risks and factors include: Specific Industry Your Recommended Insurance Limits Use of Heavy-Duty Machinery Presence of Hazardous Materials Vehicles Number of Employees Claim History As professionals in manufacturing insurance, we make it our business to know you and your concerns. We spend time learning and listening to better serve you, our clients. You've worked hard to build your company. The next step is to protect it. We'll assess what your risks are and help you tailor an insurance policy for your company. We'd love to chat with you. Contact us today!
• Do you or your employees act as specialists providing custom design and manufacturing services that may cause a client financial damage through any errors or omissions?
  If so, then you should maintain a professional liability policy. You work hard to perform your duties and responsibilities to the best of your ability, but you may face a lawsuit if your customer isn't satisfied. Protect your employees, your business, and yourself with a professional liability policy.
• What is manufacturing insurance?
  The term manufacturing insurance covers a wide range of policies available for purchase by manufacturing companies. There isn't one, all-encompassing insurance policy for manufacturing that will cover your entire range of risks. However, there is an upside. Because your company is unique, you can tailor coverage to best fit your company's needs. You can find coverage options for all types of manufacturing. Some examples of different manufacturers include: Bottling and Canning Clothing Manufacturers Textile Creators Electronics Machinery Forging Casting Meat Packing Plant Printers Furniture Manufacturers
• What manufacturing insurance coverage do I need?

  The exact coverage you choose will vary because your company and its risks are unique. However, there are some core policies we strongly recommend for all manufacturing company owners.

  • Workers Compensation
  • Commercial Auto
  • Professional Liability
  • Business Owners Policy (BOP)

  The coverages listed above don’t cover everything. Depending on your manufacturing company, you may also benefit from the following policies:

  • Earthquake
  • Umbrella
  • Equipment Breakdown
  • Manufacturers Errors and Omissions
  • Product Recall and Replacement
• Who needs manufacturing insurance?

  Anybody with a manufacturing company. Consider doing a brief self-evaluation by asking yourself the following questions:

  • Does your company have the finances to survive a mass product recall?
  • Can your manufacturing facility afford excess downtime if a natural disaster happens?
  • Will you be able to repair or replace heavy machinery if it breaks down?

  If your answer to any of these questions is yes, it is strongly recommended that you protect yourself and your business with manufacturing insurance.

• What type of insurance do loggers need?
  The exact coverage you purchase will depend on your needs. Not every logging business is the same, which means no two logging business insurance policies in Oregon will be the same either. However, there are general coverages any logging company should consider.