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A business insurance plan can help you protect your company from certain risks. The right policy can provide financial protection, save you money and give you peace of mind by reducing the financial impact on your company if something goes wrong. If you’re a small-business owner in Oklahoma, you need to understand business insurance basics so that you can make informed decisions about the coverage that’s best for your company. Fortunately, We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Simply Business provides insurance policies for a range of professions and small businesses.
For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.
Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.
The Oklahoma Insurance Department does not require insurance companies to file their rates for review or approval. However, if your business is located in Oklahoma, you’ll want to keep in mind that the state does have minimum workers’ compensation requirements.
Oklahoma requires most business owners to purchase workers’ compensation insurance. The only exception is if you are the sole proprietor of a business and have no employees. If you do need this coverage, it must be purchased from an insurance company licensed in the state.
There are many types of business insurance, but these are the main ones:
General liability policy offers protection against many accidents and injuries that can happen to your customers and employees on your property. In addition, it also covers lawsuits associated with third-party property damage or bodily injury claims. Despite being a very broad type of insurance coverage, a general liability policy doesn’t cover everything.
The following are some examples of what your general liability policy won’t cover: Bodily injury or property damage from professional services. Professional errors and omissions (medical malpractice, negligence).
Workers compensation insurance is designed to pay for an injured employee’s medical treatment, lost time from work, and other benefits. Employers can choose to buy workers compensation insurance or self-insure if they meet the state’s requirements.
As good as it is, the policy won’t cover:
Employees who work in other states: If your business requires employees to work out of state and those states require workers comp coverage, you will need to buy a policy that covers those employees in that state.
Employees who travel outside their home country: Some policies exclude employees who travel outside the U.S. Check with your agent to see if you need additional coverage for these employees.
Commercial liability insurance covers your business against claims of negligence or wrongdoing. But there are many types of situations it doesn’t cover, depending on the wording of the policy. Commercial liability policies specifically exclude “professional liability” from their coverage meaning they can’t be sued for mistakes made by employees who are licensed professionals such as accountants or real estate brokers. Some policies also exclude pollution claims and product liability claims (which is why those two types of coverage have their own separate policies).
Product liability insurance protects your business from lawsuits related to defective products — or even from claims that products you sell caused harm that was inflicted after they were sold (for example, if someone claims a ladder broke when he was using it). Most general liability policies exclude product-related claims — so if you manufacture products or sell them at your store, product liability insurance is essential for your business.
Commercial Auto insurance provides financial protection for your business’s vehicles. Whether you have one car or truck or a fleet of vehicles, this coverage can help protect your business from the unexpected costs of owning and operating vehicles.
Commercial Auto business insurance excludes:
Damages caused by a vehicle you do not own
Damages caused by a vehicle that is not being used for your business purposes, or by an employee commuting to or from work
Damages caused by the use of a vehicle that is carrying hazardous materials (other than the usual cargo you carry) or transporting more people than it was designed for
Beyond these general considerations, your cost may be affected by:
So how do you choose the right insurance for your business? Here are a few tips on how to choose the best insurance for your business: