Known informally as the “Sooner State”, Oklahoma is home to 55 Indian tribes each of which has their own language or dialect, and adds to over 50 languages being spoken in the state. There are 4 Fortune 500 companies in Oklahoma, including Oneok and Chesapeake Energy. Oklahoma is ranked third, fourth, and sixth in cost of living, economy, and cost of business, according to CNBC’s 2011 Top States for Business, making conducting business in Oklahoma something to be desired. Some of the popular industries in Oklahoma are related to manufacturing including oil refining, food processing, meat packing, and machine manufacturing, along with construction, agriculture and tourism. The following is an overview of the various business insurance in Oklahoma plans available to small business owners:
Standard Business Insurance Coverages in Oklahoma
Business Owners Insurance in Oklahoma is an insurance policy obtained by a business, commonly referred to as a BOP, as an extensive small business insurance package that provides a number of liability coverages in one package. A BOP brings together two chief coverages in one policy: property insurance and general liability. The insurance coverage for employers in the Sooner State transfers risk away from the leader of the company to the insurance company by giving them protection for a range of liability, such as buildings, equipment, and liabilities for legal purposes. Typical indemnity claims that small business owners insurance coverage protects you from are: loss of income, specialized liability claims, important papers, equipment failure, fire, authorized liability claims, employee fraud, money and securities, and property claims. Additional components for the Oklahoma-based business may be supplemented from the original BOP coverage depending on the possible risks of the business.
General liability insurance in Oklahoma is offered to firms as protection from financial loss that may rise from indiscreet acts, omissions, or both, caused by the company or their staff that sometimes result in physical harm or property damage. Common types of exposures usually covered under general liability insurance are contractual liabilities, liabilities from goods sold, and accidents on the premises of the company. The injury or damage might be from lack of concentration or unintentional. General liability insurance for small business owners in the Oklahoma area may be a single policy or can be part of several policies.
A package policy is a controlled type of insurance policy for an Oklahoman business proprietor that includes several types of insurance placed into one insurance policy, called a package. The typical package policy combines general liability insurance (summarized above) and commercial property (summarized below); keep in mind a package policy may be set up to include nearly every type of coverage, which depends on the immediate needs of the enterprise. A package policy in Oklahoma is helpful to a small business owner as it allows for an immense range of flexibility to become accustomed to a policy primarily for the needs and risk exposures of the business.
Commercial Property Insurance in Oklahoma is available protection coverage for a range of Oklahoman commercial property, and includes valuable documents, structure, equipment, goods, furniture, stock, and personal property. Commercial property insurance offers protection for associations in the region of Oklahoma against a number of perils, such as windstorm, hail, explosion, fire, burglary, wreckage, natural disasters, and lightning strikes. Retailers, service-oriented organizations, not-for-profit entities, and manufacturers can all benefit from commercial property insurance which include.
The state of Oklahoma has a requirement that any company with employees working for them have Workers’ compensation insurance to provide coverage against employee work-related injuries and occupational illnesses. Workers’ compensation insurance in Oklahoma is a no-fault, state-mandated insurance structure that offers reimbursement to employees who suffer injuries or illnesses during work. Because Workers’ compensation is required in the state of Oklahoma, the company may be liable for fines and civil penalties if they fail to carry it, and can also require the company to be responsible for the cost of injuries received by their workers. By having workers’ compensation insurance for your Oklahoma small business, employees benefit from medical care and lost income coverage with the promise that they will not sue their employer as for the injury or illness.
As a Oklahoman employer with at least one vehicle, your company should be protected by commercial auto insurance. Commercial auto insurance in Oklahoma offers monetary security to business professionals and their personnel by providing coverage for that company’s use of trucks, vans, cars, and other vehicles. Commercial auto insurance provides protection against damages and medical costs that result from accidents, as well as vandalism and damage from natural disasters, such as hail storms. Coverage for Oklahoma-based entities includes vehicles which are owned, rented, leased or hired by the employer, and includes driver-owned vehicles who use them for company duties. For this reason, it’s recommended that businesses obtain a commercial auto insurance policy — known as non-owned commercial auto insurance — if workers use their own vehicle for business operations;.
True to its name, commercial umbrella insurance in Oklahoma fills the gap between your general liability insurance and your commercial auto insurance since these types of liability policies might have coverage limits and not cover all expenses from events that are deemed catastrophic. Umbrella insurance is a recommended resource for enterprises in not only in western Oklahoma, but throughout the state because it fills in the holes and covers a number of exclusions in your sole business liability coverage. Umbrella insurance is an excellent way to have additional security for property damage, bodily harm, or other types of liabilities.
Some Additional Business Insurance Coverages in Oklahoma to Consider
Errors and Omissions insurance policies provide small business owners in Oklahoma and employees with protection from lawsuits and claims made by customers or clients for negligent acts, careless duties, errors, and oversights that might be made through business operations and ended up in a loss of income or output on the part of the client or customer. Errors and Omissions insurance in Oklahoma provides help with legal defense and court costs, as well as with settlements which is clearly stated on the insurance contract. Just like family physicians having malpractice insurance, owners of enterprises should have errors and omissions insurance is they offer services or consulting advice, whether they use subcontractors or not.
Professional liability insurance in Oklahoma offers added protection for professionals, including financial analysts, auditors, and general contractors, from being liable for the legal cost of defending against a claim of carelessness, mistakes, failure to perform, or omission made by a client, along with damages allocated in that claim. The coverage’s main focus is on the financial loss on the part of the client from this particular kind of claim with respect to the goods or service provided by the staff. Even if the legal actions turn out to be groundless, professional liability insurance may offer claim coverage for the Oklahoma business. Professional liability insurance in the Oklahoma area is required by law in many industries, most notably in medical and legal, but is also required by contract in other industries.
Employment Practices Liability Insurance in Oklahoma (EPLI) offers protection to employers toward claims of discrimination, wrongful termination, breach of contract, sexual harassment, mental agony, careless hiring and promotion choices. Employment practices liability insurance is based on the laws, acts, and protection from VII of the Civil Rights Act of 1964, Age Discrimination in Employment Act, and Family and Medical Leave Act. The Equal Opportunity Employment Commission (EEOC) enforces these laws in Oklahoma and throughout the country.
Fidelity Bonds in Oklahoma
Fidelity bonds in Oklahoma provides associations with protection against losses, such as embezzlement, fraud, or theft by any number of employees. Reimbursement from these types of acts is usually not possible since the money is often already spent in many cases, so fidelity bonds offer firms extra protection against having to be liable for these types of financial burdens. Even businesses with additional protection against these types of dishonest acts, including employee screening, internal control, and close supervision, it doesn’t always suffice. Financial losses suffered from professional thefts of money, property, or securities, are covered under fidelity bonds insurance in the South Central Region of Oklahoma. Business service bonds, standard employee dishonesty bonds, and ERISA bonds make up the trio of the main types of fidelity bonds.
Surety Bonds in Oklahoma
A surety bond is a compulsory agreement or contract shared mutually between three parties: the principal, obligee, and insurance company, or surety. The surety bonds imply a promise they will agree to a specific dollar amount if a party fails to meet their commitment, such as fulfilling the terms of the contract. A surety bond offers protection to the addressee from loss if the contract is not fulfilled, while the surety company becomes responsible for not performing. A surety bond is typically required for monetary reward. Owners of Oklahoma-based enterprises may require a surety bond to assure payment of utility bills or state sales taxes, while a contractor may need to post a bond to undertake work or be eligible for licenses. While surety bonds in Oklahoma are commonly used in the construction industry, surety bonds are also used by mortgage houses, medical supply companies, car dealerships, health club owners, notary public businesses, and others. Since many small companies need and use bonds, there are a range of types and features of surety bonds in the state of Oklahoma, which provide a selection of guarantees.
Supplemental business insurance is a vital part of running a successful small business in the state of Oklahoma, such as an Indian gift shop in Oklahoma City or a meat market in Tulsa. Business owners have more types of policies to choose from other than a standard business insurance policy; a variety of insurance and coverages will offer optimum protection and safeguard your business from potential risks and liabilities including accidents, damage from natural disasters, extreme weather conditions, and fire, as well as other types of risks like employee dishonesty. Offer your business the highest level of coverage with business insurance and enjoy the success of your business without the worry of potential issues or perils that may emerge.