General liability pays for legal costs from customer accidents, along with defamation and copyright infringement claims. Commercial leases in Oklahoma City often require this coverage.
A professional liability policy covers legal costs related to claims of negligence, such as advice that caused a client to lose money. It's sometimes called errors and omissions insurance (E&O).
Cyber insurance helps small businesses in Oklahoma City recover after a data breach or a cyberattack. Every business that handles customer information should have this coverage.
A business owner's policy, or BOP, is an affordable way to buy general liability and commercial property insurance together. It's recommended for low-risk small businesses in Oklahoma City.
Workers' comp is required for all Oklahoma City businesses with few exceptions. It also covers work-related injuries for sole proprietors, which health insurance may deny.
All vehicles owned by Oklahoma City businesses must be covered by commercial auto insurance. This policy primarily covers injuries and property damage caused by your vehicle.
E&O insurance protects consultants and professional services against legal defense costs from dissatisfied clients. It's also called professional liability insurance.
This policy covers physical damage to an Oklahoma City business's building and its contents, including any computers and equipment. You can bundle it with general liability in a BOP.
An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.
Hear from customers like you who purchased small business insurance.
State and local laws can determine the type of insurance you need. These policies help you comply with Oklahoma City business insurance requirements.
All Oklahoma businesses are required to carry workers' compensation insurance if they have any employees. This includes both full-time and part-time employees.
Workers' comp helps protect employees in the event of a bodily injury that occurs during business operations. Most workers' comp plans also include employer's liability insurance, which protects the business owner from lawsuits related to employee injuries.
There are few workers' comp exceptions in Oklahoma, including:
Sole proprietors are not required to carry workers' comp, but they may want to purchase it anyway to protect against work-related injuries that most personal healthcare policies won't cover.
All Oklahoma businesses, from Tulsa to Edmond, are required to carry commercial auto insurance if they own company vehicles.
Commercial auto insurance protects your business in the event of an accident while performing work tasks, such as making deliveries and picking up supplies.
Oklahoma's minimum insurance requirements for commercial auto liability are:
Your insurance agency may recommend higher limits depending on the types of work you perform and the types of vehicles you use.
For example. trucking businesses or businesses with vehicles that have an Oklahoma Department of Transportation serial number will likely have higher coverage requirements.
Your auto insurance policy will only cover vehicles specifically owned by the company. If you or your employees plan on using personal, rented, and leased vehicles, you will need a separate policy called a hired and non-owned auto (HNOA) insurance policy.
Small businesses in Oklahoma City don't have to pay a lot for commercial insurance. Here are a few average costs for Oklahoma City businesses:
General liability: $46 per month
Workers' comp: $64 per month
Professional liability/E&O: $63 per month
Business insurance premiums depend on factors such as:
You may need to quickly obtain small business insurance coverage to sign a contract or other agreement. With Insureon, you can get same-day insurance in three simple steps:
Our licensed insurance agents will help connect you with the best insurance services for your small Oklahoma business that match your specific needs and budget.
Most businesses can get their certificate of insurance within a few hours of applying for quotes.
Yes, your business could be held responsible for a data breach, which is why cyber insurance is so important. Small businesses are a common target of cyberattacks since they often have fewer security measures in place.
State laws dictate the level to which small business owners are responsible for navigating data breaches. Oklahoma's data breach laws require Oklahoma businesses to notify any residents whose personal information is exposed in a data breach "without reasonable delay."
Your business could also end up paying for a data breach investigation, a PR campaign, and other costs related to a breach or cyberattack. Cyber insurance covers these costs and provides resources so your business operations are not heavily impacted.
Yes, your industry can impact the types of coverage and licenses you'll need to operate within Oklahoma City.
Here are some examples of industries and businesses with obligations:
Check with your local city requirements for your industry to ensure that your business insurance needs are adequately met.
Oklahoma City is a growing hotspot for new and growing small businesses across a variety of industries. If you're interested in starting a business in Oklahoma City, there are many resources available.
Here's a list of local organizations available to provide guidance and resources:
Keep in mind that many lenders will require you to first obtain several types of business insurance, which is yet another reason to insure your investment.
Small business owners can save money on insurance by comparing quotes from different insurance companies.
With Insureon, you can get free business insurance quotes from top-rated providers by filling out one easy application.
There are a few other ways to save, such as:
Speak to a licensed insurance agent if you have any questions about your coverage needs.