You may have invested a lot of money and years of hard work growing your Oklahoma business. Think all insurance is the same? Think again. Cheaper now isn't always better later; not when one uninsured loss could wipe out everything you're working to build.
Whether your Oklahoma City business has been established for generations or you have just began your Edmond start-up, finding the right business insurance for your needs is vital. Before you search for quotes on a policy that is right for you, however, there are several things to consider.
Don't let your dream of being a business owner turn into a nightmare by failing to insure yourself, your business and your employees against devastating costs due to damage, accident or injury.
Because there are so many types of businesses that call our great state home, there are various types of business or commercial insurance policies in Oklahoma to protect your unique needs. Find out which policy is appropriate for you and your business.
The following are common types of businesses in Oklahoma that should be insured:
Because Oklahoma leads the nation in tire manufacturing, let's use that type of business as an example. You don't need a TV commercial or giant billboard with some smiling insurance agent to tell you what could go wrong. If a tire blows out on a busy road, or a shipment arrives in disrepair at a retail outlet, or a label wasn't properly edited, there's no end to the number of lawsuits that might result. You, as the owner of the tire manufacturing company, could even see a class-action lawsuit, which can get more heated than a debate between an Oklahoman and a Texan.
It doesn't matter what your product or service is; liability is a concern to anyone without insurance. You can protect your business and investments by purchasing business liability insurance (and you'd win that debate with the Texan, too).
You know that your employees are your greatest assets. That's why you only recruit from the best that Oklahoma has to offer. They are your bread and butter, so you want to find insurance that protects them and their ability to continue making your company strong. Whether your business employees five or 500, you can find the right policy from one of Trusted Choice's independent insurance agents.
Insurance that works for your employees while they work for you include:
One of the greatest perks of owning your own Oklahoma business is that you don't have a boss or supervisor looking over your shoulder every day. One of the greatest drawbacks of being a business owner is you have no one but yourself looking out for you. As important as it is to find business insurance that protects your workers, it is equally vital to find insurance that protects you.
When you are searching for business insurance policies for your company and your employees, be sure to find the right coverage for your individual needs as well. The kinds of coverage you may want include:
The type and amount of insurace you will need to carry in order to adequately protect your Oklahoma business investment depends on a number of factors. Whether you rent or own your company's building should be taken into account as well. Your landlord may require you to purchase a general liability insurance policy, and if you own the building, you may want such a policy anyway.
Whenever you are considering the purchase of an insurance policy it is always a good idea to take an inventory of the equipment and furnishings you wish to insure. The total value of these items will give you an idea of how much insurance you ought to buy. You should also consider:
While it's nearly impossible to calculate an average business liability insurance costs for both small and large businesses, we can look at an example.
A sole proprietor of a flower shop may pay $500 per year for general liability insurance, but a small consulting firm is likely to pay over $3,000 per year. While an owner of a tax preparers home office has limited liability concerns, a landscaper may pay upwards of $15,000 annually due to increased risk.
Quotes will vary significantly depending on the specific risks of your business. Professional liability insurance costs are similar. Also called errors and omissions insurance, or E&O, this type of business liability insurance covers the "human error" risk when you give advice or offer consultation. While this coverage is typically associated with advisors such as accountants and consulting firms, many different types of small businesses carry this coverage to hedge against the risk of a lawsuit. Average business insurance costs for E&O coverage for small firms is typically in the range of $1,000 to $3,000 annually per million dollars of coverage.
Whether your Oklahoma business is big or small, retail or wholesale, manufacturing or professional, knowledgeable agents within the Trusted Choice® network of independent insurance companies will work with you to find the coverage you need to fit your unique business. More than just insurance agents, our representatives are more like business partners who work hard to find the perfect policy at an affordable price. With agents who offer years of experience working alongside Oklahoma businesses, you will make yet another business savvy decision when you contact an agent.