Popular QuestionsPopular Questions about Business Insurance in Oklahoma

Why should I purchase Oklahoma business insurance?

Business insurance is designed to safeguard your company against financial losses brought about by potential hazards such as severe weather, property crimes and liability lawsuits. This insurance can prove beneficial, as is evidenced by the fact that in 2016 alone, businesses in Oklahoma collected approximately $1.8 billion in insurance claims.

A local independent agent can help you build a business insurance plan that is customized to meet the specific needs of your Oklahoma business.

How have other business owners used their commercial insurance?

Statisticians predict that 40% of small businesses are likely to have a property or general liability lawsuit filed against them within the next 10 years. Judgements in liability lawsuits frequently exceed $1 million, so it is imperative that your business has sufficient liability insurance coverage.

Here are some other things these companies have been using their business insurance to cover:

  • Theft or burglary: Average cost per claim - $8,000
  • Water damage and freezing pipes: Average cost per claim - $17,000
  • Wind and hail damage: Average cost per claim - $26,000
  • Fire damage: Average cost per claim- $35,000
  • Customer slips and falls: Average cost per claim - $20,000
How does Oklahoma business insurance help my company?

Business insurance is designed to pay for losses, damage, and other expenses associated with covered events so that your company doesn’t have to.

If your inventory is damaged, a customer files a liability lawsuit, or one of your employees is severely injured on the job, as long as you have the right business insurance coverage in place, you won't have to worry about how this will affect your company’s bottom line.

Here’s what you can expect a well-built business insurance policy package to do:

Pay For Damage to Your Business Property

  • This is called “commercial property insurance.”
  • Example: A wildfire tears through your city causing damage to your storefront. Thousands of dollars’ worth of inventory is damaged by smoke and must be thrown out.

Pay for Damage to Someone Else’s Property

  • This is called “general liability insurance.”
  • Example: A sign outside your building topples over in high winds and lands on a car parked in a neighboring lot.

Pay for Someone Else’s Medical Bills

  • This is also called “general liability insurance.” 
  • Example: A customer is injured when the escalator in your retail store stops unexpectedly.

Pay for Accidents Involving Company Vehicles

  • This is called “commercial vehicle insurance.”
  • Example: Your human resources manager is distracted by her GPS while driving to job fair in a company van and causes an accident.

Pay for Employee Injuries & Work-Related Illnesses

  • This is called “worker's compensation.”
  • Example: An employee at your manufacturing plant suffers a serious respiratory disease after breathing in toxic fumes in the workplace.

Sometimes, these coverage types are not enough to adequately protect your business against all of its potential risks and exposures. Fortunately, there are many more products and options available to business owners so that you can find the policies you need to fully cover your business.

To make sure your business is properly insured, connect with a local independent insurance agent who is experienced in covering businesses like yours.

Does Oklahoma require businesses to have insurance?

A business insurance policy in and of itself is not required by law. However, certain types of coverage that are often included in business insurance policy packages may be required. 

  • Businesses that have company-owned vehicles are required by law to carry commercial auto insurance.
  • With only a few exceptions, all employers in Oklahoma are required by state law to have worker's compensation insurance.
  • Construction and renovation businesses will nearly always be required by their clients to have contractors insurance before they are hired to do a job.
  • Company owners who want to take out a business loan or line of credit typically need to show their financial institution proof of business insurance before they can qualify for a loan.

To learn more about coverage that you may need to carry, you can talk with a local independent insurance agent.

How do I find the best price for Oklahoma business insurance?

Business insurance rates are calculated using a number of factors such as the type of business you own, its size and annual revenues, the value of your business assets, the number of employees you have, your liability coverage needs, and the amount of coverage you want. 

Business coverage needs can vary significantly by industry, so it is best to talk with an experienced insurance agent when building a suitable and comprehensive policy for your company. These agents can help you make sure that you are getting the right coverage for each of your company’s potential exposures while avoiding purchasing policies your business does not need.

Also, because independent agents can work with multiple insurers, they can search for the best price for each type of coverage you need. Sometimes this means building a business insurance portfolio that includes policies from several different insurance companies. Don’t worry. You will still only have one point of contact with your independent insurance agent.

Are there any independent agents in Oklahoma?

Yes! There are currently 442 independent insurance agents in Oklahoma. These agents are ready to help you find the best and most affordable coverage for your business.

Did you know that independent insurance agents can work with several different insurance providers to build a comprehensive and competitively priced business insurance portfolio? Work with an agent near you to ensure that your business is fully covered against all of its potential risks.

InformationFind the Best Insurance in Your City

Let's take a look at some factors that can influence business insurance rates and see how your city measures up.

  • Number of business in the US:  27,626,360
  • Number of businesses in Oklahoma:  345,839
  • Burglary rate per 1,000 residents in the US:  3.76
  • Burglary rate per 1,000 residents in OK:  6.81
  • Auto theft rate per 1,000 vehicles in the US:  2.29
  • Auto theft rate per 1,000 vehicles in OK :  3.37
City Population  Number of Established Firms Burglary Rate Per 1,000 ResidentsAuto Theft Rate per 1,000 Vehicles
Bartlesville36,1442,8397.952.41
Broken Arrow110,19810,9972.661.74
Edmond94,05410,9672.841.01
Enid49,6884,5487.371.65
Lawton93,0254,49710.983.26
Midwest City57,4073,7065.815.81
Moore62,0554,3644.452.29
Muskogee37,1132,75812.593.66
Norman124,88011,3654.302.87
Oklahoma City655,05758,8155.569.19
Owasso36,9572,8602.101.72
Shawnee31,4362,84413.025.25
Stillwater50,2993,3383.551.01
Tulsa401,19039,90811.918.08
Yukon28,0842,7113.021.06

Oklahoma City, OK Business Insurance

Covering Your Business Assets

Property

The tornado risk in Oklahoma City is 253% greater than the national average. Tornadoes like the F5 twister that touched down in the area in 1999 can significantly damage area businesses. Having sufficient commercial property insurance is therefore imperative. A local agent can also help you supplement your coverage with business interruption insurance so you can have a continuation of income if a tornado forces your business to close for an extended period.

Commercial Auto

If your business owns a vehicle or a fleet of vehicles, you will need to cover the cars, vans, truck, or buses with commercial auto insurance. Your rates will be based on several factors, including the number and types of vehicles you are covering and details about where and how often they will be driven.

Worker's Compensation

Worker's compensation insurance can cover medical bills and lost wages for workers who suffer occupational illnesses or are injured on the job.  Rates are based on your company’s overall payroll and the potential risks faced by your employees according to their job classifications.

For every $100,000 in annual payroll, here is an estimate of what businesses in the three leading industries in Oklahoma City, OK would pay for workers’ comp coverage:

  • Healthcare industry: $2,438 a year
  • Accommodation and food services industry: $2,263 a year
  • Construction industry: $11,145 a year

As you can see, rates for covering construction workers are significantly higher than the other top industries in this city. That is because construction workers are far more likely to suffer severe injuries than employees of schools and medical facilities. Your local independent agent can help you find a reasonably priced policy that is well suited to meet the coverage needs of businesses in your industry.

Tulsa, OK Business Insurance

Covering Your Business Assets

Property

In addition to damage caused by severe weather events, property crimes like theft and arson can lead to expensive losses if you do not have sufficient business insurance. The high crime rate in Tulsa can affect your coverage rates. Talk to a local independent insurance agent to learn what you can do to safeguard your company and lower your costs for coverage.

Commercial Auto

Whether you are insuring a delivery van or a fleet of semi-trucks, commercial vehicle insurance can cover your company’s increased liability risks as well as expenses related to property damage. If you engage in interstate commerce, a local agent can ensure that your coverage meets both state and federal minimum requirements.

Worker's Compensation

With few exceptions, worker's compensation insurance is required of all employers in the state. This insurance can cover medical treatment, lost wages, and other costs associated with workplace injuries. Every workplace has specific risks and hazards faced by its workers, which is why worker’s compensation rates can vary significantly from one business to the next.

Based on a $100,000 annual payroll, here is an estimate of what businesses in the three leading industries in Tulsa, OK would pay for workers comp coverage:

  • Healthcare industry: $2,438 a year
  • Accommodation and food services industry: $2,263 a year
  • Educational services industry: $1,160 a year

A nurse in the trauma center at St. Francis Hospital is more likely to be injured on the job than a professor at the University of Tulsa, and industry coverage rates reflect this. Of course, these rates are averages representing numerous jobs under large industry umbrellas. To find out how much it will cost to cover the employees who work for you, contact a local independent agent to obtain and compare rates.

Norman, OK Business Insurance

Covering Your Business Assets

Property

Theft, vandalism, and severe weather events can lead to costly business property losses. So can damage caused by structure fires. A fire may break out at your workplace due to a machine malfunction, employee error, or even an area wildfire. Fortunately, when you have commercial property insurance, your company will be able to repair damage and continue to function without experiencing a large financial loss.

Commercial Auto

You are required to have commercial auto insurance if your business owns a vehicle or a fleet of vehicles. Rates are based on a number of factors like the types of vehicles you are covering. It costs more to insure a 12-passenger van than a cargo van, since your liability risks are greater when you have passengers. Large trucks and construction vehicles will also need to meet certain coverage requirements as mandated by the state.

Worker's Compensation

Worker's compensation insurance covers the cost of medical treatment, lost wages, and other expenses related to injuries employees may suffer while doing their jobs. It is required for employers in Oklahoma. Worker’s compensation rates are assigned according to your company’s overall payroll and the risk of worker injury based on the types of jobs your employees do.

Based on a $100,000 annual payroll, here is an estimate of what businesses in the three leading industries in Norman, OK would pay for workers’ comp insurance:

  • Educational services industry: $1,160 a year
  • Accommodation and food services industry: $2,263 a year
  • Healthcare industry: $2,438 a year

Keep in mind that these average rates represent large industry umbrellas, so rates can vary significantly from one business to the next, even if both businesses operate in the same industry. A professor at the University of Oklahoma is less likely to be injured on the job than a preschool teacher working with a roomful of toddlers. Talk to an independent agent in Norman for help finding the most affordable coverage for your business.

Broken Arrow, OK Commercial Insurance

Covering Your Business Assets

Property

A sufficient amount of business property insurance can shield your company from losses related to hazards like accidental fires, property crimes, and severe weather events like heavy winds and hailstorms. Adding a commercial flood insurance policy to your coverage portfolio can protect your business against the hazard of overflow events as well. Make sure your business is properly insured by consulting an independent insurance agent near you.

Commercial Auto

Accidents can happen anywhere, especially on the Broken Arrow Expressway. If your business owns a vehicle or fleet of vehicles, you will need to cover them with commercial auto insurance. Rates for coverage can vary according to the number and types of vehicles you are covering, details about the employee who will be driving them, and the risk of collisions and of vehicle theft where these employees will be driving.

Worker's Compensation

Worker's compensation insurance covers medical expenses and paid time off for employees who are injured on the job. If your Broken Arrow business has employees, you are required by law to have this insurance. Rates for coverage can vary significantly from one business to the next, depending on the types of jobs your employees do and your company’s overall payroll.

For every $100,000 annual payroll, here is an estimate of what businesses in the three leading industries in Broken Arrow, OK would pay for workers’ comp insurance:

  • Healthcare industry: $2,438 a year
  • Educational services industry: $1,160 a year
  • Professional, scientific and technical services industry: $530 a year

Healthcare workers suffer more frequent and more significant injuries than employees in technical jobs, so the cost for coverage in this industry is higher. Of course, even within each industry, rates can vary. Within the healthcare industry, a home health nurse is more likely to be injured than a receptionist at a rheumatologist’s office. Likewise, a scientist who works with chemicals in a lab is more likely to be injured than a computer programmer, so would therefore cost more to insure. You can talk to an independent insurance agent in Broken Arrow to find out how much a policy will cost for your business.

Edmond, OK Business Insurance

Covering Your Business Assets

Property

Your business has probably invested a lot in its assets, such as machinery, computers, furniture, inventory, and supplies. Business property insurance can help cover the cost of repairing or replacing this property if it is lost or damaged by a covered event. Find a policy and rate that works for your Edmond business by teaming up with a local independent agent.

Commercial Auto

Many businesses in Edmond have company-owned vehicles. If yours is among them, you will need to cover these cars, vans, buses, or trucks with a commercial auto insurance policy that meets or exceeds the state’s minimum coverage requirements. Vehicles used for interstate commerce will need to have coverage that meets federal requirements as well. A local independent agent can help you find a suitable policy at a competitive price.

Worker's Compensation

Worker's compensation insurance covers medical bills and lost wages for workers who suffer from occupational illnesses or are injured while doing their jobs. It is required for nearly all Oklahoma businesses that have at least one employee. Rates are assigned according to the types of jobs your workers do and how much they are paid.

For every $100,000 in annual payroll, here is an estimate of what businesses in the three leading industries in Edmond, OK would pay for workers’ comp coverage:

  • Educational services industry: $1,160 a year
  • Healthcare industry: $2,438 a year
  • Professional, scientific and technical services industry: $530 a year

Base rates are set by the state in accordance with the various hazards of each particular job. This means that employees in hazardous professions, like physical therapists who work in a hospital setting, will cost more to cover than those with few risks, like professionals who work in an office. Maintaining a safe workplace and keeping accidents at a minimum can help to lower your worker's compensation premiums.