Businesses thrive in Norman, OK because of its proximity to Oklahoma City and its networking possibilities. A wide range of companies gives residents of Norman endless opportunities to shop and receive high-quality services. As a business owner, there are numerous risks that you face when it comes to damage. Purchasing a business insurance policy will help protect you and your investment.
An independent insurance agent can make your life easier. They’ll find a comprehensive policy that will meet all your needs at an affordable price. They’re knowledgeable about small businesses in Norman and will compare quotes from multiple carriers until you have the right policy.
Why Do You Need Business Insurance in Norman, OK?
Don’t let the business that you’ve created be destroyed by not protecting it. You can insure yourself, your business and your employees against costs due to damage, accidents, or injuries with different types of coverage. With so many types of insurance, you’ll be able to pick specific insurance policies to meet your unique needs.
Types of Coverage Options
When you’re going to purchase an insurance policy, it’s a good idea to take into account the equipment and furnishings you wish to insure. The total value of these items will give you an idea of how much coverage you need. Things to consider:
- Property insurance: Calculate the cost to replace the store or building where your business is located. Add any equipment or furnishing. This total amount is the coverage you should look for in an insurance policy.
- Commercial vehicle insurance: This is important if your business uses delivery vehicles to transport your products.
- Employment practices liability insurance: This will cover incidents like sexual harassment, discrimination, hostile workplace claims, and unfair employment practices.
- Managing risk: It’s always a good idea to conduct careful screening of your employees, especially if they’ll be operating heavy machinery.
- Commercial excess liability insurance: This extra insurance will cover the costs if you exceed the limits on your general liability policy or commercial auto policy. It usually costs $300 per year and provides an additional $1 million in coverage.
Business Interruption Insurance for Norman, OK Businesses
Business interruption coverage protects you against losses sustained because of suspended operations. Most insurance policies cover physical damage, but don't cover intangible losses, like lost revenue. Here are some good reasons why you should have a business interruption policy:
- It covers income that is lost because you are forced to leave the property for an extended period.
- It covers lost revenue, based on your earnings reports for previous years.
- It covers operation costs like electricity.
There is no telling how long your business will take to recover after a disaster. If your Norman business is in the path of a tornado, it might take months to rebuild entirely. Investing in a policy that covers you for more than just a few days is a good idea.
Flood Insurance for Norman, OK Businesses
Heavy runoff produced by rainstorms that cause Little Rivers, 10 Mile Flat, and Bishop Creeks to rise may leave your Norman business damaged by water. If your business is located between Lahoma Avenue and West Main Street, you are at even higher risk of flooding.
Purchasing a flood insurance policy will protect your business from property loss from flooding. Talk with an independent insurance agent to find out the risks you face as a Norman business owner.
Workers' Compensation for Norman, OK Businesses
Workers’ compensation insurance covers costs associated with injuries and illnesses suffered by employees on the job. If you have more than 5 employees in Norman, you are required to purchase a policy.
Talk with an independent insurance agent to review your options so you can select the best option for your business. They’ll comparison shop for you to find the most affordable policy.
Employee Coverage for your Norman, OK Business
Your employees work hard for you, so your Norman business should do the same for them. Health care and life insurance are essential parts of commercial insurance, but with so many options, it can be hard to choose. An independent insurance agent will comparison shop for you. This will guarantee a great benefit package to keep your employees satisfied.
What about Liability Insurance for Your Norman, OK business?
Your general liability coverage is the most important part of your commercial insurance. It’ll provide compensation for things like court costs, legal defense fees and financial damages. Other types of liability coverage include:
- Product liability insurance: If your Norman-based business is sued because of injuries or property damage caused by products that you produce or sell, this will have you covered.
- Premises liability insurance: this will cover third-party injuries, property damage or illnesses that occur because of an accident at your business. This covers unexpected medical costs that you may be liable for.
Find the Right Policy for Your Norman, OK Business
Every company has different coverage needs, and there are commercial insurance policies that cater to various industries. Independent insurance agents can identify the hazards faced by your business, and they’ll help you get the right coverage options to meet your needs. Find an independent insurance agent near you to get started.
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