It’s a good idea for all Oklahoma businesses to carry general liability insurance, which can help protect your company from some of the most common types of claims.

If someone says that your company caused an injury or damaged property, Oklahoma general liability insurance can help you pay associated costs. This includes medical bills, fees to repair or replace damaged property and legal defense fees and settlements if you’re sued.

For instance a prospective homebuyer trips on a loose rug at an Oklahoma City open house, requires a trip to the emergency room and later claims that the real estate agent was to blame. General liability insurance could help the real estate agent cover the prospective homebuyer’s medical bills and pay legal costs if a lawsuit was filed.

Cleaning and construction companies may want to add tools and equipment coverage to their general liability policy. This optional add-on can help pay to replace or repair business items that are lost, stolen or damaged.

State law requires most businesses with employees to carry Oklahoma workers’ compensation insurance. If staff members are hurt on the job, this kind of coverage can help pay for their medical expenses, rehabilitation and lost wages while they recover.

For instance, an employee of a small construction firm in Broken Arrow has a minor fall at a work site and visits the emergency room as a precautionary measure. The company’s workers’ comp coverage could help cover the cost of the hospital visit.

It’s essential to have commercial auto coverage if you or your employees drive for business purposes. That’s because personal auto insurance won’t cover damages from work-related accidents.

A commercial auto policy can help pay for vehicle repairs and towing, as well as medical bills for anyone injured after an accident while driving for business.

For example, a laundry service employee in Norman is making deliveries in the company van, runs a red light and hits another driver. Commercial auto insurance could help the company pay for the damage to both vehicles and cover any related medical care for the employee and other driver.
Small businesses that require employees to rent vehicles or drive their own automobiles for work will want an optional coverage upgrade called hired and non-owned auto insurance. It can help pay for accident damages in vehicles not titled to your business.

Oklahoma commercial property insurance, sometimes called business property insurance, can help pay for business property that’s damaged or destroyed after a covered event, such as water, fire or wind incidents.

For example, a kitchen fire at a Stillwater fast casual restaurant damages the grill. Commercial property coverage could help pay to repair the cooking station and replace cooking gear that was ruined.

It’s important to read your policy documents carefully to make sure there aren’t exclusions for your business. It’s common for insurance carriers not to cover flooding or hurricane damage.

If someone says that your business made a work mistake, missed a deadline or failed to complete a job, professional liability insurance can help you.

Also called E&O or errors and omissions coverage, this type of coverage is designed to assist with settlement payments, as well as lawyer fees, court costs and other damages if you’re sued.

Professional liability insurance would help a small business in the following situation:

A client accuses a Tulsa-based electrical engineering company of failing to complete a job on time, which creates a project delay and causes financial losses. E&O insurance could help the engineers pay for the damages.