Business Insurance in New Tulsa

With Insure918, we are happy to help business! Being a business, we understand the difficulty of having to search for business insurance in New Tulsa. We hear that people would rather go see the dentist than to take the time and call multiple different insurance companies to find the right fit at the right price. Let us take the pain out of that for you. We are able to search multiple different insurance companies for you, to find the right fit at the right price.

It doesn’t matter if your business is a start-up (like ours was at one time), mature or a rapidly growing company. We are here to help your business find the right coverage at the right price. We are going to explain some of the main business points here – but for any questions that you may have; we have those answers. So feel free to give us a call OR get a quote and one of our phenomenal team members will be contacting you as soon as possible.

The most common type of commercial policy is a Business Owners Policy (BOP). A BOP combines multiple forms of coverage into a single policy. Most BOP’s contain coverage for property damage, business interruption and liability. But, because each business has its own risks business owners have the ability to endorse additional coverages on to the policy. These additional coverages can include crime, spoilage of merchandise, forgery, fidelity and many more. Commercial insurance is far more complicated than personal lines. I strongly recommend meeting in person at the business to go over the different risk associated with the business so we can tailor a package policy to properly protect your investment

LIABILITY COVERAGE:

The liability exposure for a business in just about any industry is significantly higher than the liability for you personally. For this reason businesses and most carriers recommend a minimum of $1,000,000 for business liability. Depending on the type of business there may also be many different forms of liability. These can include ongoing operations for projects that are in the process. There is completed operation liability coverage which is used in the event of personal injury or property damage caused as a result of your work that has already been completed. And, premise liability which protects you and your business in the event someone sustains personal injury on your business property and alleged to have been caused by you and/or your business operations.

PROPERTY INSURANCE:

Property insurance can be added to a Business Owners Policy if the owner occupant is also the owner of the building. This coverage works to repair and or rebuild the structure in the event of a covered loss. If you lease the building in which the business is located you can often provide coverage for renovations and upgrades that you make to the property within the 4 walls of your occupied space.

COMMERCIAL AUTO INSURANCE COVERAGE:

A commercial auto policy works in a very similar way to a private passenger auto policy. They contain many of the same coverages such as liability, collision and comprehensive coverage. A commercial auto policy will oftentimes carry a much higher limit of liability than a personal auto policy. A commercial auto policy will often contain liability limits starting at $1,000,000. This is so there is enough coverage to protect the ongoing business operation from asset control. If someone is using a vehicle specifically for business related purposes and causes an at fault collision the not at fault party can go after business assets as well as the individuals assets.

CONTRACTOR GENERAL LIABILITY:

General Contractors have a very unique risk associated with their business. Your role for finding and hiring the writed sub-contractors to complete the individual steps and process within the home building project is crucial. A bad subcontractor can result in thousands of dollars in negligent work and potential loss of business reputation. While you may not be doing the work yourself the work of your subcontractors may still be considered your work and you may be found liable for any damages caused as a result of your subcontractors defect work. Also, note a General Liability policy will not work to repair or replace the defective work, only the resulting damages.

WORKERS COMPENSATION:

Oklahoma’s workers compensation insurance system covers employee medical expenses and lost wages as a result of a work related injury. Illness is also covered under workers compensation if an individual becomes ill as a result of exposure to toxins associated with the industry. It is important for a business to train their employees on a regular and ongoing basis in an effort to mitigate any work related injuries. Many people feel that Workers compensation is for high risk jobs such as construction, tree trimming and other hazardous industries. That is not the case. Business owners in which an employee is primarily in an office position also have  workers compensation exposure. An employee could slip and fall in the bathroom or become injured during an employer sponsored event. Workers compensation will step in to help return to the injured employee to a normal state of life.

Employment Practices Liability Insurance (EPLI):

EPLI protects your business against claims by employees for alleged Sexual Harassment, Wrongfull discipline, Discrimination, Wrongful Termination, Breach of contract and many others. An EPLI policy will also work to cover the cost of defense in the event a lawsuit is filed against the business for EPLI reasons.