Oklahoma Business Insurance

Why Get Business Insurance in Oklahoma
For the majority of Oklahoma business owners, the continuing growth and success of their companies depend on understanding their products and knowing how to compete in the marketplace. This usually is accomplished with a solid business plan and untold hours of planning and hard work. A smart business owner also knows that unexpected events, such as lawsuits or weather-related disasters, can occur suddenly and without warning. This is why it is so important to protect your hard-earned investment with comprehensive business insurance.

Worker’s Compensation in Oklahoma
The Oklahoma Worker’s Compensation Court is the one responsible for the implementation of the Worker’s Compensation Law. This Court is part of the judicial branch of government but it is both judicial and administrative in nature. Under the provisions of this law, an injured worker is entitled to receive compensation for all reasonable and necessary medical treatment as a result of an on-the-job injury.

In accordance with the Worker’s Compensation Law, coverage is mandatory for all employers except for the following:

  • Household or domestic employees where total salary is less than $10,000 in a year
  • Horticultural or Agricultural employees where total salary is less than $100,000 in a year
  • Certain licensed real estate sales individuals and brokers
  • Employees that are covered under Federal laws
  • Refer to Sections 2.2 to 2.7 of Title 85 of the Oklahoma Statutes for additional specific exemptions

There are three ways to secure Worker’s Compensation Insurance Coverage:

  • Private insurance provider authorized to do business in Oklahoma
  • CompSource Oklahoma or other provider
  • Self-insure against Worker’s Compensation Liability

Coverage for Oklahoma Business Insurance
Oklahoma business liability insurance generally includes three basic types of coverage. These are:

  • General liability
  • Professional liability
  • Product liability

In Oklahoma, general business liability insurance covers anything from slander and libel to injuries a customer may suffer on the business premises. Professional coverage handles service-related problems that may come up when providing services to customers. Product liability protects the company from issues related to its products. Selling products, dealing with customers and providing services can all be very risky because the company has to stand behind these products and services and can be held liable when something goes wrong.

In today’s tough economic climate, many small business owners make the decision not to purchase Oklahoma business liability insurance because of their companies’ low profit margins. Many also see it as way to save money. But business owners who make this decision are taking an enormous risk. If there is an accident and your business does not have proper insurance coverage, you can be sued for damages and forced to come up with the money personally. The court can order the funds to be taken from the business itself or from your private assets. Don’t risk losing your hard-earned business by not having adequate financial protection. A comprehensive business liability insurance policy is well worth the cost!