Business Insurance

Insurance For Your Business

Types of Business and commercial Insurance

Businesses need insurance to protect themselves against financial losses arising from unforeseen events such as natural disasters, theft, accidents, or lawsuits. Insurance provides a safety net, allowing businesses to mitigate the financial risks associated with such events and maintain stability during challenging times. Additionally, having insurance can help businesses comply with legal requirements and contractual obligations, fostering trust and credibility among stakeholders. Ultimately, insurance offers peace of mind, enabling businesses to focus on their core operations without constantly worrying about potential financial setbacks.

An essential policy for businesses is general liability insurance. In addition to bodily injury, it also covers property damage and personal injury to third parties. It protects you from lawsuits and financial obligations if an accident occurs on your property or in the course of your business.

Property insurance covers the assets of your business, such as buildings, equipment, inventories, and other assets, against damage caused by fire, theft, vandalism, or natural disasters.

Business interruption insurance provides coverage for lost income and expenses if your business is not able to operate due to a covered claim, such as a fire, flood, or other catastrophic event. Rent, payroll, and utilities can be paid for during the downtime with the money.

Businesses need commercial auto insurance if your business owns or uses vehicles for business purposes. You can obtain business auto liability insurance coverage which covers bodily injury or property damage that you or your employees cause to other people while driving for business purposes which includes legal defense costs if you're sued over an accident. However, there are other coverages a business may add such as coverage for damage to the business vehicle in event of an accident, vandalism, theft, hail, and other perils, injuries to those in the business auto in event of an accident, insurance for damage to the cargo that is being transported, rental car coverage in event the business vehicle is out of service due to a covered claim, and other coverages are available on a business/commercial auto policy.

Most states require businesses with employees to have a workers' compensation policy. Employees are covered for medical expenses, lost wages, and disability benefits in the event of an injury or illness at work. The financial consequences of workplace injuries are protected for both employees and employers.

Businesses that provide professional services or advice are strongly recommended to obtain Professional Liability Insurance (Errors & Omissions Insurance). In essence, it protects against claims for negligence, errors, or omissions in services provided.

With the increasing threat of cyberattacks and data breaches, businesses need coverage to protect themselves against financial losses and liabilities. Cyber liability insurance can cover expenses such as data recovery, notification costs, legal fees, and damages resulting from data breaches or cyberattacks.

In the event that your business manufactures, distributes, or sells products, product liability insurance is essential. You are covered for legal fees, settlements, and judgments related to bodily injury or property damage caused by your products.

Directors and Officers (D&O) Insurance: This policy protects the assets of company officers and directors if they are sued for alleged wrongful acts.

An umbrella policy offers additional liability coverage beyond the limits of your primary liability policies, such as general liability, auto liability, and employers’ liability. You can protect your business against catastrophic losses and lawsuits that exceed the limits of your primary insurance policy.

It is important to note that these are some of the most common insurance policies that business owners should consider. However, the specific needs of each business will vary based on factors such as industry, size, location, and exposure to risk. An experienced insurance agent or broker can assess your business's risks and tailor insurance coverage to adequately protect your assets.

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Oklahoma Contractors' Guide to Compliance and Protection: Essential Insurance and Bonds

By Steven Conway • December 29, 2024

Oklahoma contractors must be insured and bonded in order to maintain legal compliance, financial protection, and client trust. Oklahoma Industry Board requires licensed contractors to carry certain insurance policies and bonds. Besides these essentials, you can also protect your business and reputation with additional types of coverage. Contractors in Oklahoma are required to carry insurance For contractors to operate legally and protect their clients, employees, and business assets, Oklahoma law requires them to carry specific types of insurance. Oklahoma Industry Board mandates the following insurance policies: 1 . Liability insurance All contractors in Oklahoma must carry general liability insurance. The policy covers injuries, property damage, and legal expenses resulting from accidents on the job. In the event that contractors cause harm to someone or damage property during the course of their work, this policy covers them. 2. Compensation insurance for workers Workers' compensation insurance must be carried by contractors with employees. If an employee is injured or ill at work, this insurance will cover medical benefits and wage replacement. Fines and legal consequences can result from failing to carry workers' compensation insurance. 3. Insurance for vehicles Automobile insurance is required if you or your employees use vehicles for business purposes, such as transporting materials. You must have this coverage to protect your vehicles from accidents and to ensure that any third-party property damage or injury is covered. Contractors may wish to carry additional insurance To ensure comprehensive coverage, licensed contractors should consider several additional types of insurance policies in addition to those mandated by the Oklahoma Industry Board. Included are: 1. Professional Liability Insurance Consultants, engineers, and designers need errors and omissions insurance to protect themselves. In the event of errors, omissions, or professional negligence, your work is protected. 2. Insurance for commercial property In order to protect your business assets, such as office space, tools, equipment, and inventory, you must purchase commercial property insurance. If your property is damaged by fire, theft, or natural disaster, you will be covered. 3. Insurance for builders' risks Builder's risk insurance covers construction projects in progress. Damage to the structure during construction caused by fire, vandalism, or weather-related events is covered by this policy. 4. Insurance for equipment and tools Contractors need coverage in case their tools and equipment are damaged, lost, or stolen. In the event of an unexpected event, equipment and tool insurance will minimize downtime and financial loss. Oklahoma Contractors' Mandatory Bonds Oklahoma contractors are often required to have bonds in addition to insurance. These bonds may either be mandatory by the State of Oklahoma or contractor’s client and contract, or both. Bonds ensure compliance with state regulations and contractual obligations by the contractor and compliance. Type of Bonds: 1. Contractor's license bond A contractor's license bond is required by the state as part of the licensing process. The bond ensures that contractors abide by Oklahoma's building codes, regulations, and laws. When a contractor fails to meet their obligations or causes harm in the course of their work, it provides a safeguard for clients. 2. Bond for performance Performance bonds are often required from contractors for large and public projects. In addition, it ensures the contractor will complete the work on time and in accordance with the contract. As a result of this bond, the client is guaranteed compensation if the contractor fails to meet these requirements. 3. Payment Bond A payment bond ensures that subcontractors and suppliers are paid for their work on public projects. This prevents contractors from being held liable for any unpaid bills or liens placed against the project due to unpaid debts. 4. Supply Bond A supply bond ensures that contractors will provide all necessary materials for a project. In the event that the contractor fails to deliver the necessary supplies or fails to meet their contractual obligations, this bond protects owners and developers. 5. Local Bonds Ensure the contractor abides by local regulations and obtains all necessary permits. 6. Bid Bonds A bid bond is issued as part of a supply bidding process by the contractor to the project owner, to provide guarantee, that the winning bidder will undertake the contract under the terms at which they bid. The bond penalty is subject to full or partial forfeiture if the winning contractor fails to either execute the contract or provide the required performance and/or payment bonds. Contractors in Oklahoma must not only comply with state-mandated insurance and bonding requirements to operate legally but also contractually. For additional protection, contractors should also consider additional policies and bonds in addition to those recommended by the Oklahoma Industry Board and/or by contract. The right insurance and bonding are crucial to minimizing risk, regardless of how long you've been in business. Please note that the information provided in this article is intended for general informational purposes only and may not apply to your specific situation. Insurance laws and regulations can vary significantly from state to state, and it’s crucial to understand the specific requirements and coverages that apply to your location. We strongly recommend consulting with a licensed insurance agent in your state to discuss your unique needs and ensure you have the appropriate coverage for your circumstances.

Feel the Wind and Freedom of owning a Motorcycle

By Steven Conway • December 15, 2024

A motorcycle insured in Oklahoma must be kept in good working order to avoid accidents Oklahoma motorcycle riding can be thrilling and rewarding, but it is not without risk. It is easy to get caught up in the state's wide-open roads and scenic routes when you take a ride along them. A good motorcycle insurance policy, proper maintenance, and safe riding can reduce your chances of getting into accidents and financial burdens. Safety and insurance for motorcycles The ability to protect you in the event of an accident is an important feature of motorcycle insurance. According to the Oklahoma Highway Safety Office, nearly 60% of motorcycle crashes resulted in injury or death. A motorcycle accident is 29 times more likely to result in death than a road accident involving a passenger vehicle, according to the National Highway Traffic Safety Administration. It is imperative that proper safety precautions be taken considering statistics like these. One should always wear a helmet. It is not just a good idea for safety but is also required by law in Oklahoma and most States of the United State if not all of them. It is always a good idea to choose one with a good safety rating. Other safety apparel should not be neglected either. A motorcycle rider should consider clothing and gear that reduces road rash, impact protection to minimize broken bones and internal injuries, increases visibility, and weather protection. Don't speed or drive recklessly: Speeding and reckless driving increases your chances of getting into an accident. To stay safe, follow all road rules. Motorcycle Maintenance: Preventing Mechanical Failures Maintaining your motorcycle properly is essential to avoiding mechanical failure-related accidents. Focus on these things: • Make sure that your tires are properly inflated and treaded to prevent slipping and blowouts. The front and rear brakes should be inspected for wear. A brake pad should be replaced when it begins to thin. • Check that your headlights, taillights, and turn signals are working properly, especially at night. • Ensure smooth and safe operation by regularly checking oil levels, engine coolant, and brake fluid. Maintenance, especially before and after long trips, can prevent accidents caused by avoidable breakdowns and mechanical failures. How Motorcycle Insurance Protects You Just like an automobile owner, motorcycle owners are required to carry a minimum amount of liability coverage, but this is often insufficient to cover the costs associated with motorcycle accidents. A motorcycle accident can cause a great deal of damage and if you have just state minimum liability insurance, you may be covering damage not just to your motorcycle out of your own pocket but also any injuries you sustain. It is estimated that a motorcycle accident can result in a significant amount of bodily injury. U.S. motorcycle bodily injury claims average more than $25,000, according to the Insurance Information Institute (III). Damages to your motorcycle or property are not included in this calculation. Having adequate insurance can protect you financially if the unexpected happens. Here are some types of motorcycle insurance you should consider : • Liability Insurance: Covers you if you damage property or cause injury to someone else. • Comprehensive and Collision Insurance: These cover damages to your motorcycle in event of an accident (regardless of fault), theft, hail damage, and other perils. • Uninsured/Underinsured Motorist Insurance: Covers injuries and other bodily injury damages you incur if you are hit by an uninsured or underinsured driver and the other driver is at fault. • Medical Payment: Covers medical payments in event of an accident regardless of fault. Invest in the right coverage Motorcycle accidents are more common than many people realize, and their consequences can be severe. Maintaining your bike, having the right insurance coverage, and practicing safe riding habits are all key steps in protecting yourself on the road. Invest in comprehensive coverage today to enjoy peace of mind on every ride. Please note that the information provided in this article is intended for general informational purposes only and may not apply to your specific situation. Insurance laws and regulations can vary significantly from state to state, and it’s crucial to understand the specific requirements and coverages that apply to your location. We strongly recommend consulting with a licensed insurance agent in your state to discuss your unique needs and ensure you have the appropriate coverage for your circumstances.