Get the right commercial insurance for your Oklahoma City business
Which insurance policies are recommended for Oklahoma City businesses?
General liability insurance
General liability pays for legal costs from customer accidents, along with defamation and copyright infringement claims. Commercial leases in Oklahoma City often require this coverage.
- Customer accidents at your business
- Damage to a customer's property
- Slander and other advertising injuries
Professional liability insurance
A professional liability policy covers legal costs related to claims of negligence, such as advice that caused a client to lose money. It's sometimes called errors and omissions insurance (E&O).
- Mistakes that cause financial loss
- Accusations of professional negligence
- Missed deadlines
Cyber liability insurance
Cyber insurance helps small businesses in Oklahoma City recover after a data breach or a cyberattack. Every business that handles customer information should have this coverage.
- Data breach notification costs
- Fraud monitoring services
- PR campaigns after a breach
Business owner’s policy
A business owner's policy, or BOP, is an affordable way to buy general liability and commercial property insurance together. It's recommended for low-risk small businesses in Oklahoma City.
- Customer slip-and-fall injuries
- Damaged business property
- Theft and vandalism
Workers’ compensation insurance
Workers' comp is required for all Oklahoma City businesses with few exceptions. It also covers work-related injuries for sole proprietors, which health insurance may deny.
- Medical bills from job-related injuries
- Disability benefits
- Legal fees from workplace injuries
Commercial auto insurance
All vehicles owned by Oklahoma City businesses must be covered by commercial auto insurance. This policy primarily covers injuries and property damage caused by your vehicle.
- Injuries from an auto accident
- Damage caused by your vehicle
- Lawsuits from an auto accident
Errors and omissions insurance
E&O insurance protects consultants and professional services against legal defense costs from dissatisfied clients. It's also called professional liability insurance.
- Errors and oversights
- Breach of contract
- Professional negligence
Commercial property insurance
This policy covers physical damage to an Oklahoma City business's building and its contents, including any computers and equipment. You can bundle it with general liability in a BOP.
- Burglaries
- Fires
- Storm damage
Commercial umbrella insurance
An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.
- Customer lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
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Which business insurance policies are required in Oklahoma City, OK?
State and local laws can determine the type of insurance you need. These policies help you comply with Oklahoma City business insurance requirements.
Workers' compensation insurance
All Oklahoma businesses are required to carry workers' compensation insurance if they have any employees. This includes both full-time and part-time employees.
Workers' comp helps protect employees in the event of a bodily injury that occurs during business operations. Most workers' comp plans also include employer's liability insurance, which protects the business owner from lawsuits related to employee injuries.
There are few workers' comp exceptions in Oklahoma, including:
- Commission-based real estate brokers
- Select agriculture workers
- Federal government employees
- Employees in certain family-run businesses
- Members of limited liability companies (LLCs) who own at least 10% of the company.
Sole proprietors are not required to carry workers' comp, but they may want to purchase it anyway to protect against work-related injuries that most personal healthcare policies won't cover.
Commercial auto insurance
All Oklahoma businesses, from Tulsa to Edmond, are required to carry commercial auto insurance if they own company vehicles.
Commercial auto insurance protects your business in the event of an accident while performing work tasks, such as making deliveries and picking up supplies.
Oklahoma's minimum insurance requirements for commercial auto liability are:
- $25,000 bodily injury liability per person
- $50,000 bodily injury liability per accident
- $25,000 property damage liability per accident
Your insurance agency may recommend higher limits depending on the types of work you perform and the types of vehicles you use.
For example. trucking businesses or businesses with vehicles that have an Oklahoma Department of Transportation serial number will likely have higher coverage requirements.
Your auto insurance policy will only cover vehicles specifically owned by the company. If you or your employees plan on using personal, rented, and leased vehicles, you will need a separate policy called a hired and non-owned auto (HNOA) insurance policy.
How much does business insurance in Oklahoma City cost?
Small businesses in Oklahoma City don't have to pay a lot for commercial insurance. Here are a few average costs for Oklahoma businesses, based on policy data from Insureon customers:
General liability: $45 per month
Workers' comp: $75 per month
Professional liability/E&O: $83 per month
The cost of business liability insurance depends on factors such as:
- Type of business
- Business operations
- Number of employees
- Policy limits and deductibles
- Claims history
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FAQs about Oklahoma City business insurance
How do I get a certificate of insurance for my business?
You may need to quickly obtain small business insurance coverage to sign a contract or other agreement. With Insureon, you can get same-day insurance in three simple steps:
- Fill out our easy online application to get quotes from top-rated insurance carriers.
- Choose the types of coverage that suits your business insurance needs and pay for it online.
- Download a certificate of insurance (COI) by logging into your account.
Our licensed insurance agents will help connect you with the best insurance services for your small Oklahoma business that match your specific needs and budget.
Most businesses can get their certificate of insurance within a few hours of applying for quotes.
Can my business be held liable for a data security breach?
Yes – that's why cyber insurance is so crucial. Small businesses are a common target of cyberattacks since they often have fewer security measures in place.
State laws dictate the level to which small business owners are responsible for navigating data breaches. Oklahoma's data breach laws require Oklahoma businesses to notify any residents whose personal information is exposed in a data breach "without reasonable delay."
Your business could also end up paying for a data breach investigation, a PR campaign, and other costs related to a breach or cyberattack. Cyber insurance covers these costs and provides resources so your business operations are not heavily impacted.
Does my industry affect Oklahoma City insurance requirements?
Yes, your industry can impact the types of coverage and licenses you'll need to operate within Oklahoma City.
Here are some examples of industries and businesses with obligations:
- Oklahoma City doctors are not required to carry medical malpractice insurance, but some healthcare facilities may require it.
- Notaries public are required to carry a $1,000 surety bond to operate in Oklahoma City.
- Oklahoma City cannabis dispensaries are not required to carry a specific type of insurance, however cannabis growers must carry a $50,000 surety bond.
- While the state of Oklahoma does not have a general business license requirement, certain industry professionals may need to register for licenses or permits, such as cleaning services, lawn care services, and consulting and accounting firms.
Check with your local city requirements for your industry to ensure that your business insurance needs are adequately met.
How can I get help starting a small business in Oklahoma City, OK?
Oklahoma City is a growing hotspot for new and growing small businesses across a variety of industries. If you're interested in starting a business in Oklahoma City, there are many resources available.
Here's a list of local organizations available to provide guidance and resources:
- Greater Oklahoma City Chamber offers assistance and guidance as well as financial and training resources for small business owners.
- Oklahoma Commerce provides myriad resources for starting, registering, and growing a business.
- U.S. Small Business Administration Oklahoma District assists small businesses with funding, education opportunities, and disaster relief resources.
- Oklahoma Small Business List acts as a robust directory for local small Oklahoma City businesses.
- SCORE Oklahoma City assists small business owners with mentorship, workshops, and training opportunities.
Keep in mind that many lenders will require you to first obtain several types of business insurance, which is yet another reason to insure your investment.
How can I save money on Oklahoma City business insurance?
Small business owners can save money on insurance by comparing quotes from different insurance companies.
With Insureon, you can get free business insurance quotes from top-rated providers by filling out one easy application.
There are a few other ways to save, such as:
- Bundle policies for a discount. The most popular option is a business owner's policy.
- Choose less expensive policy options, and only get the insurance you need for your industry and risks.
- Focus on risk management and workplace safety. Fewer accidents and exposures mean fewer claims, which helps keep your premium low.
Speak to a licensed insurance agent if you have any questions about your coverage needs.