Business Owners Insurance in Oklahoma
What is Business Owners Insurance?
If you own a business, a Business Owners Insurance policy will provide financial protection against numerous risks. These risks include liability claims where someone holds your your business responsible for damage or injury to their property or person, or lawsuits and legal fees. Additionally, this policy helps covers costs for damage to the physical structure of your building, damage to equipment or inventory, and financial assistance if the business unexpectedly shuts down from a covered loss.
What does a Business Owners Policy include?
A Business Owners Insurance policy is a package policy because it includes coverage for commercial general liability and commercial property (which often includes business income and extra expense).
General Liability Coverage
Commercial Property Coverage
The Commercial or Business Property aspect of the Business Owners Policy is dedicated to protecting the physical structures or belongings of the business should damage occur to them. This protection may include items such as the physical structure of the building that the business occupies, equipment belonging to the business, furniture, and inventory. This insurance covers the cost of repairing or replacing these items should damage, theft, or destruction occur. This could also include property or equipment that does not belong to the business but was left in the care of your business.
Commercial Property Insurance also covers the loss of income and covered expenses such as rent, payroll, and other financial obligations if a covered loss occurs and you have to repair or replace property.
Many different types of businesses can benefit from a business owners policy. Some examples of the different types of businesses that may need a Business Owners Policy are:
- Services – beauty/nail salons
- Medical Offices
- Building Owners – owners of buildings leased to others for business purposes.
Additional Coverages to Consider adding to your Business Owners Insurance Policy:
Please note that Business Owners Policies are tailored to your specific business and industry needs. Not all of these additional coverages may be necessary or available for your business. Some of these additional coverages may include but are not limited to:
- Hired and Non-Owned Vehicles
- Cyber Liability (Including Data Breach)
- Contractors Equipment
- Employee Dishonesty
- Property Away from Premises
- Small Tools for Contractors
Please remember that a Business Owners Policy will be written to be very specific to the needs of your business and industry. Be sure to ask what coverages we recommend for your business to make sure you have the proper protection!