Do You Need Small Business Insurance in Oklahoma?
With a rich cultural heritage, Oklahoma is a national treasure. The scenic Arbuckle Mountains with its breathtaking waterfall, the Red River Valley, the High Plains, and the Gypsum Hills are just part of what makes Oklahoma great. As the Oklahoma state motto of “Labor conquers all things” indicates, business is vital to the state’s success. Much of the Sooner State’s growth can be attributed to its intrepid small business owners. Important small business industries in Oklahoma include construction, professional and technical services, and retail.
- There are over 363,000 small businesses in Oklahoma
- 99.4% of businesses in Oklahoma are considered small businesses
- Small businesses employ over 715,000 people in Oklahoma
Oklahoma is 28th in terms of US state population and has one of the highest per-capita incomes, making Oklahoma an ideal home for small businesses. As Oklahoma grows, it is essential to consider small business insurance to help protect your business. Oklahoma small business owners need to know that licensing boards may require certain types of insurance related to specific professions—and some insurance coverages are required for all businesses. Find out more here!
Required Business Insurance Coverage in Oklahoma
Commercial Auto Insurance.
In Oklahoma, you must purchase commercial auto insurance if your small business owns vehicles. This requirement includes minimum requirements for business-owned vehicles of $25,000 in bodily injury per person coverage, $50,000 in bodily injury per accident coverage, and $25,000 in property damage liability coverage.
Workers’ Compensation Insurance.
Oklahoma requires most small businesses to carry workers’ compensation coverage for their employees. The law applies to all Oklahoma employers with the following exceptions: family-owned businesses with less than five family-related employees, agricultural employees with wages under $100,000, and independent contractors. You’ll want to look for a licensed insurance carrier like B2Z Insurance to satisfy the Oklahoma workers’ compensation requirement. An accident or illness related to an employee’s work can quickly become costly. Workers’ compensation typically covers related healthcare and legal costs, providing relief for employees and businesses. In exchange, employees agree not to sue your business over the accident or related illness.
Recommended Business Insurance Coverage in Oklahoma
Small Business Owner’s Insurance.
All the convenience and lower costs—a Business Owner’s Policy (or BOP) is a policy that bundles both property insurance and general liability into one comprehensive policy for small business owners in Oklahoma. A BOP typically covers losses and damages related to buildings used for business purposes, customer medical expenses for onsite third-party accidents, and advertising damage claims.
General Liability Insurance.
Sometimes General Liability is sought as a separate minimum coverage when property insurance isn’t needed. If you lease space for your Oklahoma small business, the commercial property contract may require General Liability Insurance. General Liability Insurance helps ease the financial burden of customer injury and typically covers third-party risks, including slander and libel lawsuits.
Professional Liability Insurance.
The errors and omissions Professional Liability coverage (or E&O) focuses on work mistakes and errors, missed deadlines, incomplete work, and professional negligence lawsuits. Professional Liability coverage is ideal for small businesses in Oklahoma that provide expertise as a service, like architecture, technical services, financial advice, design, or hairstyle services, as it can protect them from related damage claims.
Cyber Liability Insurance.
Cyber threats in Oklahoma are increasing, including threats toward small businesses. 43% of cyber attacks target small businesses in the US. Cyber Liability coverage is recommended for Oklahoma small businesses to help manage the results of a cyberattack, including help paying for customer notification and fraud monitoring costs, as well as associated legal fees. Cyber insurance helps businesses recover from ransomware, data breaches, and other common cyberattacks.
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