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If you own a small business in the Sooner State, this information will help you understand Oklahoma Commercial Liability insurance and protect your business and your personal assets from legal claims and settlements that can spell financial ruin. Having sufficient general liability insurance is an important part of any small business plan in Oklahoma.
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If you own a small business in the Oklahoma , this information will help you understand Oklahoma Commercial Liability insurance and protect your business and your personal assets from legal claims and settlements that can spell financial ruin. Whether you work in Oklahoma City, Tulsa, Norman, Broken Arrow, Lawton, Edmond or anywhere else in the Sooner State, having sufficient commercial liability coverage is an important part of any small business plan in Oklahoma.
A small business is defined as any company with fewer than 500 employees. Small business is vital to Oklahoma’s economic well-being, accounting for over 97% of all state employers. Of Oklahoma’s 333,980 small businesses in 2008 (the latest data available), 71,313 were small employers, accounting for more than 53% of the state’s private-sector jobs. Another 262,667 were sole proprietorships with no employees.
Source: SBA Oklahoma Small Business Profile 2011.
Commercial liability insurance (also called business liability insurance and commercial general liability insurance) protects your Oklahoma business from financial loss resulting from claims of injury or damage cause to others by you or your employees. A policy typically covers:
Commercial Liability Insurance is not mandatory for businesses operating in Oklahoma. Oklahoma is a modified comparative negligence fault state. The plaintiff may not recover any damage if he or she is 50% at fault or more. There is a $300,000 cap on non-economic personal injury awards in Oklahoma. The statute of limitations for general personal injury and for product liability is 2 years. Accidents and lawsuits (legitimate and frivolous) do happen in Oklahoma. If you own property or other valuable assets you would be wise to invest in sufficient commercial general liability coverage for your Oklahoma small businesses.
Each situation is unique, but as a general guideline, the type of Oklahoma business you operate or products you manufacture should determine how much Oklahoma commercial general liability insurance you need. A good rule of thumb for most small businesses is between $500,000 and $1 million. However, if yours is a high-risk business such as the building trades or has a high volume of interaction with the public such as a restaurant or retail business, you should consider increasing your coverage. Note that if you operate out of your home, your homeowner’s or renter’s insurance has limited coverage for business liability and loss.
Oklahoma commercial liability insurance premiums are based on a number of factors including the types of service or products you provide, the number of people you employ, how long you’ve been in business, and your claims history. Coverage is typically capped at a specific dollar amount for your policy period.
Mandatory
Optional
Oklahoma Insurance Department
This agency is responsible for regulating all insurance policies sold in the state, including commercial liability coverage.
| Visit: | www.ok.gov. |
| Call: | (405) 521-2828 |
| Write: | Oklahoma Insurance Department 3625 Northwest 56th, STE 100 Oklahoma City, OK 73112 |
Oklahoma Small Business Administration
The SBA is an independent agency of the federal government created to aid, counsel, assist and protect the interests of small business concerns and maintains a District Office in Oklahoma City. Get the link to the Oklahoma SBA at www.sba.gov.
National Association of Insurance Commissioners (NAIC)
This is an organization of insurance regulators from the 50 states, District of Columbia and the five U.S. territories. NAIC provides a forum for the development of uniform policies when appropriate. It also offers an online form for filing complaints, reporting suspected insurance fraud and downloading key financial information about insurance carriers at naic.org.
Insurance Information Institute (III)
This organization’s mission is to improve public understanding of insurance – what it is and how it works. Visit III at www.iii.org.
E-Insure
Get competitive quotes for commercial liability insurance and all your business insurance needs at www.EINSURANCE.com/business-insurance.
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