Find the Best Business Insurance Options in Oklahoma
You may be drawn to open a business in Oklahoma for many different reasons. But before you do, you'll want to ensure it'll be protected properly, by a business insurance policy. The coverage provided by a good business insurance policy can help your company recover financially after a major disaster like theft or fire damage. Without coverage, however, you could face bankruptcy or worse.
Oklahoma is currently home to more than 350,700 small businesses, and its more than 712,580 small business employees also need coverage. Luckily, an independent insurance agent in Oklahoma can help you find the coverage you need. But first, here's a behind-the-scenes look at business insurance in Oklahoma.
Best Business Insurance Companies in Oklahoma
You could get a business insurance policy from just about any insurance company in Oklahoma. But when you need coverage to protect your corporate brainchild, you need to get the best. That's why we put together a list of some top-rated carriers in Oklahoma for you to look into first.
- Travelers: Travelers is an insurance company that sells business coverage and many kinds of personal coverage. Travelers provides top-rated customer service and many discount options.
- Progressive: Progressive also sells both business coverage and personal coverage. Progressive is known for its excellent financial strength, many discounts, and 24/7/365 customer service.
- Liberty Mutual: Liberty Mutual sells many types of business and personal coverages. Liberty Mutual is also a Fortune 500 company known for having outstanding ratings from AM Best and the Better Business Bureau (BBB) and providing 24/7 claims reporting.
- Nationwide: Nationwide also sells business insurance and several kinds of personal coverage. Nationwide also has great ratings by both AM Best and the BBB and offers 24/7 claims reporting.
An Oklahoma independent insurance agent can help you find the right business insurance policy for your company from one of these top-rated carriers.
Oklahoma Business Insurance Requirements
With only a couple of exceptions, all employers in Oklahoma must offer workers' compensation by state law. This is the only mandatory coverage for businesses in Oklahoma, but that doesn't mean it should be the only type of business insurance you purchase. Your company most likely needs to be protected by commercial general liability coverage, for example, in case of lawsuits filed by customers or other third parties. If you have company vehicles, you'll also want a commercial auto policy. Further, having cyber liability insurance if your company has private or sensitive data can also be critical.
Oklahoma state law requires almost all businesses with any number of employees to provide workers' comp. So, the only state-mandated type of business insurance in Oklahoma is:
Optional Types of Business Coverage in Oklahoma Include:
- Professional liability insurance
- Cyber liability insurance
- Commercial auto insurance
- Business income insurance
- Commercial property insurance
- Commercial general liability insurance
Working together with an Oklahoma independent insurance agent can help you create a business insurance policy that includes everything you need it to.
What Business Insurance Covers in Oklahoma
Since business insurance policies in Oklahoma aren't standard, the coverages included in them aren't, either. So, you can choose exactly which types of coverage go into your policy. You'll need to start with at least workers' comp, but you may also want to add liability coverage, commercial auto coverage, and business income coverage to get reimbursement for revenue and employee payroll during covered temporary closures. An independent insurance agent in Oklahoma will help you select the right kinds of coverage to go into your business insurance policy.
Liability Coverage Options for Small Businesses in Oklahoma
Having liability coverage is critical in case your business gets sued for any reason. There are many different types of liability protection available, and you'll want to pick the kind you need based on your business's unique operations. Here are just a few of the most common types of liability coverage in Oklahoma:
- Commercial general liability insurance: This covers the costs of lawsuits if a third party sues your business for bodily injury or personal property damage.
- Cyber liability insurance: This covers the costs of lawsuits if a data breach or other incident occurs that may expose private records like customer credit card numbers.
- Professional liability insurance: This covers the costs of lawsuits related to professional errors by your business, such as improperly completing a service for a customer.
An Oklahoma independent insurance agent can help you get equipped with all the liability protection your business needs.
Property Coverage Options for Small Businesses in Oklahoma
If your Oklahoma business has physical property like inventory or office buildings, it'll need its own unique protection. To cover your property, consider adding the following type of business insurance to your policy:
- Commercial property insurance: This covers the costs of damage to physical business property, including structures and inventory, after a listed peril occurs, such as fire damage, theft, vandalism, etc.
An Oklahoma independent insurance agent can help you find all the commercial property coverage your business requires.
Other Insurance Options for Small Business Owners in Oklahoma
There are still more types of business insurance you may want to add to your policy. Consider putting these types of coverage into your Oklahoma business insurance policy as well:
- Commercial auto insurance: If you have company vehicles for deliveries, etc., this can pay the costs of damage to them resulting from fire, theft, vandalism, windshield breaks, accidents, lawsuits, and more.
- Business income insurance: If your business must temporarily close after a covered disaster like a fire, this can pay for continued expected revenue and employee payroll during the shutdown.
An Oklahoma independent insurance agent will help you get set up with each type of additional coverage you need.
Average Cost of Business Insurance in Oklahoma
The average cost of business insurance in Oklahoma is tough to predict. Since policies aren't standard, costs can vary greatly depending on many different factors. These can include your business's size, location, operations, number of employees, claims history, industry, and more. Larger businesses that need more coverage often pay more for their policies. Also, businesses that belong to inherently riskier industries like construction can expect to pay more for their policies. An Oklahoma independent insurance agent can help provide you with exact quotes for business insurance in your area.
How does your city measure up to the national average?
Number of businesses in the US: 30,819,176
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
| City | No. of businesses | Burglaries / 1,000 people | Auto thefts / 1,000 cars |
| Bartlesville | 2,839 | 6.41 | 2.74 |
| Broken Arrow | 10,997 | 2.65 | 1.6 |
| Edmond | 10,967 | 2.48 | 1.26 |
| Enid | 4,548 | 7.34 | 2.28 |
| Lawton | 4,497 | 9.51 | 2.81 |
| Midwest City | 3,706 | 5.24 | 3.38 |
| Moore | 4,364 | 4.0 | 2.3 |
| Muskogee | 2,758 | 9.66 | 3.04 |
| Norman | 11,365 | 3.98 | 2.76 |
| Oklahoma City | 58,815 | 9.43 | 5.76 |
| Owasso | 2,860 | 2.05 | 1.54 |
| Shawnee | 2,844 | 10.91 | 4.87 |
| Stillwater | 3,338 | 3.71 | 1.16 |
| Tulsa | 39,908 | 12.06 | 7.55 |
| Yukon | 2,711 | 1.99 | 0.96 |
How Does Your Oklahoma City Measure Up?
Commercial property coverage: Since Oklahoma is one of the top states for tornado damage, businesses in Broken Arrow should consider getting commercial property coverage to protect physical buildings from all kinds of damage and destruction. This coverage can pay for property repairs, rebuilding, or replacement if something like inventory gets stolen.
Commercial auto coverage: Businesses in Broken Arrow should also consider adding commercial auto coverage to protect company vehicles like delivery vans. If you add comprehensive coverage to your policy, your company vehicles will be protected against natural disaster damage as well, such as that stemming from tornadoes.
Professional liability coverage: Any business in Broken Arrow that offers professional services or provides advice, counseling, or consulting to the public should consider adding professional liability coverage. This type of coverage can reimburse your business for lawsuits related to claims from customers, clients, etc., of improper or inaccurate advice or services from your business.
Commercial property coverage: Since Oklahoma is one of the top states for tornado damage, businesses in Edmond should consider getting commercial property coverage to protect physical buildings from all kinds of damage and destruction. This coverage can pay for property repairs, rebuilding, or replacement if something like inventory gets stolen.
Commercial auto coverage: Businesses in Edmond should also consider adding commercial auto coverage to protect company vehicles like delivery vans. If you add comprehensive coverage to your policy, your company vehicles will be protected against natural disaster damage as well, such as that stemming from tornadoes.
Professional liability coverage: Any business in Edmond that offers professional services or provides advice, counseling, or consulting to the public should consider adding professional liability coverage. This type of coverage can reimburse your business for lawsuits related to claims from customers, clients, etc., of improper or inaccurate advice or services from your business.
Commercial property coverage: Since Oklahoma is one of the top states for tornado damage, businesses in Norman should consider getting commercial property coverage to protect physical buildings from all kinds of damage and destruction. This coverage can pay for property repairs, rebuilding, or replacement if something like inventory gets stolen.
Commercial auto coverage: Businesses in Norman should also consider adding commercial auto coverage to protect company vehicles like delivery vans. If you add comprehensive coverage to your policy, your company vehicles will be protected against natural disaster damage as well, such as that stemming from tornadoes.
Professional liability coverage: Any business in Norman that offers professional services or provides advice, counseling, or consulting to the public should consider adding professional liability coverage. This type of coverage can reimburse your business for lawsuits related to claims from customers, clients, etc., of improper or inaccurate advice or services from your business.
Commercial property coverage: Since Oklahoma is one of the top states for tornado damage, businesses in Oklahoma City should consider getting commercial property coverage to protect physical buildings from all kinds of damage and destruction. This coverage can pay for property repairs, rebuilding, or replacement if something like inventory gets stolen.
Commercial auto coverage: Businesses in Oklahoma City should also consider adding commercial auto coverage to protect company vehicles like delivery vans. If you add comprehensive coverage to your policy, your company vehicles will be protected against natural disaster damage as well, such as that stemming from tornadoes.
Professional liability coverage: Any business in Oklahoma City that offers professional services or provides advice, counseling, or consulting to the public should consider adding professional liability coverage. This type of coverage can reimburse your business for lawsuits related to claims from customers, clients, etc., of improper or inaccurate advice or services from your business.
Commercial property coverage: Since Oklahoma is one of the top states for tornado damage, businesses in Tulsa should consider getting commercial property coverage to protect physical buildings from all kinds of damage and destruction. This coverage can pay for property repairs, rebuilding, or replacement if something like inventory gets stolen.
Commercial auto coverage: Businesses in Tulsa should also consider adding commercial auto coverage to protect company vehicles like delivery vans. If you add comprehensive coverage to your policy, your company vehicles will be protected against natural disaster damage as well, such as that stemming from tornadoes.
Professional liability coverage: Any business in Tulsa that offers professional services or provides advice, counseling, or consulting to the public should consider adding professional liability coverage. This type of coverage can reimburse your business for lawsuits related to claims from customers, clients, etc., of improper or inaccurate advice or services from your business.
Oklahoma Business Insurance FAQ
The cost of business insurance in Oklahoma will depend on many different factors, including your business's claims history, size, exact location, amount of coverage needed, and more.
You'll need to offer workers' compensation insurance in Oklahoma if you have employees. There are only a couple of exceptions to this rule. Otherwise, business insurance is technically optional, but your company may face bankruptcy if you lack coverage.
In Oklahoma, your business insurance will cover whatever you put into your policy. So, if you need coverage for company vehicles, be sure to add commercial auto insurance. If you have physical property, be sure to add commercial property insurance, etc. An Oklahoma independent insurance agent can help you get all the coverage you need in a business insurance policy.
Business general liability insurance, or commercial liability insurance in Oklahoma covers third-party lawsuits after claims that your company caused a member of the public, such as a customer, bodily injury, or personal property damage. Your business can get reimbursed for attorney, court, and settlement fees.
Yes, you can find small business health insurance plans in Oklahoma. Expect to pay at least $106 per employee for coverage. However, if your business has fewer than 25 employees, it may qualify for tax credits on this coverage.
Our research found that the best small business insurance companies in Oklahoma are Travelers, Progressive, Liberty Mutual, and Nationwide. We chose these companies based on official financial strength ratings, customer service reviews, policy options and rates, discount offerings, years in business, and more.
When you work with an independent insurance agent in Oklahoma, you get access to only the best options for coverage. Independent insurance agents shop and compare business insurance policies from many different carriers in your area, then find the best blend of coverage and cost. They ultimately save you a ton of time and money.
Do You Know What Your Business Insurance Covers in Oklahoma?
http://www.owcc.state.ok.us/employers_faq.htm
https://www.ehealthinsurance.com/oklahoma-health-insurance/health-plans/group-medical