Oklahoma General Liability Insurance – OK
Oklahoma General liability insurance is must-have coverage to have for all businesses big or small.
This kind of insurance covers your business against different claims stemming from harm to third parties or your customers.
The fact is that all businesses face some form of risk, which is why they must have general liability insurance.
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This kind of coverage can help protect your business against claims relevant to malpractice or bodily offenses.
General liability insurance in Oklahoma can be had in many types of coverage, and the one you need will depend on the kind of business you run.
For example, if you have a construction business, then you will require a higher level of general liability insurance coverage.
5 Key Reasons Why You Need General Liability Insurance in Oklahoma
One of the most common questions business owners ask is do I really need general liability insurance? And the short answer is Yes!
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As a business owner, you should already know that growing any kind of business is already risky.
General liability insurance in Oklahoma not only safeguards your business against claims originating from injury and property damage, but also from any issues as a tenant if you are renting a place.
Further, it provides coverage for not only your business, but also your staff against claims originating from injury or property damage to third parties.
Apart from being an all-important part of your business, here are 5 excellent reasons your business requires general liability insurance.
Workers’ Compensation Insurance in Oklahoma
If you are a handyman, you already know about the compensation you can give up if you fall ill.
As a handyperson, you are not protected by government workers’ compensation benefits, therefore you should check out OK handyman insurance.
Research shows that injuries to independent workers in Oklahoma were up by a whopping 12 percent.
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When you pay for Oklahoma general liability insurance, you are shielded financially for medical costs related to the injury at the workplace.
Depending on the general liability insurance policy you opt for, you may also be eligible for compensation for the days you are off work.
Third-Party Bodily Injury Protection
This is perhaps the most important reason to buy general liability insurance in Oklahoma.
If your company provides services that can cause damage to others including pets, then buying general liability insurance should not be an option.
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One good example of this is OK dog walker insurance, which shields your pet sitting business if the pet causes harm to others.
Another example is when you are restoring your client’s drywall, and they slip over your tools, then you will be have to pay for their injury.
If you invest in general liability insurance in Oklahoma, your policy will pay for the costs of these claims.
Third-Party Property Damage
Another crucial reason to get general liability insurance in Oklahoma is to shield your business from third-party property damage.
For example, you are repairing your customer’s roof, and you mistakenly damage an expensive vase, then you will have to compensate for the damages.
Depending on the cost of what you damage, you may have to pay for these claims from your own savings, that is if you do not have a general liability insurance contract.
Oklahoma General liability insurance can help cover your business against any lawsuits stemming from claims that you failed to deliver services as promised.
Things such as inaccurate advice can be included under a general liability insurance policy.
General liability insurance can also sometimes include professional liability insurance, so speak to your insurance agent to check if they offer this form of insurance.
While general liability insurance covers your business against several different types of claims, professional liability insurance is more designed towards errors you make in your business services.
If you are manufacturing and selling products under your own company, then it is wise to have general liability insurance in Oklahoma, and here is why!
If a person claims bodily injury due to the use of your business’s products, then general liability insurance will cover you against these types of claims.
And if you sell your products via your website, then it is a smart idea to check out OK ecommerce insurance to better protect your interests.
Take, for example, your business is selling facial creams, and a person has an allergic reaction to your cream, then general liability insurance can help cover costs if you get sued.
What is Not Protected Under General Liability Insurance?
Depending on the kind of general liability insurance you choose, there are some things that may not be covered under your insurance policy.
The first thing that may not be shielded is against claims not related to your services. Employee illnesses may also not be covered under your general liability insurance terms.
As a business, you may be carrying several expensive tools in your truck or even at your end user’s property.
If these tools do get stolen, you will require specialized general liability insurance.
In the event of theft of your personal belongings, your truck insurance policy will not replace these tools against theft.
Another area where general liability insurance may not offer protection is if you make mistakes in your services.
When getting general liability insurance, you should select your coverage limit wisely. Because your general liability insurance policy will not pay costs that are over your policy limit.
Different Forms of General Liability Insurance
General liability insurance is a widely used term for many types of insurances, most notably:
General Liability Insurance
Also referred to as CGL commercial liability insurance or BL business liability insurance, this (type of insurance protects your business against claims that cause bodily injury or property damage to someone else.
Furthermore, general liability insurance also covers your business against reputational harm or errors in your advertising.
A few examples of things general liability insurance will cover your business against include property damage, advertising errors, and reputational harm.
Professional Liability Insurance PL
Also dubbed as errors and omissions insurance, professional liability insurance comes with claims against your business that arise from errors in the services you offer.
For example, if you are a financial specialist that offers a client erroneous figures, and they sue you, professional liability insurance will cover the legal expenses.
If you give professional services to customers, then you should as your insurance company about professional liability insurance.
Employer Liability Insurance
If your business has many employees, opting for employee liability insurance is a great idea.
This type of insurance shields your employees against any injury they may experience at the worksite.
Further, employer liability insurance can also provide disability benefits, missed wages, and funeral costs.
What is the Price of General Liability Insurance?
The price for general liability insurance varies across insurance providers. It depends on several different factors including the sort of business you are operating.
For example, if you are running a construction business, then the cost for your premiums will be above that of other types of businesses, hence you should check out OK roofing insurance.
But to give you an approximate idea, general liability insurance costs $40 per month, but a little lower if you opt to pay annually.
High-risk industries can expect to pay higher premiums such as contracting categories.
You can save money if you pay for your insurance plan in full annually.
Additionally, you can also save cash on your general liability insurance policy if you club all your policies under one insurance agency.
You should also minimize your organization’s claims on your general liability insurance plan.
How to Look For General Liability Insurance Companies in Oklahoma?
When searching for the best general liability insurance company in your state, it is important to check the agency’s reputation.
You should then choose your coverage limit, where the higher the coverage, the higher the cost of premiums.
But it is critically important that you select the right amount of coverage.
If you are unsure about the coverage limit you need, speak to your general liability insurance company to help evaluate your company’s risks for the right coverage limit.
But $1 million and $2 million are the most selected coverage limits of general liability insurance.