Understanding the General Liability Insurance Oklahoma Needs

General liability insurance is often called business liability insurance or commercial general liability insurance. It’s a broad policy that provides protection to businesses from general liability exposure due to various claims of damage from a business’ operations.

Hopewell recommends that all Oklahoma small businesses have an Oklahoma general liability policy in place to protect their livelihood. 

We’ll take a more in-depth look at the who, what and cost aspects of general liability insurance in this blog. If you get stuck, drop us a line, we’d love to help you understand your general liability insurance needs in Oklahoma. 

What is general liability insurance? 

General liability coverage protects a business or business owner from a variety of claims that are brought as a result of an accident, bodily injury, personal injury or property damage on one’s commercial property. It provides coverage for damages such as medical expenses, attorney fees or time off from work for recovery. 

Insurance agents will typically quote a general liability insurance policy to include different types of business insurance such as: 

• Bodily injury and property damage liability — covers business-related accidents such as slip and falls to a third-party, non-employee. 
• Personal and advertising injury — written or verbal communications that cause harm to an individual or business. Includes slander, libel and copyright infringement that damages reputation or profitability.
• Products - completed operations — business insurance coverage for products that your business manufactures, sells or distributes which cause bodily injury or illness. Coverage for completed business operations protects against faulty workmanship or services after a project is fully complete.
• Medical payments — small business insurance that helps cover any medical or funeral-related expense for a non-employee injured or killed and your business is responsible. The amount of coverage is based on your selected coverage limits.
• Damage to premises rented to you — provides coverage for damages to any non-owned buildings, land or other structures when the insured Oklahoma businesses are legally liable for the damages.

Who needs general liability insurance in Oklahoma? 

While general liability insurance is not legally required, most businesses that deal with the public are highly recommended to carry it. The coverage protects both the customer and the business.

Small business owners in Oklahoma do have to meet some business insurance requirements. For example, Oklahoma law requires most employers to carry workers comp insurance. While there are a few exceptions, providing the coverage offers both the employee and employer a level of protection in the event of a workplace accident. Businesses are also required to carry insurance on vehicles owned or used by the business.

To operate in Oklahoma, some businesses and employees are required to be licensed, have permits or follow special registration requirements. Some of these have their own requirements for insurance coverage in order to meet legal standards.

Hopewell can work with you to determine all of your insurance needs. We have the experience needed to put together insurance coverage that allows you to keep your focus on growing your business.

How much does general liability insurance in Oklahoma cost? 

The Oklahoma Department of Commerce cites our state’s central location, large-scale incentives, state-of-the-art infrastructure and energy costs 40 percent lower than the national average as reasons for businesses to relocate or open in our state. According to the U.S. Small Business Administration, more than 350,500 small businesses operate in our state.

Those business represent a wide range of occupations and services and make it a bit complicated to provide a specific cost for liability insurance. Some of the factors that will impact your businesses insurance costs include the following:

• Industry in which you operate: Each industry carries a different level of risk for someone to get injured or property damaged. This risk level impacts your premium costs.
• Number of employees: The more employees you have, the greater the odds of injury and the greater your workers' comp insurance cost will be.
• Coverage chosen and policy limits: Selecting minimum coverages will have lower initial costs, but in the event of a claim, you will pay more out of pocket.
• Location of your business: Some cities or areas result in higher premiums due to factors such as high traffic, crime rates and natural disaster risk.

Request Your Free Quote

At Hopewell, we’re not captive to any insurance company so we are free to shop your coverage with different insurance companies to find you the coverage you need for the best rates. We’re an honest insurance solution provider and we work for all Oklahomans. Get your free, no-obligation quote today!