Choose The Hartford for All Your Oklahoma Business Insurance Needs
The Sooner State is home to 347,165 small businesses, making up 99.4% of companies Oklahoma in 2018. Those small businesses employ 712,797 employees throughout the state. In this case, small businesses in Oklahoma are defined as businesses with fewer than 500 employees.1 The Hartford can help cover businesses in Oklahoma City, Tulsa, Norman, and more. Companies have been protecting themselves in Oklahoma with business insurance from The Hartford for hundreds of years. Learn more about Oklahoma small business insurance, data breach insurance, and workers’ compensation insurance from The Hartford.
Types of Oklahoma Business Insurance Offered
Oklahoma Business Owner’s Policy
An Oklahoma Business Owner’s Policy is one insurance policy that combines both business property insurance and business liability insurance for your small business. A Business Owner’s Policy commonly referred to as a BOP helps protect your business from the costs associated with recovering form things like theft, fire or another covered disaster in Oklahoma. It also helps cover your company against claims that it caused property damage, personal injury and/or advertising injury that could come about simply from the day-to-day operations of your business.
You can also tailor a Business Owner’s Policy to meet your Oklahoma business’s needs by adding optional coverages, like data breach insurance, valuable records and papers coverage and more.
Consider a Business Owner’s Policy if:
- Your Oklahoma business has a potential to be sued, including by a customer who is hurt in your store or office.
- Your Oklahoma business has a physical location, in your home or in an office space that is rented or owned, as well as a store, or other workplace.
- Your Oklahoma business has digital and/or physical assets that can be stolen or damaged, digital hardware and software, tools, inventory, furniture, customer information, and other records.
Oklahoma Workers’ Compensation Insurance
Workers’ comp insurance, also known as workers’ compensation insurance, provides benefits to Oklahoma businesses’ employees for work-related injuries or illnesses. In Oklahoma, employers are required to carry workers’ compensation insurance if they have five or more employees, not related by blood.2 This insurance coverage includes medical care, help replacing wages lost when unable to work, and more. Workers’ compensation protection may also help pay the legal costs if a worker’s family decides to sue your Oklahoma business.
Workers’ Compensation Insurance coverage can help protect your business and employees in events including:
- An employee slips on the bathroom floor, injuring her neck and requiring a visit to the hospital plus four weeks of recovery time.
- An employee is driving to the office after a presentation across town and is severely injured in an auto accident, requiring an ambulance ride to the hospital and medical attention.
- An employee injures his foot moving furniture around the office and requires a doctor’s visit, medication, and recovery time off.
Oklahoma Data Breach Insurance
Data breach insurance and cyber liability insurance help Oklahoma businesses cover the costs of a data security breach for things like legal fees, identity protection solutions, public relations, and more, depending on the level of coverage you select. This coverage is important because when a data breach happens, immediate action is critical to protect your customers’, employees’, vendors and your company’s personal information and to restore the public’s confidence in your company. It can be costly to do what it takes to mitigate the damage of a data security breach at your business.
Two ways data breach insurance from The Hartford helps protect your business in Oklahoma are:
- Quick responses when a data breach takes place. Companies must respond quickly to minimize the impact of a data security incident on their customers.
- Help prepare your business for a data breach. The Hartford provides services that assist companies in preparing for a breach by helping ensure that proper security measures are in place before an incident occurs.
Oklahoma General Liability Insurance
Oklahoma general liability insurance coverage, also known as Commercial General Liability insurance (CGL) or Business Liability insurance, helps protect your Oklahoma business from bodily injury claims, property damage claims, and personal and advertising injury claims that may put your business at risk. CGL provides coverage for customer injuries, damage to others’ property, and lawsuits. It can also help pay for medical expenses as well as legal costs if an incident leads to a lawsuit.
Commercial Liability Insurance can help cover the costs related to claims of:
- Reputational harm
- Medical payments
- Damage to rented property
- Advertising errors
- Bodily injury
Oklahoma Minimum Business Insurance Requirements
Every employer in Oklahoma, with a few exceptions, is required by law to carry workers’ compensation. Some small businesses may not have a legal obligation to secure compensation. Employees of businesses with five or fewer total employees, all of whom are related by blood or marriage to the employer, are not “employees” for the purposes of the Administrative Workers’ Compensation Act, so employers are not required to secure compensation for those individuals.2 In Oklahoma, there is no general license necessary to start or own a business. However, for specific types of businesses and occupations, licenses, permits, or special registrations and filings may be required before opening or operating.3
Additional Oklahoma Business Insurance Links
- Commercial Auto Insurance
- Business Income Insurance
- Commercial Flood Insurance
- Commercial Property Insurance
- Commercial Umbrella Insurance
- Management & Professional Liability
- Surety & Fidelity Bonds
- Home-Based Business Insurance
- Employment Practices Liability
- Risk Engineering
- Loss Sensitive (Deductible) Solutions
Get a quote on Small Business Insurance for your business today.
2 https://ok.gov/wcc/documents/Guide for Employers 11_19_2015 FINAL.pdf