Top 5 Commercial Insurance Myths

There are many operations and assets that come with running a business. To support our Oklahoma business owners, we provide a range of coverage for large and small businesses with our Commercial Insurance and Businessowners Policy. When looking to insure your business operation, it’s helpful to be aware of a few common Commercial Insurance myths.

Myth 1: My Business Is Too Small to Need Insurance

  • Insurance helps keep your business covered. This includes the physical building, employees, inventory and more. It serves to protect against any risks your business could face. For instance, Commercial Insurance could help if your work laptop is stolen or if an accidental fire burns inventory and supplies. Most businesses, regardless of size, will find Commercial Insurance beneficial. 

Myth 2: My Home-Based Businesses Is Covered Under My Homeowners Insurance

  • Homeowners Insurance covers your physical home and its contents. However, business assets related to your home-based business may not be covered. Obtaining Commercial Insurance will ensure that any inventory, assets, and more pertaining to your business are protected in case of the unexpected. 

Myth 3: The Personal Car I Use for My Business Is Covered Under My Auto Insurance 

  • This is similar to the myth above. Since company vehicles could include items pertinent to your business, these items may not be covered under a typical Auto Insurance policy. For example, if inventory is ruined during an accident or stolen. Instead, a Commercial Auto policy would cover your business vehicle, and it would include other features like auto liability and uninsured motorist coverage that could provide protection for the vehicle and extra coverage. 

Myth 4: Commercial General Liability Insurance Has Me Covered 

  • Commercial General Liability coverage serves to keep you and your business covered if operations lead to injury or property damage. However, there are limitations. Contact your agent and discuss if there are parts of your operation that are not covered under Commercial Liability. Also, see if it could instead be protected under a Commercial Umbrella policy or Commercial Property policy. 

Myth 5: I Don’t Need Workers’ Compensation Insurance if I Don’t Have Many Employees

There are many aspects to think about when ensuring sufficient coverage for your business. Reach out to your local OKFB Insurance agent if you have any questions or want to discuss any of these Commercial Insurance myths.

Top Tips for Road Trips

LeA road trip is a great way to get out of the house and spend some quality time with family or friends. Oklahoma has some hidden wonders that could provide fun and exciting experiences. Whether the road trip is for a week or the weekend, planning beforehand is helpful to ensure the trip goes as smoothly as possible. Consider these four tips to help you prepare for what the Oklahoma roads have to offer. 

Don’t Forget About Car Maintenance!

Schedule your car to be inspected before heading out. A good inspection can help prevent unexpected brake or engine problems, or other vehicle issues that may arise. As an OKFB member you also have access to free Roadside Rescue, a 24/7 roadside assistance service that allows you to travel with confidence. 

Keep Yourself in Check

Driving for hours on end can be exhausting. Take note of how you’re feeling and see if you need to pull over for a break. Additionally, if you have a co-pilot in the car, have a plan in place for who is driving. Take note of how long, and when you should stop and rest.

Get Techy with Helpful Apps for the Road

There are a few apps that can help make the road trip go smoother. Apps can help with a number of things. For instance, navigation from Google Maps and Waze, which feature user-reported road hazards, speed traps and more, along with turn-by-turn navigation. Additionally, Tollsmart is an app that allows you to preview the price of upcoming tolls that you may pass during the road trip. All these are available on Android and iOS devices. 

Prep Your Home

Leaving for an extended period of time? Make sure there is someone available to house sit. Leaving a home unattended for a long time can make your home a target for theft. Having a family member or neighbor check in on your home and get your mail is beneficial. This way you can leave your home with peace of mind while on your trip. See other home preparation tips here. 

A road trip can be a great activity to enjoy this spring or summer. To ensure you’re covered, contact your local OKFB agent and see if your Auto Insurance or Recreation Insurance covers your specific vehicle to have a safe, fun and confident trip. 

Top Insurance Questions Answered by Insurance Agents – Part 2

Insurance helps to ensure that your assets are covered from a range of incidents. To help you feel confident when shopping for insurance we have answered five common insurance questions our agents commonly receive.

1. Are home-based businesses covered under a homeowners policy?

A homeowners policy protects homes from unexpected incidents and damage. However, it can be difficult to know what exactly a homeowner’s policy will cover for a home-based business. For example, unlike a homeowners policy, a small business insurance policy would cover the inventory stored in a home, a vehicle that is used for business, etc.

2. Does my homeowners policy cover damage if my tree falls on my neighbors’ property because of a tornado or ice storm?

Typically, if a tree or part of it from your property falls on your neighbors’ property and causes damage because of a tornado or ice storm, you will not be held liable. Your neighbors would file a claim with their insurance company. Our claims reporting hotline is available 24/7 and is ready to help whenever you need.

3. When should I get Life Insurance?

Did you know obtaining Life Insurance while you’re young and healthy is usually the most optimal time to obtain it? This is the period of time where an individual will most likely benefit from lower rates. Use our life insurance calculator to determine how much Life Insurance coverage may be needed. Obtaining Life Insurance as soon as you are able is beneficial in the long-run. It can provide peace of mind when thinking about loved ones.

4. Does Auto Insurance cover a hit-and-run accident?

In most cases an Auto Insurance policy will cover vehicle damage, possible medical bills, etc. in the case that a car accident occurs and the individual at fault intentionally leaves without providing contact information.

5. What do I need to do to file an insurance claim? 

Don’t delay taking action after an event that damages your property if you suspect it may make you eligible to file a claim. Start by contacting your agent, or using your carrier’s online claims tool – we have several claims options to choose from. Make sure to have your contact information, policy number and detailed information of the incident ready when you file. 

If you have additional insurance questions, check out our FAQs. Also, you can always contact your local OKFB agent with any inquiries or questions about your policy or specific coverage needs.

Defining Insurance Jargon

Insurance has your back by ensuring your assets are covered, but insurance jargon can often get in the way of you clearly understanding your policy. To help make sense of your insurance policy, here are 10 common insurance terms that could help when both reviewing policies or speaking with your agent.  

Line(s) of Insurance: A class of type of insurance e.g. home insurance, auto insurance, commercial insurance, etc. 

  • Example: Charles has two lines of insurance with OKFB: Auto Insurance and Farm & Ranch Insurance.

Deductible: A specified amount of money that a policyholder must pay before an insurance company will pay a claim. 

  • Example: Esther has to pay a deductible of $300. After she pays her deductible, OKFB will pay the remainder of the claim that is stated in her policy.

Claim: A request or demand for payment from an insurance carrier, as defined in the policy.

  • Example: Carl and Robert filed a claim after a tornado impacted their car and farm. See how Billy and the rest of our team immediately worked to fulfill it here.

Coverage: The extent an item or property is insured in the event of an accident. 

  • Example: Daniel got a full coverage auto insurance policy with OKFB, so he is covered in the event that he is in an accident. 

Umbrella Coverage: Provides higher limits of protection against bodily injury or property damage claims by a third party. 

  • Example: After careful consideration, Anthony decided that umbrella coverage would offer greater protection and peace of mind.

Risk: The chances a loss could potentially occur. 

  • Example: Christie carefully explained the risks associated with lower coverage insurance policies, so I opted for more coverage. 

Policy: The contract between a policyholder and insurance carrier. 

  • Example: Lauren has an auto insurance policy with OKFB Insurance, so OKFB insures her vehicle in the case of an accident.

Premium: Cost an insurer sets for the coverage listed in an insurance policy.  

  • Example: Marco’s premium for his homeowner insurance is $1,200, so he pays $100 every month. 

Quote: An estimate of premium for a specific line of insurance/policy. 

  • Example: Ashley just bought a new home and was looking for the best coverage on Home Insurance, so she used OKFB’s Instant Homeowners Quote to find OKFB’s prices.

Dwelling: A place of residence, e.g. a home, mobile home, etc. 

  • Example: After talking to my agent, I got Dwelling Fire Insurance on my vacation home in Broken Bow. 

Check out our glossary for more common insurance terms. If you have any questions or want further clarification about an insurance term contact your OKFB agent. Also, don’t forget to check in regularly with your agent to ensure your coverage is up to date. We’re here to help you through the unexpected.