Commercial Insurance 101

Owning a business takes dedication and vision, and preparation for the long-term is necessary. No matter the size of your operation, part of preparing for the unexpected means securing protection for your employees and assets with commercial insurance. The right policy could save you money when accidents cause damage to equipment or property. If you’re new to owning a business, or just need a refresher on the basics, here are some coverage options to keep in mind when considering a commercial policy: 

Commercial Property

The property you choose for your business operations is crucial to its overall success. So is the coverage you select to help protect the property and everything inside of it. Things like building structures, inventory, equipment and leased property can be protected under commercial property insurance. This is a great place to start when getting a policy. 

Commercial Auto

From hauling parts to delivering flowers, your company vehicles work as hard as you do. If you have company vehicles, you’ll want to secure commercial auto coverage for them. Features such as auto liability and uninsured motorist will not only protect your vehicle, but will also provide extra coverage for you, your passengers or other drivers of the automobile. 

Commercial Liability

We know small businesses don’t always feel so small. Let us help take one worry off of your mind with a commercial liability policy. Liability claims can be devastating to a small business, so this insurance option can help protect your business from expensive liability lawsuits. Commercial liability coverage ensures that you and your assets are covered in case of an injury or property damage to others that occurs as a result of your operations. 

Commercial Umbrella

Umbrella policies are named for the overarching protection they provide on top of general liability coverage. A commercial umbrella policy can provide additional coverage to your business that may not come with your general liability policy. This will help make sure your business is still covered in a situation where your general liability policy doesn’t fully cover the cost of a lawsuit. 

When it comes to deciding what coverage fits your unique business needs, your agent can help you choose the right policy. Contact an OKFB agent today for more information about how we can help keep your business protected from the unexpected with our Commercial Insurance coverage. 

Top Questions Answered by Insurance Agents

When it comes to shopping for Home, Auto, Life and Commercial Insurance, it can be hard to know where to start. No matter how big or small your questions may be, our agents are here to help! Below are five common questions Oklahomans have when trying to decide what insurance is best for them.

Q: When do I need to update my insurance coverage?

A: Major life events, such as moving out on your own, purchasing a car, getting married or having a baby are good prompts to talk with your agent to discuss your coverage. We recommend setting an annual review with your agent to talk through what changes you’ve experienced in the last year and what you anticipate in the next.

Q: How much life insurance do I need?

A: Everyone’s needs vary when it comes to Life Insurance. There are factors you need to consider, such as the ages of your spouse and/or children, future expenses like mortgage or college and what type of policy you can afford. To get an idea of what might be a good fit for you, check out this Life Insurance calculator.

Q: Does my car insurance cover other drivers?

A: Typically, Auto Insurance follows the vehicle, not the driver. It’s important to consider what your unique coverage entails; for example, if your friend gets into a wreck while driving your car and you’re not insured for collision coverage, they are no more covered than you would have been as the driver. Since policy terms vary, it’s always best to contact your insurance agent before loaning out your car.

Q: What is umbrella insurance?

A: Personal umbrella insurance is a type of insurance designed for when you need extra liability coverage above another insurance policy. It helps supplement items not covered by other policies (such as Home or Commercial Insurance) and could kick in, for example, if you were to be held liable for an amount greater than what one of your other insurance policies covers. Talk to your agent to discuss how much coverage will be right for you, your home or your business.

Q: What type of insurance coverage is a “must” for small business owners?

A: Every business is unique, and insurance agents are trained in knowing what insurance products are most suited to your business, your budget and your goals. Many business owners like to start the conversation with Commercial General Liability Insurance to protect their assets in case of injury or property damage. Talk with your agent to discuss how much coverage is right for you!

You can learn more about the right coverage for your unique needs by contacting an OKFB agent near you.