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 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.

OKFB Discounts All In One Place

Does OKFB offer discounts? What types of discounts does OKFB offer? Do I qualify for any discounts with OKFB? This is the blog you’ve been looking for! We have compiled the array of discounts we offer across our lines of Auto Insurance, Home Insurance, Recreation Insurance, Farm & Ranch Insurance, Commercial Insurance and more. Contact your agent to see which discounts you are eligible for!

Auto Insurance Discounts

We offer five discounts under our auto policy. You may be eligible for a discount if you have more than one policy with us, multiple vehicles and more! Keep reading to see where you may qualify. 

  • Scholastic Discount
  • Defensive Driving Discount 
  • Driver Longevity Credit 
  • Multi-Vehicle Discount
  • Companion Discount 

Home Insurance Discounts

Is your home less than 10 years old? Do you have an alarm system installed? If so, these are just a few ways you could qualify for a Home Insurance discount. Keep reading to see if you qualify for other Home Insurance discounts.   

  • New Home Discount
  • Burglary or Fire Alarm Discount 
  • Claims-Free Discounts
  • Companion Auto Discount
  • Approved Roof Discount
  • Tie Down Credit

Farm & Ranch Insurance Discounts

We offer discounts for our Farm & Ranch Insurance, as well as for those that may have a Farm Auto, Farm Fire or Farm Renters policy. Keep reading to learn more!

Farm & Ranch 

  • New Home Discount
  • Burglary or Fire Alarm Discount 
  • Companion Auto Discount
  • Approved Roof Discount

Farm Auto 

  • Defensive Driving Discount
  • Scholastic Discount
  • Companion Home Discount
  • Multi-Vehicle Discount
  • Companion Umbrella Discount
  • Approved Grill Guard

Commercial Insurance Discounts

We offer discounts to help out small businesses! If you are a Dwelling Fire – Tenant Occupied policyholder then check this out. You may be eligible for these discounts. 

Dwelling Fire – Tenant Occupied

  • Approved Roof Discount

Discount Eligibility

  • Approved Grill Guard: Trucks with a qualifying grill guard may qualify for a discount on collision coverage.
  • Approved Roof Discount: If you have a U.L rate class 3 or 4 roof surfacing installed, you may be eligible for a discount. Check here for a list of approved roof surfacing.
  • Burglary or Fire Alarm Discount: If you have an alarm system or fire alarm in your home, you may be eligible for a discount based on the type of alarm you have installed. 
  • Claims-Free Discounts: If you have had no insurance claims on your OKFB Homeowners insurance policy for the last three years, you may be eligible.
  • Companion Auto Discount: If you also have an auto policy with OKFB, you may be eligible. 
  • Companion Discount: If you also have other policies through OKFB, such as a Homeowners or Farm & Ranch, you may be eligible for companion discounts. 
  • Companion Home Discount: Policyholder has an active owner occupied property policy with the company. 
  • Companion Umbrella Discount: Policyholder has an active or farm umbrella policy with the company. 
  • Defensive Driving Discount: May be eligible for those who complete a minimum six hour accident prevention course approved by the Oklahoma Department of Public Safety. Approved courses are often offered through your county Farm Bureau. 
  • Driver Longevity Credit: Drivers who have been insured with OKFB for at least one year may receive premium credit based on a combination of their longevity with OKFB and driving record. 
  • Multi-Vehicle Discount: A multi-vehicle discount may apply when two or more vehicles are insured with OKFB.
  • New Home Discount: If your home is 10 years old or less, you may be eligible for a discount.
  • Scholastic Discount: This discount applies to specific auto coverages for classroom academic excellence to eligible full-time students who meet specified requirements.
  • Tie Down Credit: If your mobile home uses approved tie downs to better secure your home, you may be eligible for this discount. 

If you have any questions or want to learn more about eligibility and discounts contact your OKFB agent. Remember, we’re your partners in life and are here to help during any situation!

5 Steps to Achieving Your New Year’s Goals

It’s officially 2021, and with a new year comes the spirit of new year resolutions. January is a great time to create personal or professional goals. However, as we often come to find, goals are easy to forget about and it can be difficult to remember to work towards fulfilling them. We’re here to help, with five steps to encourage you to reach and complete your goals this year!

Step 1: Reflect 

Looking back to see what you were or were not able to accomplish can help provide a baseline for what goals you might want to achieve this upcoming year. For personal goals, taking some time to sit down and write any thoughts about the new year could be a great first step. If you are a business owner and don’t know where to get started, check out our end of year checklist for businesses to help you review last year and prepare you for 2021.

Step 2: Be Specific 

After a couple of months, it can be easy to forget what goals you set when they aren’t specific. For instance, a goal could be to cut costs or save money…but by how much? Adding in extra detail to your goals can help make them feel attainable and easier to plan for. Additionally, it’s always a great idea to write or keep them somewhere that you visit frequently throughout the day to help keep them top of mind. 

Step 3: Plan

By laying out steps, action items and even deadlines, you can keep yourself on track and accountable to fulfilling your goals. Plans don’t have to be completely figured out, but at a minimum should start with a rough outline. Creating a plan can help make your goals feel less daunting and more achievable. 

Step 4: Check-in

Throughout the year, it’s important to check-in on the goals you’ve set, and keep track of any progress. One way to check-in is to set a reminder or calendar event on your smartphone, or ask your partner or close friend to check-in with you. During these check-ins, stick to an agenda. Ask yourself if you are making these goals a priority, if you are achieving them and what roadblocks are preventing your success. Goals are great in that they are flexible, so it’s okay to change course as the year progresses.

Step 5: Re-evaluate 

It can be easy to both overestimate and underestimate what’s possible. If you set a goal to cut costs by 10 percent and complete it in six months, cross it off the list and write a new goal! Re-adjusting goals or revamping your approach to how you complete them is the beauty of intentional goal setting – they are for you. If your priorities shift and you feel a goal isn’t worth pursuing anymore, make the change. New year, new you, right? 

As you establish and work towards achieving your goals this year, remember to plan with your OKFB agent to ensure your assets are protected. Whether that’s for your Commercial Insurance, Farm & Ranch, Auto, or Home policy – we want you to worry about achieving your goals, and we’ll make sure you are covered and protected in the process.