Top 5 Commercial Insurance Myths October 6, 2021 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 According to the Oklahoma Workers’ Compensation Commission guide for employers, most employers must provide coverage to their employees. There are exceptions to the rule (i.e., small family businesses, sole proprietors). Be sure to contact the Oklahoma Workers’ Compensation Commission if you are not sure whether coverage is necessary. Additionally, this coverage would ensure protection for either you or your employees in the case of a lawsuit or injury. 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.