6 Commercial Insurance Terms You Need to Know

When it comes to running a business, it’s crucial to protect yourself from potential risks and unexpected events. Commercial insurance provides coverage for various aspects of your business, ensuring you have financial protection in case of accidents, damage or loss. Keep reading to learn six commercial insurance terms that every business owner should know!

Builders Risk

If you’re involved in a construction project for your business, builders risk insurance is essential. This coverage protects your property while it is under construction from unforeseen events such as fires, tornados, or vandalism. With builders risk insurance, you can have peace of mind knowing that your investment is protected until the project is complete.

Business Personal Property

Your business’s physical assets are vital to your operations. Business personal property insurance provides coverage for assets like furniture, equipment, supplies and inventory, in case of damage or loss due to covered incidents like fires, theft or natural disasters. With this coverage option, you can mitigate the financial impact of property damage and swiftly recover your business operations.

General Liability

General liability provides protection in case a third party, like a customer or vendor, experiences bodily injury or property damage due to your business. This covers legal expenses, medical costs and potential settlements, safeguarding your business from significant financial losses.

Contractors Equipment or Cargo Insurance

If your business relies on equipment and materials, such as contractors, having contractors equipment or cargo insurance is crucial. This ensures that your valuable equipment and materials are protected against theft, damage or loss. It also provides financial assistance for repairing or replacing essential items, so you can get back to business.

Loss of Income

Unexpected events like natural disasters, fires or other covered incidents can disrupt your business operations, resulting in a loss of income. Loss of income insurance provides coverage for the net income your business would have earned during the period of suspension. It can also help cover continuing payroll expenses, ensuring that your employees are taken care of even during challenging times.


Are you reading the signs? Signs coverage protects signs used for advertising, whether it is attached or unattached to your business’s building. Whether due damage due to severe weather, accidents or vandalism, this policy ensures that you can quickly repair signage without bearing the full financial burden.


Understanding commercial insurance terms is crucial for every business owner. By familiarizing yourself with these key terms, you can make informed decisions about protecting your business from unexpected events. Plus, with OKFB Insurance, our businessowners policy has so many more coverage options that can be tailored to your type of business. Talk to your local OKFB agent to get started!

We’re Here to Help

Whether you’re a longtime policyholder or just starting to look for insurance options, we’re here to help. If you have questions or concerns that you want to discuss, connect with your local OKFB agent today. If you have any insurance-specific questions, we would love to help you find the coverage that best meets your homeautocommercial and life insurance needs.

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Setting Up Your Small Business For Success

With Small Business Saturday and the holidays rapidly approaching, many business owners are gearing up for a busy season ahead. Running a company takes dedication and preparation, no matter your experience. One thing to set your business up for success is to make sure you have the right coverage.

Why is Commercial Insurance Important?

Every dollar counts when it comes to small businesses. For example, you can take every precaution possible, but when the unexpected strikes, it’s important that you have the right coverage. If you haven’t secured coverage, an unforeseen event can cause significant financial damage. The bills can add up fast without the right level of coverage for your business. The right policy could help save you money when accidents happen. Taking steps now means peace of mind for you and a helping hand from OKFB when life’s unexpected moments happen.

What Options are Available?

With commercial insurance, there are many policies that can help build out the best level of protection for you. Some common policies are ones that protect the business property and equipment you’ve invested in. Commercial property insurance and commercial auto policies are here so you can rest easy knowing these assets are protected in the event of an accident. 

There are also broader options to protect your business from things like expensive liability lawsuits. A commercial general liability policy can help mitigate the financial impact of a liability claim if there is injury or property damage to a third party in the course of your business. For some companies, commercial umbrella plans are a good option to provide an even higher level of financial protection and excess liability coverage. 

Plus, there are plans specifically designed for small businesses! A businessowners policy is tailored to the needs of small businesses like retail, restaurants, apartments, artisan contractors and more. For example, these policies combine different coverage types, fill in the gaps of traditional coverage, and can be custom-fit to your needs. No matter your business size or age, there’s a policy to protect what you’ve worked to build. 

We’re Here to Help

You’re the expert at your business, but you don’t have to be an expert at insurance to get the right level of protection for your company. If you have questions or concerns that you want to discuss, connect with your local OKFB agent today. If you have any insurance-specific questions, we would love to help you find the coverage that best meets your home, auto, commercial and life insurance needs.

Don’t forget to follow us on social media! This kind of information and more is just a click away. You can find us on Facebook, Instagram and LinkedIn.

Top Insurance Questions Answered by Insurance Agents – Part 3

Insurance can be confusing and that’s why some of our agents took the time to answer a few of the most frequently asked questions. If you have any other questions or need additional clarification, please do not hesitate to reach out and contact your local OKFB agent today!

What is Insurance?

Insurance is a contract between you and a provider. You pay your premiums (typically monthly or annually) and an insurance company agrees to pay for your covered losses. It can help protect you from the financial consequences of unexpected events, such as car accidents, fires, or theft.

What Does Homeowners Insurance Cover?

Homeowners Insurance can help protect your home and possessions from damage or loss due to covered perils. This can include fire, windstorm, hail, water damage and theft. It also offers personal liability coverage. It can also help financially protect you if you are sued for causing property damage or someone is severely injured at your home.

What Does It Not Cover?

Every home policy is unique to each individual, location, cost of a home, and past credit history. To cover other aspects, you may need extended coverage. Have an open conversation with your agent about which parts of your policy may need to be expanded (i.e. by-laws, earthquakes, floods, etc.). However, typical wear and tear is not covered and should be maintained over time.

What Does Auto Insurance Cover?

Auto coverage can help financially protect you if you are in covered accident. It may cover damage to a car, as well as potential medical expenses and property damage incurred by you or other people involved in the accident.

Does a Small Business Need Insurance?

A business that is run through your home by one or two people might not need workers’ compensation insurance, but it could need more coverage than your average homeowner’s policy. Make sure to double-check your home liability and property policy to see whether you are financially covered. Be sure to stay in touch with your OKFB agent about your business coverage needs.

What is the Difference Between Term Life and Whole Life Insurance?

Term life insurance provides coverage for a specific period of time, such as 20 years. Whole life insurance provides coverage for your entire life. Term life typically has lower premiums than whole life, but it does not build cash value. Whole life typically has higher premiums than term life policies, but it builds cash value over time.

We hope you found these questions and answers helpful! If you have any other questions, please do not hesitate to connect with us. We would be happy to help you find the coverage that best meets your home, auto, commercial, and life insurance needs.  

Don’t forget to follow us on social media! This kind of information and more is just a click away. You can find us on Facebook, Instagram, and LinkedIn.

3 Ways to Show You Care

Valentine’s Day is the perfect holiday to show your loved ones how much you care. This year, don’t just get flowers and chocolates. One gift that can truly last is insurance. It may not be as romantic as a dozen roses, but it can provide protection for life. 

  1. Protect Your Valuables

Home is where you usually feel safest and where you keep your most prized possessions. Whether you’re a homeowner or a renter, both insurance lines offer personal property coverage. Personal property coverage covers personal belongings inside a home in the event of damages or theft that may not be covered under a general Homeowners or Renters Insurance line. 

Personal property coverage can provide a sense of security and help in recuperating valuables. Reach out to your local OKFB Agent and see if the jewelry you have or are planning to give for Valentine’s Day is covered.

  1. Travel With Confidence

Planning a weekend getaway for the weekend of love? Whether you’re fishing at the lake, racing ATVs or cruising Route 66 in an RV, one way to protect your loved ones from the unexpected is with Recreational Insurance. We offer a wide range of coverage options that could help you when making new memories wherever your travels take you. 

  1. Support Your Employees

The COVID-19 pandemic has shown us that small businesses have to expect the unexpected and adapt quickly. Many Oklahoma businesses have suffered from lost revenue, staffing shortages or have had to close their doors completely. One way to show you care for your employees is to give the gift of insurance. Our fully-customizable Business Owners Insurance includes Loss of Income coverage that could help cover a loss of net income due to suspension of operations and help pay for continuing payroll expenses. 

BONUS – How We Care: Drive with Peace of Mind

One auto-related gift to offer a loved one, and no, we’re not talking about buying a car, is Roadside Rescue. As an OKFB member or policyholder, we give you the gift of Roadside Rescue. This is a free service that provides 24/7 assistance wherever you or your loved one is nationwide. Enjoy the gift of traveling with confidence and peace of mind wherever and whenever this Valentine’s Day.

Insurance coverage is a great way to show you care and to provide loved ones with protection and safety. Reach out to your local OKFB Insurance agent if you have questions about your existing plan or purchasing a new one. We’re here to help!