Business & Commercial Insurance
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Business & Commercial Insurance Information
BOPs & Business Insurance for the Oklahoma Panhandle and Beyond
Insuring a small business requires thought and attention to detail. You want to buy not only the right policies, but also those that offer affordability. It’s easy to find those solutions by working with the professional team of commercial agents at Garrison Agency.
Our commercial insurance options are customizable and come backed by trusted insurance providers. We offer both business owners policies (BOPs) and commercial policy packages, any of which we can make fit your business’s coverage needs. Call us at (580) 338-5561, and we’ll help you get your insurance search started. You can also request a policy quote online right now. It’s fast, free and simple.
Common Business Insurance Questions
How Does Business Insurance Work?
Numerous types of insurance can benefit business owners following unexpected problems in the workplace. The right combination of coverage will allow you to recover damage costs and avoid potential financial hardships from various losses. Businesses take years to build and are often a lifeline not only for the owner, but also employees and customers. The appropriate insurance will ensure that all of that does not disappear in a flash.
What is Covered by Business Insurance?
Any number of hazards might impact your business, from unexpected fires to robberies or customer lawsuits. You will therefore likely need several types of coverage, such as:
- Property Insurance: Coverage will apply to damage or losses to physical property. The policy might apply to stock, furnishings and buildings owned by the business.
- General Liability Insurance: When the business is at-fault for third party losses, such as if a customer slips and falls while in a store, then general liability coverage can pay for the related costs. Coverage might pay for injury costs, property damage, legal assistance, personal injuries like libel or slander and damage done by products or services the business provides.
- Business Interruption Insurance: If a covered accident forces a temporary closure of the business, then this coverage can help you pay for a variety of ongoing costs.
- Workers’ Compensation Insurance: When employees get injured or sick because of their duties, this coverage can help support them during their recovery. Most Oklahoma businesses must carry this coverage.
- Errors & Omissions Insurance: Businesses that provide professional services or advice should carry this form of liability insurance. It pays when such services cause clients a loss.
- Cyber Liability Insurance: If the business experiences a major loss or theft of private data, then this coverage can help both the company and customers recover lost information and money.
- Commercial Auto Insurance: Businesses that own vehicles or employ drivers likely need this coverage. It can provide liability, physical damage, medical payments and other coverage to the vehicles and drivers that operate under the company’s authority.
- Inland Marine Insurance: When transporting cargo or business equipment, this coverage can insure those items.
- Employment Practices Liability Insurance: If allegations of wrongful termination, discrimination or harassment arise from employees, then this coverage can help with the response.
There are other types of policies, including employee benefits, that you might need to add to your portfolio. The policies you need might depend on the size of the business and other industry risks.
What Insurance do I Need for a Small Business?
The size of your business, your industry and the services you offer might influence the types of business insurance you need. Your insurance agent will help you carefully review your business’s unique risk factors to determine which policies are best for you.
- Most small businesses can qualify for a business owner’s policy, also called a BOP. It offers critical coverage, usually general liability, property and business interruption insurance, in one cohesive package. However, you will likely need to buy other coverage to enhance this policy.
- If your business does not qualify for a BOP, then it might qualify for a commercial package policy (CPP). More flexible than a BOP, a CPP can better address the needs of larger businesses while still offering coordinated benefits.
Do I Really Need Business Insurance?
Many business policies, like workers’ compensation, general liability insurance and commercial auto coverage, are required by law in multiple situations. Still, though you might think other coverage is optional, consider that it will help you instrumentally following a major problem in the business. You won’t put your long-term outlook on the line just because of an unfortunate accident.
How Much Does Business Insurance Cost?
When choosing to invest in a BOP, you will likely pay between $1,000 - $1,200 per year for coverage. However, many factors will influence your individual rates. If you buy additional coverage, then you will have to consider those costs as well. Your Garrison Agency representative will help you l the policies that offer your business the most effective coverage for your budget.
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