A Guide to Business Insurance for OKC & Edmond Small Businesses
Oklahoma small business owners, this guide is for you! Whether you're just starting out or have been operating for years, having the right small business insurance is essential for protecting your business, your employees, and all the effort you’ve put into growing a business.
In this guide, we’ll explore everything you need to know about business insurance in Edmond, Oklahoma City, Del City, and beyond.
The Streller Agency insurance team has been providing insurance for Oklahomans for decades, and we’d be honored to help you, too. Contact us today if you’d like to learn more about how we could help your business.
Why Insurance is Essential for Oklahoma Small Businesses
In short, business insurance is your safety net. It protects your company from unexpected events that could put you out of business. From natural disasters to legal claims, having the right coverage guarantees you're prepared for the unexpected.
We also recommend always working with a local insurance agent for your small business needs. A local agent will know the needs and risks unique to your business and area, and when a problem arises, having a local team ready to help you is priceless.
This guide will walk you through the different types of business insurance available in Oklahoma and help you determine what you need. If questions arise as you read the guide, give us a call.
Types of Business Insurance
General Liability Insurance
This is essential for any business. It covers legal fees, medical expenses, and damages if your business is sued for injury or property damage. Business liability insurance in central Oklahoma is a must-have for all small businesses.
Commercial Property Insurance
This protects your business property, including buildings, inventory, and equipment from damages caused by fire, theft, or natural disasters. It is a key component if you search for OKC commercial insurance.
Business Owner's Policy (BOP)
A BOP combines general liability insurance and commercial property insurance into one package, often cheaper than buying them separately. This is a popular option for small businesses in Edmond and Oklahoma City.
Workers' Compensation Insurance
Workers' Compensation Insurance is required in Oklahoma for employers with employees. It covers medical expenses and lost wages if an employee is injured on the job.
Professional Liability Insurance
Errors and Omissions (E&O) insurance is crucial for professional services businesses. It covers claims of negligence or mistakes in your professional work. E&O is commonly needed by businesses in the following industries, among others:
Accounting
Architecture and Engineering
Real Estate
Financial Services/Advising
Consulting
Weddings and Events
Fitness and Health
Physical Therapy, Speech Therapy, and Other Medical Services
Commercial Auto Insurance
If your business uses vehicles, this insurance covers them in case of accidents, theft, or damage.
Cyber Liability Insurance
Protecting against data breaches and cyberattacks is vital as more businesses operate online. That insurance covers costs related to those incidents. Cyber liability insurance typically covers costs associated with data breaches, such as notification expenses, credit monitoring for affected customers, legal fees, and fines. It can also cover the costs of recovering lost data and repairing damaged systems.
Specific Business Insurance Needs in Edmond and OKC
Finding the right business insurance can be really straightforward for those in Edmond, OKC, and the entire Oklahoma City Metro area. Working with a local insurer who understands the specific risks businesses face in your area makes the process much easier as you navigate your insurance needs.
The community-oriented environment in central Oklahoma means insurers here often offer more personalized services. They can provide coverage plans tailored to local businesses' needs. For instance, if your small business in Edmond is a retail store, your insurance package might focus more on theft and property damage. In contrast, a service-oriented business might prioritize professional liability coverage.
Additionally, providers local to the OKC area often have a better understanding of regional risks. For example, they might offer specific coverage options for weather-related incidents common in Oklahoma, such as tornadoes and severe storms. This localized expertise ensures you get the most relevant and comprehensive protection for your business.
Over the last few years, the Streller Agency has grown, and we’re able to serve businesses across the metro area and beyond, helping people as far north as Stillwater or Enid and south to Ardmore. We also have two offices, one in Edmond and one in Del City, so that our team can be in and among the community and accessible to the businesses and families that we insure.
Our Tips for Choosing the Right Small Business Insurance
1. Assess Your Risks
Consider the specific risks associated with your industry and location. For example, businesses in Edmond might face different risks from those in OKC.
2. Compare Quotes and Agents
Don't settle for the first quote you receive. Compare offers from multiple insurers and ensure you like and feel confident in your relationship with the insurance agent.
3. Check Reviews and Ratings
Check customer reviews and insurance company ratings to ensure you choose a reputable provider.
4. Consult a Local Insurance Agent
A local agent can provide personalized advice and help you navigate the complexities of business insurance.
5. Review and Update Regularly
Your insurance needs may change as your business grows. Review your policies regularly and make updates as necessary. The Streller Agency team recommends meeting with us annually to review your policies.
6. Understand Policy Details
Read the fine print. Understand what each policy covers and excludes. For example, some general liability policies may not cover professional errors, which would require separate professional liability insurance.
7. Bundle Policies
Many insurers, like the Streller Agency, offer discounts if you bundle multiple policies. A Business Owner's Policy (BOP) is an excellent example, combining general liability and property insurance at a reduced rate.
Specific Coverage Needs for Different Businesses
Different businesses have unique insurance needs. Here's a closer look at what you might need based on your business type:
Retail Stores
If you own a retail store, you'll need general liability insurance to cover customer injuries and commercial property insurance to protect your inventory and premises. Also, consider product liability insurance to cover claims related to your products.
Restaurants and Cafes
General liability and commercial property insurance are essential for food establishments. You'll also need liquor liability insurance if you serve alcohol.
Professional Services
Professional liability insurance is crucial for businesses offering professional advice or services (like consultants, accountants, or lawyers). It covers legal costs if a client claims your advice caused them financial loss.
Construction and Trades
Contractors often need a mix of general liability, commercial auto, and workers' compensation insurance. Additionally, equipment insurance protects your tools and machinery, while builder's risk insurance covers buildings under construction.
Tech Companies
Cyber liability insurance is vital for tech businesses to protect against data breaches and cyberattacks. Errors and omissions (E&O) insurance covers claims related to software failures or unmet service levels.
There are so many different types of insurance to meet the wide variety of needs of small businesses. The Streller team is ready to help answer your questions about business insurance. You can get started by requesting a quote online today.
Review and Adjust Your Insurance Regularly
Your business is dynamic and changing, and so are your insurance needs. Regularly reviewing and adjusting your insurance coverage is essential as your business grows and evolves. This ensures that your protection keeps pace with your business's changing risks.
You should schedule an annual review of your insurance policies. During this review, assess any changes in your business operations, the introduction of new products or services, expansion to new locations, or an increase in the number of employees. These changes might necessitate adjustments in your coverage to ensure you remain adequately protected.
Work With Scott Streller and the Streller Insurance Team
Securing the right business insurance in Edmond, OKC, and throughout Oklahoma is vital for protecting your small business. Understanding the different types of insurance available and assessing your unique needs can ensure your business is covered against potential risks. Whether you need commercial insurance in OKC or small business insurance in Edmond, take the time to find the right coverage and safeguard your business's future.
If you have any questions or need further assistance, contact us! The Streller Agency is a local Oklahoma City area insurance agency. We are here to ensure you have the protection you need.
