If you own a small business in Oklahoma, which is defined as having less than 500 employees, then you will want to purchase insurance to protect your company from claims due to accidents caused by your employees on your premises or at a client’s. A commercial liability policy can protect your company’s future.
What Is Commercial Liability Insurance?
Commercial or business liability insurance covers losses due to accidents or damages caused by you or your employees. This type of Oklahoma City commercial insurance may also cover willful acts against someone. Typical liability policies include coverage for:
* Bodily injury of a client caused by you or an employee at his or her home or on your business’s premises.
* Personal injury, which includes libel, slander, invasion of privacy, copyright infringement, false arrest, or similar actions that cause damage to a person’s reputation or infringe on his or her rights.
* Property damage caused by you or an employee to a client’s property while conducting business.
* Advertising injury, which is losses that a person or a business incurs due to your advertising.
* Legal Defense and Judgements coverage helps cover your costs for defending your company against frivolous or real lawsuits and judgements. This type of insurance doesn’t usually include punitive damages in cases of negligence or willful misconduct.
An agency selling commercial insurance in Oklahoma City, OK can help you select the best plan to protect your company.
Consequences of Foregoing Insurance
Since this type of commercial insurance is not required, some businesses do not buy commercial liability policies. Although they are taking chances if they are sued for personal injuries or property damage, Oklahoma is a comparative negligence fault state. This means if the accident or damage was at least 50% the plaintif’s fault, he or she cannot recover compensation. However, it is better not to tempt fate and to purchase commercial insurance to protect your business.