Small Business Liability Insurance for Oklahoma City
Just as individuals can insure their real estate and other property, businesses usually opt to do the same. Since company property is sometimes valued into the millions of dollars, letting your Oklahoma City small business go without Commercial Property Insurance or Retail Business Insurance can be a disastrous mistake.
When tallying your assets, make sure to include more than just your office. You have equipment and further. You have outdoor signs, fences and landscaping. You may have inventory on hand. The security of your business and its ability to keep running without interruptions depends on the safety of all of these.
Commercial Property Insurance covers risks such as theft, fires, water leaks, storms and natural disasters. Locking down your physical assets against these risks is a good idea whether you own or lease your place of business.
Not every policy covers every eventuality, so it’s important to consider your industry- and geography-based risks and find a plan that covers them. Then, assess your risk for disasters that are excluded on your policy and put precautionary measures into place. Commercial Property Insurance policies don’t cover normal wear and tear. They also typically exclude damage from earthquakes, floods, infestations, and nuclear fallout. You can, however, buy a separate earthquake or flood policy if it makes sense for your company.
If your business has multiple locations within Oklahoma City or elsewhere, you may be able to cover them all with one Commercial Property Insurance policy as long as they have similar types of risk.
Do I need Commercial Property Insurance?
If you have a business owners policy (BOP), it may cover a good deal of your business property and real estate, depending on the number and type of assets associated with your business. Find out what it doesn’t cover, and consider supplementing the gap with Commercial Property Insurance. If you don’t have a BOP, a Commercial Property Insurance policy makes even more sense.