Oklahoma business owners understand the importance of securing coverage for their property. The coverage allows them to file a claim if property damage occurs. It also provides benefits if the company’s inventory is lost, stolen, or damaged. However, owners who are just starting out may not understand the full scope of liabilities. These probabilities could leave them vulnerable if they don’t acquire adequate coverage through Commercial Insurance in Tulsa OK.
General or Product Liability
General or product liabilities are risks that exist at any time that the company offers products or services to the public. These liabilities apply most often to probable injuries or damage. The coverage pays for medical benefits if a consumer sustains an injury. It also covers the cost of repairs if a service technician causes property damage.
Why Worker’s Compensation is Needed
Workers’ compensation reduces the likelihood that an employee will file a lawsuit against the company. It provides medical coverage for employee injuries. The policy provides a percentage of the employee’s wages if they are out of work for a lengthy duration.
Commercial Auto Coverage
All vehicles used for business purposes require commercial auto coverage. The policy pays for any repairs or medical coverage incurred after an accident. It also covers the cost of replacing items that are transported inside the vehicle to clients. However, the coverage imposes some restrictions. The coverage applies if the driver was performing work duties when the accident or damage occurred.
Key Employee or Executive Loss
The loss of a key employee could hinder the operation of a company. The policy provides provisions that are followed if this key individual dies or cannot perform their job. This could lead to the dissolution of the company or require shareholders to render a vote. If the business was owned by one individual, the policy provides protection for the owner’s heirs.
Commercial Insurance in Tulsa OK provides several levels of coverage. They protect the company against risks and liabilities that could cause a financial loss. They also protect the interests of the company in dire circumstances. Business owners who wish to secure commercial coverage should browse around this website for further details.
