What Are The Most Common Types of Commercial Insurance?

Business establishments contribute immensely to the economic growth of any given state. While many Oklahoma City, OK residents desire to initiate a successful business, they are also aware of inseparable risks. Business owners need to prevent their enterprises from possible risks such as vandalism and fire. Commercial insurance can provide entrepreneurs with a crucial risk protection tool. Hexis Insurance is happy to help.

Common Types of Commercial Insurance

When starting a new business venture, it’s prudent to understand the mandatory business requirements in your location. We recommends that all employers maintain worker-comp insurance in Oklahoma City, OK. This coverage safeguards workers against any financial implication of injuries sustained or ailments while working in an establishment.

We also suggest commercial auto insurance if you operate your enterprise with a fleet of vehicles to mitigate your business against property damage or bodily injury.

Other commercial insurance options include:

Business owner’s policy (BOP): It’s essential coverage, especially for small businesses. It joins both liability and property and legal protection if you are prosecuted for any business wrongdoing by either a client or an employee.

General liability: There is a possibility of a customer getting injured while in your business establishment. These are likely occurrences that sometimes can result in insurmountable medical expenses. Luckily, this coverage form is designed to save you from paying any imminent medical costs and related legal fees. It also protects you from copyright and libel infringement.

Business interruption insurance: Business disruptions or interruptions may kick in unexpectedly, interfering with your entire undertakings. Your business is safeguarded against such disruptions. It refunds the money you would have made or offers funds to temporarily function in an alternate establishment.

Property insurance: This coverage protects your business structure or assets like electronic gadgets, furniture, and inventory when an unexpected calamity hits your business.

Contact Us Today

Are you an Oklahoma City, OK business owner looking for commercial insurance coverage to protect your enterprise? Please contact or visit us at Hexis Insurance today and get comprehensive details about commercial insurance.

Getting Started with a Business Owners Policy (BOP)

Commercial policies vary in type and business use. Your business won’t need every type of commercial insurance available. At Hexis Insurance, serving the greater Oklahoma City, OK area, we can point you to an efficient bundle of policies that most small businesses need.

How a BOP Helps Your Business

These policies come in a business owners policy (BOP) package. A BOP provides the four most common types of commercial insurance at a reduced premium. The business receives coverage for liability, business interruption, property damage, and major perils.

Perils refer to events that can cause damage. Typical perils include fire, tornado, and vandalism. If a business purchased these policies separately, it would cost them more money.

Qualifying for a BOP

Not every business qualifies for the BOP package though. Only small and mid-sized businesses can purchase this bundle. The insurance industry definition of small or mid-sized business refers to those with fewer than 100 employees.

Even a company with a small staff that generates lots of revenue does not qualify. The business also must generate annual revenue of less than $5 million.

High-risk businesses don’t qualify for a BOP. They need a custom policy that covers additional risk and for this, they must pay the typical premiums.

Businesses that don’t meet the BOP criteria include:

  • Financial institutions such as banks,
  • Manufacturers,
  • Car dealerships,
  • Auto body or automotive repair shops,
  • Alcohol-serving establishments, such as bars, pubs, and grills,
  • Amusement parks.

Other high-risk industries also would not qualify. Check with your insurance agent about your specific business.

Get The Right Coverage Today

Contact Hexis Insurance, serving Oklahoma City OK, for more information on obtaining a business owner’s policy. Let us help you insure your business against loss.

How Often Should I Review My Commercial Insurance Policy?

As a business owner, it’s crucial to stay on top of your commercial insurance policy. Insurance needs can change quickly, so it’s important to review your policy regularly to ensure you’re still protected.  Hexis Insurance in Oklahoma City, OK can help you navigate this important insurance coverage. Here we discuss how often you should review your policy and what to look for when you do.

Review Every Time You Make a Change

You should review your commercial insurance policy every time you make a change to your business. This includes changes like:

  • Adding or removing employees
  • Adding or removing locations
  • Changing the type of products or services you offer
  • Making changes to your company’s structure or ownership

If you don’t review your policy when these changes occur, you could be left without the coverage you need. For example, if you add a new employee but don’t update your policy to reflect this change, that employee may not be covered in the event of an accident.

Review When You Make Property Changes

You should review your policy whenever you make changes to your property, such as adding or remodeling a building. You may also need to adjust your coverage if you change the way you use your property, such as renting out a portion of it. Additionally, if the value of your property changes, you’ll want to be sure that your coverage limits reflect that.

When You Get New Equipment

You’re in business to make money, which usually means acquiring new equipment. If your policy is more than a year old, it’s time for a review. Talk to a professional agency such as Hexis Insurance in Oklahoma City OK to get help determining if your coverage is adequate.

Review Every Year

Even if you don’t make any changes to your business, reviewing your commercial insurance policy at least once a year is a good idea. This will ensure you’re still getting the best possible coverage for your needs.

Contact Us Today

It’s important to keep your commercial insurance policy up-to-date. Review it whenever you make changes to your business, property, or equipment. At Hexis Insurance in Oklahoma City, OK, we can help you ensure that you have the coverage you need. Give us a call today for a comprehensive review.

Types of commercial insurance most businesses need

Owning a business, no matter what the size, comes with risks. What risks threaten depends on the type of business. Having an insurance agent that knows your business, and you personally help to make sure that you get the right coverage. Your business will suffer if you end up with a claim that isn’t covered. At Hexis Insurance in Oklahoma City, OK, we work with our customers to make sure their coverage matches their needs. 

Commercial Liability Insurance

Commercial liability insurance is insurance to protect your business assets from the results of a judgment against you. As many as 30% of businesses will be sued in any given year, making having the right liability coverage vital. You can have a dissatisfied customer, a customer or vendor who is injured visiting your business, and even an employee who is not happy. All of these can kill your business if you are not correctly protected. 

Commercial Property Insurance

Every business has things that it needs to carry out what they do. If it’s a store, you have display cases, if you are a plumber, you have tools. All of these things need to be protected and, if damaged or destroyed by a covered peril, replaced. You can’t make any money if you don’t have what you need to get income. If you own a building, commercial property insurance will also cover that, but even renters benefit from this type of commercial insurance. 

Worker Compensation Insurance

In Oklahoma, all employees, full or part-time must be protected with workers’ compensation insurance. It offers them medical coverage for injuries that happen while they are working. It also pays for time lost from work, with additional benefits for permanent injury or death. 

For personalized commercial insurance services, contact Hexis Insurance in Oklahoma City, OK on the phone or at our office. 

What You Need to Know About Commercial Insurance

As a business owner in Oklahoma, it is imperative to have all your bases covered when it comes to insurance. Hexis Insurance, serving Oklahoma City, OK is here to help answer all of your insurance questions. Commercial insurance is one great product we provide to help business owners protect their companies and investments. 

What Is Commercial Insurance?

Commercial insurance is a type of bundled insurance policy that can provide protection for many different areas of your everyday business operations. A commercial insurance policy can be highly customized for your particular needs. In general, commercial insurance will provide coverage in the following areas.

  • Auto coverage- If your business uses vehicles to carry out everyday operations, you will need auto insurance to keep both your vehicles and your drivers protected. 
  • Property damage coverage- Companies that operate out of a brick and mortar establishment will need property damage coverage. This type of coverage will pay for repairs or replacement of property if there is damage due to fire, natural disaster, or burglary. 
  • Liability coverage- As a business owner you will have a special responsibility to customers, clients, and employees concerning their health and safety while they are on your property. If someone is injured on your property or becomes ill or injured because of your goods or services, you will be held liable for any expenses resulting from the incident. This type of liability can leave you financially vulnerable without adequate coverage. Liability coverage will pay these expenses. 

The best way to protect the time and financial investment you have put into your business is to secure proper insurance coverage. 

If you would like to learn more about our insurance services, please contact us at Hexis Insurance, serving Oklahoma City, OK. We will be happy to answer your insurance questions today.