General Contractors’ Insurance Near Oklahoma
Whether you work in Oklahoma City, Tulsa, Norman, or elsewhere, the contracting business can be risky. Even if you or your employees don’t suffer personal injuries, you may face financial risk if a client files a claim against you.
If a client claims you caused property damage or performed faulty work, your company may be ordered to pay a hefty settlement. And in some cases, these settlements are enough to bankrupt a company.
Fortunately, when you have Oklahoma contractors insurance, your business will be financially protected in the event of a claim. If you’re new to the insurance world, Affordable Contractors Insurance can help you decide which policy is right for you.
Types of Insurance for Construction Companies in Oklahoma
Your business should have a minimum of workers’ compensation insurance and general liability insurance. However, to adequately protect your business, there are several types of insurance you might want to consider:
- General Liability: Protects you against third-party (non-employee) claims of injury or damage caused by your company
- Workers’ Compensation: Covers medical care and lost wages for employees injured on the job
- Commercial Auto: Covers your work vehicles if they are damaged or cause damage
- Errors and Omissions (E&O): Financially protects you if your work is done incorrectly
- Inland Marine: Covers materials you ship over land
- Builders Risk: Financially covers projects under construction or renovation
- Tools and Equipment: Pays for replacements or repairs for tools
There may be other types of insurance available to you as well. Keep in mind that cities may have separate insurance requirements — you may need different coverage in Broken Arrow than you would in Edmond. Our attentive agents can help you choose a policy that gives you the coverage you need.
What Happens if You Don’t Have Insurance?
Some business owners think that skipping insurance entirely is a good way to save money. However, this is a mistake that can prove to be financially ruinous for your company.
Here’s an example. Let’s say you did some work on a customer’s home. In the process of that work, you somehow cause substantial property damage and your client files a claim or lawsuit to recover damages.
If you have general contracting insurance in Oklahoma, your insurance company will handle the process — they will cover court costs and attorney fees, and if you’re ordered to pay a settlement, they can cover that as well (up to your coverage limit).
If you don’t have insurance, you’ll be stuck paying for everything out of pocket. Depending on the size of your business, the total cost may be enough to wipe out your finances.
Given what can happen if you’re uninsured, purchasing the right contractors insurance policy is a smart, economical way to safeguard the business you’ve worked so hard to build.
Protect Your Business with ACI
When you choose an affordable Oklahoma general contractors insurance policy, you can enjoy the peace of mind of knowing your company is protected — all for a low monthly premium!
At Affordable Contractors Insurance, we only insure contractors. We understand what you need in an insurance policy and will work with you to find the right policy for the right price. Contact us to get your free quote today.
