General Contractors Insurance in Oklahoma

Why do contractors need insurance in Oklahoma?

The Sooner State has a thriving construction industry. In the construction sector, there are over 38,550 sole proprietors, many working as general contractors.

Construction sites are often hazardous places to work. A simple incident can result in a huge risk for your small company regardless of whether you are working on residential or commercial construction projects. Insurance for contractors is essential for Oklahoma companies to safeguard their hard-earned work from injuries, delays and other issues that are common.

Contractor insurance is a variety of insurance types which a general contractor may consider.

• General Liability
• Business Owners’ Policy
• Workers’ Compensation

Learn more about Oklahoma contractor insurance, and learn how BizInsure can help you to find insurance that fits your needs.

What are common insurance policies for Oklahoma contractors?

Oklahoma tradespeople are aware of several kinds of insurance for contractors. These insurance policies can aid in reducing the typical risks that general contracting companies have to face.

General Liability Insurance

Construction sites are an area where anything can happen. If someone is injured by your innocent actions, such as leaving a toolbox in an unsuitable place, it could result in an enormous headache for you and your business.

Also referred to as Commercial General Liability (CGL) or “slip and fall coverage”, General Liability insurance can protect your business against bodily injury or property damage lawsuits from outside parties.

General Liability policies typically cover your legal expenses as well as your cost to replace or remedy the situation up to the limits of liability. This may include paying medical bills, repair costs or for replacements.

Business Owner’s Policy

When you are working in the construction industry, things don’t always run smoothly. The construction industry is prone to interruptions of projects, damaged tools, and other accidents.

A Business Owner’s Policy (BOP) is a convenient package of insurance that protects your business against the common risks it faces every day. The BOP product includes various coverages that may suit the unique requirements of your small business. Insurance included in a BOP can vary but usually they include protection for typical small business risks such as property damage, business interruption and liability.

BOP can provide customized coverage options to suit your company’s needs. This can be a convenient and cost-effective way to protect yourself from the many dangers that general contractors are exposed to.

Workers’ Compensation Insurance

It is your responsibility to make sure that your employees are healthy and happy at work if you depend on them to manage your business.

Workers’ Compensation insurance provides protection for employers if an employee suffers a work-related illness or injury. The insurance typically pays for medical expenses of any employees that are sick or injured while working. If they are unable to work due to injury, it may cover their lost income, physical therapy or rehabilitation.

To meet state law, with limited exceptions, employers in Oklahoma must obtain Workers’ Compensation insurance if they have one or more employees.