Business Insurance

Business insurance is all about protection; protection for your employees, protection for your customers, protection for you and your property. 

You have worked hard to build your company and want to make the right decisions for your business.  Business owners have a higher chance of having a claim filed against them than home owners because you are exposed to more liability. 

With the right coverage, designed by a MemberHaven insurance agent, you will feel confident that your insurance coverage is there to protect your business from multiple liabilities.  Through our partnership with multiple insurance carriers, MemberHaven offers tailored coverages to address the complex exposures faced by businesses of all types and sizes.
 

What Commercial Business Insurance Do You Need?

Commercial General Liability

Commercial general liability insurance protects you and your employees from claims involving bodily injury or property damage up to the limits of your policy. 

If you are sued or injury damages are filed against your company, your general liability policy will cover the costs of an investigation, attorney expenses, medical expenses and any judgment or settlement.  This is the most important insurance a business owner must have.

Commercial Property Insurance 

All business’ have commercial property that needs to be insured, it is hard to operate without certain items.  This can range from your buildings, computer equipment, furnishings, inventory, tools of your trade and even accounts receivables. 
 
If your business were to be robbed and all your computers and inventory were stolen, you would need to replace those items.  Without commercial property insurance, the cost of replacement would come out of your pocket.  As long as your losses are caused by a covered event, commercial property insurance will help cover the cost of replacing your assets.
 

Commercial Auto Insurance

Does your company use a vehicle for work purposes?  Service industries that send workers to a job site or companies that make deliveries will need commercial auto insurance.  Accidents happen, frequently.  If a vehicle you rely on for working becomes undriveable you may end up losing revenue.  Get the protection you need to get your car operational as soon as possible.

Keep in mind, that this policy only covers property items and equipment that are permanently attached to the vehicle.  Any unattached property, tools or equipment will need to be covered by your commercial property insurance or an inland marine endorsement.

MemberHaven works with multiple insurance carriers to find you the most reliable commercial auto insurance for your business needs.  We have access to several different discount options.  Let our experienced insurance agents help you find the best insurance quote for your company.

Workers Compensation Insurance

If you have employee’s, you already know this insurance is required by state law.  Workers compensation is intended to provide medical and wage benefits for your employees who are injured or become ill due to work.  It will also cover death benefits for employees who are killed while on the job.  Workers compensation doesn’t only protect the employee, but the employer is protected from civil suites from workers injured on the job.

Some factors that influence your workers compensation rates are:

• Employee risk – some professions are at higher risk than others, roofers for instance.  Higher risk of injury equates higher cost of premiums.
• Annual payroll – also used to calculate your workers comp insurance cost.
• Claims history – rates are frequently associated with the number and severity of past claims.

Follow this link to a guide for employers on worker’s compensation in Oklahoma. 

 

Optional Commercial Business Insurance

• Commercial Umbrella – provides extra liability insurance.  General liability limits aren’t always high enough to protect your business.  Depending on your business, you may want to consider adding this insurance coverage.  The umbrella policy also covers libel and slander which won’t be covered with general liability.

• Cyber Crime Insurance – one of the fastest growing crimes in the world.  Most everyone has heard of the viruses that land on your computer, hijack all your information and then blackmail you to get access back to it, better known as ransomware.  Data and systems restoration expenses are covered under this policy.

• Professional Liability – also known as Errors and Omissions Insurance.  As a professional service provider (accountants, lawyers and such), clients can sue you due to unintentional mistakes on your part (errors) or you failed to perform some service (omissions).  Professional liability insurance can cover the costs of defending your company and certain damages awarded by a court.

• Surety Bonds – required by 3^rd party as a financial guarantee of a certain performance and completion per the terms of the agreement.  Surety bonds give your client peace of mind that they are doing business with a reputable company.  Clients like knowing that you are going to stand behind your work and that if something goes wrong the bond company is there to protect their interests.

Let MemberHaven’s knowledgeable insurance agents help tailor a plan that is perfect for your business needs.