Oklahoma City Business Liability Insurance
Oklahoma City business liability insurance agents help you to choose an insurer that suits your company. However, you should make sure that you choose a trustworthy, reliable agent. On rare occasions, Oklahoma City business liability insurance agents will commit fraud, both against insurers and their clients. For example, a few tricks of the trade include "sliding" and "twisting". It's a good idea to understand where potential fraud arises before you choose an agent.
When you are purchasing Oklahoma City business liability insurance, you have to make a number of decisions. One of those decisions will be whether to purchase an occurrence or claims made liability policy for your Oklahoma City business. Another decision will be whether you need to purchase supplemental coverage, such as an umbrella policy. It helps to have an Oklahoma business insurance agent guide you through the process.
Insurance Agents That Cheat
Occasionally, an Oklahoma City business liability insurance agent will attempt to sell you more coverage than you need. This technique is called "sliding", and agents do it because they're paid a percentage of any policy they sell. A more expensive policy for you obviously means a higher cut for them. Naturally, if this happens to you, you will be paying higher premiums than you should. One way to avoid this is to make sure you understand your liability policy before you sign.
Further down the line in your relationship, an Oklahoma City agent might try what's called "twisting". Twisting is when an agent replaces your old policy with a new policy arbitrarily, because first year premiums tend to offer higher commissions for Oklahoma City business liability insurance agents. Obviously, if your agent wants you to switch insurers, you need to make sure it's for good reason.
Another problem with Oklahoma City business liability insurance agents is that they can be very charming and talkative. Sometimes, salesmen are difficult to read. It's hard to know whether your agent is offering you extra policies you don't need, because he or she is so friendly and chatty. Obviously, you want to choose an agent you trust; and, in the end, you have to use your instinct to decide.
Occurrence or Claims Made Coverage?
When you're purchasing a liability policy for your Oklahoma company, you need to figure out whether you want claims made or occurrence. It depends on the nature of your Oklahoma City business and personal preference. Basically, a claims made policy is only active when you're paying a premium and not afterwards. An occurrence policy, on the other hand, will remain forever active for any events related to the time that you're insured.
So, say you're a contractor and you build a playground. Now, imagine that five years after you retire, that Oklahoma City playground falls apart for some reason, and somebody decides to sue you. If you had an occurrence policy at the time that you built the house, you still have an active Oklahoma City business liability insurance policy. However, if you had a claims made insurance policy, you're completely on your own.
As you might expect, it's not such a simple decision. If your work is going last in the future, an occurrence policy can sound very appealing. However, occurrence policies are more expensive than claims made policies. Also, the occurrence policies don't adjust for inflation or the growth of your OK business, so you may end up losing out based on the changing economy.
You can purchase tail coverage on a claims made policy for your Oklahoma City, Oklahoma business. Depending on what you do, that may be a reasonable option. In some industries you may need to get and occurrence policies, whereas for other specialties occurrence coverage might not be available. If you're confused about what kind of policy to get for your business, you might want to talk to an Oklahoma City liability insurance agent.
Oklahoma Umbrella Liability Insurance Policies
If you can't afford to get high enough limits on your Oklahoma City business liability insurance policy, you might want to consider purchasing an umbrella policy in addition to basic coverage. Well, actually, whether or not you can afford it, you may find that an umbrella policy is more affordable than raising your limits. It's always smart to get a good deal when you can, isn't it?
An umbrella policy basically can top off your Oklahoma City business liability insurance policy with an extra cushion. Imagine that you get sued, and your basic business liability insurance coverage only pays $1 million due to coverage limits, but the settlement costs $2 million. Your OK company would be in trouble, right? If you have an umbrella policy, it would pick up the final $1 million. An agent can help you decide whether an umbrella policy is a good idea.
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