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INSURANCE
REQUIREMENTS
PROPERTY INSURANCE
This protects the owner of the property against the
loss caused by the actual destruction of a part or all of the property by fire,
windstorm, explosion, falling aircraft, riot, and other perils.
BUSINESS INTERRUPTION INSURANCE
This protects a business against loss arising out of legal liability for
death, injury, or damage to the person or property of others caused by
negligence.
BONDS
Fidelity bonds guarantee against loss due to the dishonesty of employees.
Surety bonds guarantee the performance of various types of obligations assumed
by contract or imposed by law. This can be included in your liability insurance.
Be sure to check this out with you insurance agent. Below is a list of bonding
agencies.
· Albright Insurance Agency, Inc. -
765-4441
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Larry Murphy Insurance Agency, Inc. - 767-1520
·
Wetzel Agency, Inc. - 765-5566
WORKERS COMPENSATION
Worker's comp provides for payment of compensation
benefits, as established by state law, to insure employees of a business. This
insurance is mandatory in the state of Oklahoma. This insurance is sold by most
major insurance companies, but can also be obtained through the State Insurance
Fund, 405-232-7663.
GROUP INSURANCE FOR EMPLOYEES
This insurance must conform to state standards. For
more information, contact:
Oklahoma Insurance Department
P.O. Box 53408
Oklahoma City, OK 73152-3408
405-521-2828 - 800-522-0071
Tulsa Office
3105 E. Skelly Drive, Suite #305
Tulsa, OK 74127
918-747-7000 - 800-728-2906
PRODUCT LIABILITY
This refers to insurance coverage for a product
manufactured by the insured.
Include the following when selecting a business site:
- Convenience for targeted customers.
- Building modification cost.
- Whether you want to own, rent, or lease.
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