As a contractor in Oklahoma, having proper insurance coverage is crucial for protecting your business, meeting state requirements, and securing contracts. This comprehensive guide breaks down the essential insurance coverages Oklahoma contractors need, including costs based on our analysis of actual quotes from leading carriers.
Build smart by reading our guide to general liability construction insurance.
General Liability Insurance for Oklahoma Contractors
General liability insurance protects your contracting business from third-party claims of property damage and bodily injury. Based on our analysis of over 800 contractor quotes, here are the typical costs for Oklahoma contractors:
| Revenue Size | Average Premium | % of Revenue | Favorable Rate | Potential Savings |
|---|---|---|---|---|
| $500K | $7,500 | 1.5% | $4,900 | 35% |
| $1M | $12,600 | 1.3% | $9,300 | 26% |
| $2.5M | $27,800 | 1.1% | $20,700 | 26% |
These premiums assume:
- Clean claims history (5+ years without incidents)
- Standard $1M/$2M coverage limits
- Typical mix of residential and commercial work
- Approximately 10% subcontractor costs
Worker’s Compensation Insurance for Oklahoma Contractors
Worker’s compensation insurance is mandatory for Oklahoma contractors with employees. Based on our analysis, Oklahoma contractors typically pay around $4,781 per employee annually for workers’ compensation coverage.
Key premium factors include:
- Employee classification codes
- Annual payroll
- Claims history
- Safety programs
- Experience modifier rating (EMR)
For Oklahoma contractors, typical workers’ compensation costs per $100,000 of payroll average $13,800, which is moderately high compared to other states.
Common contractor classification codes and their approximate rates in Oklahoma:
- Code 5606 (Project Manager/Supervisor): $3-5 per $100 of payroll
- Code 5645 (Residential Construction): $8-12 per $100 of payroll
- Code 5403 (Commercial/Large Projects): $12-17 per $100 of payroll
Additional Business Insurance for Contractors in Oklahoma
1. Commercial Auto Insurance
- Typical cost: $1,000-$4,000 per vehicle annually
- Required for business-owned vehicles
- Higher limits often needed for larger contractors
- Coverage for accidents, damage, and liability
- Protection extends to employees driving business vehicles
2. Tools & Equipment Coverage
- Cost: $1,500-$5,000+ annually for $15k-$50k coverage
- Protects both owned and rented equipment
- Coverage follows equipment to all jobsites
- Protection against theft, damage, and vandalism
- Includes mobile equipment and specialized tools
3. Commercial Property Insurance
- Annual premiums: $2,000-$20,000+ based on property value
- Protects offices, storage facilities, and workshops
- Coverage for fire, theft, vandalism, and natural disasters
- Business interruption coverage available
- Contents and inventory protection included
4. Builder’s Risk Insurance
- Premium: 0.15-0.75% of project value
- Covers projects under construction
- Protection against fire, weather, vandalism
- Materials coverage during transit and storage
- Soft costs coverage available for project delays
5. Contractor License Bonds
- Protects clients against contractor default
- Required for certain Oklahoma contractor licenses
- Typical cost: 1-3% of bond amount
- Premium varies based on credit and experience
- Guarantees compliance with state regulations
Get Oklahoma Contractor Liability with ContractorNerd
ContractorNerd specializes in making insurance simple and data-driven for Oklahoma contractors. Our platform offers:
- Instant online quotes from top-rated carriers
- Side-by-side coverage comparisons
- Contractor-specific expertise and guidance
- Streamlined application process
- Ongoing policy management support
- Claims advocacy when needed
Our team of contractor insurance specialists understands Oklahoma’s unique requirements and can help you:
- Optimize coverage levels based on your specific risks
- Find competitive rates through our carrier network
- Bundle policies for additional savings
- Ensure compliance with state regulations and contract requirements
To get started with tailored quotes for your Oklahoma contracting business, visit our online quote tool or speak with one of our contractor insurance specialists today.