MoneyGeek considered factors such as affordability, customer satisfaction and the time it takes to get online quotes to determine the best general liability insurance companies in Oklahoma. Thimble takes the top spot, charging an average of $63 per month for LLCs with 20 employees and an average of $22 per month for sole proprietors with no employees.
Overall, Next provides the most affordable general liability insurance in Oklahoma. It charges an average of $26 per month for LLCs with 20 employees and an average of $25 per month for sole proprietors with no employees.
Best Overall General Liability Insurance in Oklahoma
MoneyGeek has selected Thimble as the best general liability insurance company in Oklahoma, giving it a score of 87 out of 100. The corresponding table highlights the rankings and monthly costs of all the companies we analyzed.
Most affordable rates for sole proprietors
Provide fast online quotes
Strong financial stability rating
Most expensive general liability insurance for LLCs
Has a fairly high rate of customer complaints
Thimble is MoneyGeek's choice for the best general liability insurance in Oklahoma due to several key factors. It provides the cheapest coverage for sole proprietors of the insurers we looked at, with an average cost of $22 per month. However, it charges an average of $63 per month for LLCs, which is more expensive than its competitors.
Another benefit of Thimble is its excellent financial stability rating, which indicates that it shouldn't have a problem meeting its financial obligations. This company is the quickest to provide online quotes, taking an average of just 19 seconds to process each request. However, Thimble receives more customer complaints than the average insurer, according to the National Association of Insurance Commissioners (NAIC).
Cheapest General Liability Insurance in Oklahoma
Next provides the cheapest general liability insurance in Oklahoma. LLCs with 20 employees can expect to pay an average of $26 per month, whereas the average cost for sole proprietors with no employees is $25 per month.
We ranked insurance companies based on affordability scores that combined their monthly costs for LLCs and sole proprietors. Therefore, the company that is the cheapest overall might not offer the most affordable policies for both LLCs and sole proprietors.
Provides the cheapest rates for LLCs and the second-cheapest for sole proprietors
Fast online quote process
Low financial stability score
Next is the cheapest general liability insurance provider in Oklahoma. It has the most affordable rates for LLCs with 20 employees, charging an average of $26 per month. Its policies for sole proprietors with no employees cost an average of $25 per month, making it the second-cheapest option for this business entity. Next processes online quotes quickly, taking an average of 1 minute and 10 seconds per request.
The company received a rating of A- (Excellent) from AM Best, meaning it is likely to fulfill its obligations. However, it is the least financially stable company in our comparison group.
Best General Liability Insurance for Employers in Oklahoma
Next came out on top as the best general liability insurance company in Oklahoma for employers, receiving a MoneyGeek score of 91 out of 100. A policy from this company costs an average of $26 per month.
Rankings for this category are based on an analysis of average monthly costs for LLCs with 20 employees. The number of people your business employs affects how much you'll pay for general liability insurance. For example, you’ll typically pay less than the average cost if you have fewer than 20 employees, and your rate is likely to be higher if you have more than 20 employees.
Provides the most affordable general liability insurance for LLCs
Processes online quote requests quickly
Receives more complaints than competitors
Has the lowest financial stability score in our comparison group
Next is the best company for employers who need general liability insurance in Oklahoma, mainly because it provides the most affordable policies. This insurer has an average rate of $26 per month for LLCs with 20 employees. In addition, this company provides fast online quotes, processing each request in only 1 minute and 9 seconds, on average.
Next has a relatively low financial stability score compared to competitors, but its A- (Excellent) rating from AM Best still indicates that it is financially strong and likely to fulfill its financial obligations.
Best General Liability Insurance for Sole Proprietors in Oklahoma
MoneyGeek found that Thimble is the best general liability insurance company for sole proprietors in Oklahoma. It earned a MoneyGeek score of 95 out of 100 and charges an average of $22 per month.
Our analysis is based on the average costs for sole properties with no employees. You can expect to pay more than the average if you work in a high-risk industry such as construction, forestry or transportation.
Provides the cheapest rates for sole proprietors
Very fast online quote system
High financial stability rating
Relatively high rate of customer complaints
Thimble is the best general liability insurance provider for sole proprietors in Oklahoma because of its highly competitive pricing, the speed at which it processes online quotes and its financial stability. This insurer has the most affordable general liability insurance for sole proprietors, charging an average of $22 per month. It also provides the fastest online quotes, taking an average of just 17 seconds to process each request.
Furthermore, Thimble's high financial stability rating indicates that it is financially strong and capable of fulfilling its existing financial obligations, including paying out claims. That said, Thimble has a higher-than-average rate of complaints from the National Association of Insurance Commissioners (NAIC).
Do You Need General Liability Insurance in Oklahoma?
It is not mandatory for business owners in Oklahoma to get general liability insurance. However, you may consider purchasing a policy because it can protect your business from financial loss that may result from liability claims related to third-party injuries, third-party property damage and advertising injuries. In addition, getting this type of business insurance might be necessary to obtain specific licenses or win contracts in some industries.
If your business has one or more employees, Oklahoma state law requires that you get workers’ compensation insurance. If your business has company-owned vehicles, you also need to get commercial auto insurance with the following minimum limits:
- $25,000 per person
- $50,000 per accident for bodily injury
- $25,000 for property damage
How Much Is General Liability Insurance in Oklahoma?
It costs an average of $48 per month to get general liability insurance in Oklahoma for an LLC with 20 employees. The cost changes to $27 per month for sole proprietors with no employees.
These averages are indicative of policies with a $2 million aggregate limit, a $1 million occurrence limit and a $0 deductible.
While the aggregate limit highlights the maximum amount an insurer may pay to cover claims during a policy’s tenure, the occurrence limit refers to the maximum amount an insurance company may pay per claim. The deductible refers to the out-of-pocket expense you need to make before the insurance takes effect.
Factors That Impact General Liability Insurance Costs in Oklahoma
The amount you'll pay for general liability insurance for your business varies based on multiple factors:
Frequently Asked Questions About General Liability Insurance in Oklahoma
MoneyGeek answered some commonly asked questions about general liability insurance in Oklahoma to help you as you compare your options.
About Melissa Wylie
Melissa Wylie is a Content and SEO Manager at MoneyGeek. Melissa has worked in the financial content space since 2018 and has spent much of that time focused on all things small business.
Prior to joining MoneyGeek, Melissa held SEO positions at Bankrate and LendingTree. Melissa’s work has also appeared on LendingTree-owned websites ValuePenguin and MagnifyMoney.
Melissa began her career at American City Business Journals in 2015 as a reporter for the company’s women-focused publication Bizwomen. Melissa has a Bachelor of Arts in Journalism from the University of North Texas. Melissa relies on her foundation in journalism to craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.
Melissa's other work can be read on LendingTree and Bizwomen.
sources
- Oklahoma Department of Commerce. "Doing Business in Oklahoma." Accessed May 8, 2023.