Contractors Insurance in Oklahoma

The state of Oklahoma only requires a small segment of contractors to have a state license. Currently the state requires plumbing contractors, electrical contractors, and HVAC contractors to be licensed by the state. General Contractors are not required to have a state license but the contractor should always check with the local jurisdiction to find out if a license is required.

If you are a non-resident contractor and planning to move to Oklahoma, you are required to complete Form BT-175 Notice of Contract with each of these agencies:

  • Oklahoma Tax Commission, Taxpayer Assistance Division
  • Oklahoma Employment Security Commission
  • Oklahoma Department of Labor
  • The County Assessor’s Office in the county where you plan to be working.

The Workers’ Compensation requirements in Oklahoma are as follows: Every employer, even employers with one part-time employee, is required to carry workers’ compensation insurance. The exceptions to the rule are: Sole proprietors, LLCs, partners, and corporate officers can choose to cover themselves or be excluded. There is also a “family of five or fewer exemption,” where an employer with five or fewer total employees (all of whom are related by blood or marriage to the employer), are exempt.

Employers can purchase Workers’ Compensation Insurance from a commercial insurance provider or it can be purchased through the Oklahoma state workers’ compensation fund.

Protect Your Business with Contractors Insurance from Fairbanks Insurance

Contractors operating in Oklahoma are subject to a variety of risks for every job they work on. Their risks are not only third-party claims for injury and property damage, but also for injuries to employees at the jobsite. Contractors mitigate these risks by purchasing a contractors insurance package from Fairbanks Insurance Brokers.

Here is What We Recommend:

General Liability

Your contractor’s general liability policy will be your first line of defense if a third-party brings a legal action against your business. The policy will pay your defense costs and cover for the following:

  • Third party charges for bodily injury or property damage
  • Personal Liability (libel, slander, etc)
  • Contractual Liability
  • Products Completed Operations

Workers' Comp

Every business owner who has one or more employees is responsible for their cost of work-related injuries or illnesses unless the business has a workers’ compensation policy in place. Your state department of labor will require you to carry this important coverage and will hit your business with some penalties if you ignore the rules.

Commercial Auto

Oklahoma contractors use several types of vehicles for their business operations and as such, they need commercial auto insurance because this coverage offers liability limits, no limit on the number of vehicles on a policy, and no limit to the number of drivers to be insured. Never trust your commercial vehicles to a personal auto policy.

Tool Coverage

A contractor’s tools and equipment are always at risk for damage or theft. Contractors in all trades can depend on our Contractor Inland Marine policy to provide coverage for their tools and equipment and their employees’ personal tools. They may also use the policy to cover their “installation” risk.

Surety Bonds

It’s easy to confuse surety bonds with insurance because they are in place to pay your customer is you do not abide by the rules of the project contract. They are not the same, however, and the professionals at Fairbanks Insurance Brokers are happy to discuss your bond needs for any project.

Fairbanks Insurance Brokers is a leader in providing contractors insurance and is dedicated to providing Contractors and Builders the finest insurance protection at the lowest rates throughout the construction community.

With savings up to 65% on General Liability, Workers’ Compensation, Commercial Auto and Bonds, you can count on us to do the heavy lifting and provide you the most competitive quote that includes all the discounts for which you qualify.


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