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New bodily injury cap law makes Oklahoma more business friendly

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Courthouse officials in Oklahoma reported an increase of civil case files following a law that took effect November 1 that limits the amount of damages plaintiffs in bodily injury lawsuits can collect, Insurance Journal reports.

The new $350,000 cap on pain and suffering damages created more than 187 cases filed on October 28 in just the Tulsa County Court Clerk’s office alone.

According to Tim Rhodes, chief deputy of the court clerk’s office, Oklahoma county averages approximately 400 civil cases filed per month, and 600 were filed on October 31.

Those in support of the new cap state it will limit the financial responsibility of business insurance companies that cover doctors and businesses and it will create a more business-friendly Oklahoma, the news source says. In addition, businesses may see lower insurance rates.

Governor Mary Fallin said in a statement that business growth has hindered due to excessive legal fees.

“The new, comprehensive lawsuit reform measures passed this year will help to address those costs while still protecting the legal rights of all parties,” Fallin said.

 

General Liability Insurance

What Is General Liability Insurance? Commercial General Liability Insurance protects small-business owners from claims of injury, property damage, and negligence related to their business activities.

Workers’ Compensation

What Is Workers’ Compensation Insurance? Workers’ compensation insurance covers your employees’ medical expenses and at least some portion of their lost wages if they are injured on the job.

Business Owners Policy

What Is a Business Owners Policy? A BOP is simply bundled insurance designed to provide essential coverage to certain business owners at a competitive price. A BOP insurance coverage includes

Professional Liability Insurance

Professional liability insurance also called , errors and omissions insurance (E&O; insurance), protects you if a client claims that your services caused them to suffer a financial loss. While general liability insurance is primarily focused on property damage or bodily injury,

Disability Benefits Insurance

Employers in New York State are obligated to offer disability benefits insurance to their employees. This coverage is specifically designed to provide financial assistance in the event of off-the-job injuries or illnesses.



Business Umbrella Insurance

Without Business Umbrella Insurance (also sometimes called Umbrella Liability Insurance or Excess Liability Insurance ), you would have to pay the uncovered expenses out-of-pocket. Even if you carry General Liability Insurance for your business, without business umbrellainsurance you might face a repair, settlement, or judgment in excess of your coverage limit.

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