Financial Services Insurance: What is and isn’t Covered

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Every single industry has unique insurance needs, and the financial services industry is no exception. Oklahoma City, OK financial companies will find that financial services insurance can cover a range of perils, but what is and isn’t covered often depends on the policy you pick. 

What can Financial Services Insurance Cover?

Financial services insurance can cover errors and omissions insurance and directors and officers insurance in a single package. This coverage protects your business from lawsuits related to alleged employee mistakes, including claims related to loss from following your company’s advice or recommendations. It also protects your directors’ and officers’ personal assets in the event of a dispute, claim, or lawsuit. 

Cyberinsurance can also be included. It’s an integral form of protection since cyberattacks on the financial services industry are up a whopping 27% since 2024. Cyberinsurance covers the cost of paying a ransom, repairing your IT system after a breach, taking measures to protect against future breaches, informing customers, paying fines/judgments, and covering legal costs. What’s more, the cyberinsurance coverage included in a financial services insurance package can include coverage for business email compromise and wire-transfer fraud.

Call Freeland Insurance to Find Out More About Your Options

Financial services insurance doesn’t provide all the coverage your business needs. However, it does offer great value, covering a range of common perils that could derail your business or even permanently close it. Our team at Freeland Insurance takes pride in helping Oklahoma City, OK, financial service business owners find suitable insurance policy options, and we’re always happy to answer questions, give price quotes, and offer personalized advice so you can make informed decisions about your coverage options.  

Financial Services Insurance: What is and isn’t Covered

Posted on by agentinsure

Every single industry has unique insurance needs, and the financial services industry is no exception. Oklahoma City, OK financial companies will find that financial services insurance can cover a range of perils, but what is and isn’t covered often depends on the policy you pick. 

What can Financial Services Insurance Cover?

Financial services insurance can cover errors and omissions insurance and directors and officers insurance in a single package. This coverage protects your business from lawsuits related to alleged employee mistakes, including claims related to loss from following your company’s advice or recommendations. It also protects your directors’ and officers’ personal assets in the event of a dispute, claim, or lawsuit. 

Cyberinsurance can also be included. It’s an integral form of protection since cyberattacks on the financial services industry are up a whopping 27% since 2024. Cyberinsurance covers the cost of paying a ransom, repairing your IT system after a breach, taking measures to protect against future breaches, informing customers, paying fines/judgments, and covering legal costs. What’s more, the cyberinsurance coverage included in a financial services insurance package can include coverage for business email compromise and wire-transfer fraud.

Call Freeland Insurance to Find Out More About Your Options

Financial services insurance doesn’t provide all the coverage your business needs. However, it does offer great value, covering a range of common perils that could derail your business or even permanently close it. Our team at Freeland Insurance takes pride in helping Oklahoma City, OK, financial service business owners find suitable insurance policy options, and we’re always happy to answer questions, give price quotes, and offer personalized advice so you can make informed decisions about your coverage options.  

What’s the Difference Between Personal and Commercial Umbrella Insurance?

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Umbrella insurance is meant to be paired with another insurance policy to increase the liability limits of that policy. It’s also designed to increase coverage options to provide additional protection for individuals and business owners. 

How to Choose the Right Type of Umbrella Insurance

There are both commercial and personal umbrella insurance policies, and the coverage you pick will depend on what situations you want covered.

Personal umbrella insurance increases liability limits on your home insurance policy. It can also cover many aspects of international travel, provided the travel is for personal rather than commercial purposes. Wealthy homeowners who want to protect their assets in the event of a lawsuit would do well to purchase this type of coverage. Many policies cover not only the policyholder but also a spouse and children.

Commercial umbrella insurance policies increase the liability limits of a commercial policy, providing additional compensation if you face a costly lawsuit or judgment. This type of insurance can be ideal for professionals and business owners who work in industries with a high incidence of lawsuits, but just about any company can benefit from umbrella coverage. However, you’ll want to read your policy options carefully as umbrella insurance doesn’t cover all business activities. Professional liability claims, for instance, are typically not covered. Claims related to a cyberattack are also not covered unless you buy a specialized cyber umbrella insurance policy.

Contact Freeland Insurance in Oklahoma City, OK, for More Information

Freeland Insurance serves clients in and around Oklahoma City, OK. We offer multiple personal and commercial umbrella insurance policies from various carriers. Call us to find out more about umbrella coverage; we’d be happy to help you review your options and pick the policy that works best for you.

Will Flood Insurance Cover Water from a Washing Machine?

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Every basement or garage in Oklahoma City contains valuable appliances. From washing machines and dryers to freezers and more, basements house essential appliances that often cost hundreds or even thousands of dollars. As a homeowner, you can protect these valuable items with the right insurance. Freeland Insurance is here to help.

Flood Insurance for Basement Appliances

If your basement floods, water might reach your washing machine. Even if the washing machine is elevated a few inches off the ground, water can accumulate to a level that compromises its mechanical integrity.

In such cases, does flood insurance apply? Typically, water damage is covered by standard home insurance if it results from an unexpected, accidental, and sudden incident.

However, home insurance is not the same as flood insurance. If water reaches your washing machine due to a storm surge, heavy rain, or river overflow, you’ll need flood insurance to cover the cost of repairing or replacing the appliance.

What Flood Insurance Covers

Standard flood insurance policies cover the building itself and its contents. This includes appliances such as washing machines, dryers, portable air conditioners, freezers, and refrigerators.

However, it’s important to review the fine print of your flood insurance policy. Many policies exclude damage caused by moisture, mildew, or mold. Additionally, the loss of use of certain items may not be covered.

Freeland Insurance Center in Oklahoma City

For insurance solutions in Oklahoma City, OK, Freeland Insurance Center provides the coverage and peace of mind you need. If you’re considering flood insurance, call us at 405-692-6106 for a quote.

Can You Switch Health Insurance Companies?

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Yes, you can technically switch health insurance companies, but it’s not always as simple as deciding you want something different and making the change the next day. The ability to switch depends largely on timing and what’s happening in your life at that moment, so you should get with your insurance agent at Freeland Insurance, serving Oklahoma City, OK for details.

When Switching Is Allowed

Most people can only switch health insurance companies during specific enrollment windows. The most common is open enrollment, which happens once a year. Outside of that period, a switch is usually allowed only if you experience a qualifying life event. That could include getting married, moving to a new area, having a child, or losing existing coverage. Without one of these events, changes are often limited until the next enrollment window opens.

How Employer Coverage Fits In

If your health insurance comes through an employer, the rules are usually tied to the company’s benefits calendar. Many employers allow changes once a year during their own enrollment period. Certain life events may also allow adjustments mid-year, but those changes generally need to be made within a short timeframe.

Things People Often Overlook

Switching health insurance companies isn’t just about picking a new name. Provider networks can change, which affects whether current doctors and specialists are still in-network. Prescription coverage can also differ.

Timing and Coverage Gaps

One of the biggest concerns when switching is making sure coverage lines up correctly. Overlapping dates or short gaps can cause confusion later, especially if care is needed during the transition.

Switching health insurance companies is possible, but it works best when it’s planned carefully. Contact Freeland Insurance, serving Oklahoma City, OK, for assistance with your individual circumstances, to avoid any potential complications with your choice to change your health insurance.

How Does Term Life Insurance Differ From Whole Life Insurance?

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When you purchase life insurance, you have to make a choice. Two of the most popular types of life insurance are term and whole life insurance. These two types of policies are very different.

Understanding the differences between these two types of policies can help you decide which one is right for you. The insurance professionals at Freeland Insurance, servicing Oklahoma City, OK, can help you decide what type of insurance to buy. Here’s what to know. 

What Is Term Life Insurance?

Term life insurance is a type of insurance that lasts for a designated period. If you die while the policy is active, your beneficiaries will receive the death benefit. Sometimes, term life insurance can be extended beyond the initial term. Usually, the premium remains the same throughout the term. 

What Is Whole Life Insurance?

Whole life insurance is a type of life insurance that lasts your entire life, as long as you continue to pay the premium. Typically, the premium for whole life insurance remains at the same rate. When you die, your beneficiaries are provided a death benefit as long as you have continued to pay the premium. 

Which Type of Life Insurance Is Right For You?

Trying to decide which type of life insurance is right for you can be a challenge. Your insurance agent can help you make this decision. Contact an insurance agent from Freeland Insurance, servicing Oklahoma City, OK to learn more about the different types of life insurance and the details of each policy. We work with more than one insurance carrier, which makes it easier to find the right policy for your needs. Call today.

Advantages of Commercial Insurance for Entrepreneurs in Oklahoma City

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Running a business in Oklahoma City, OK, is a path to financial freedom. Whether you’re managing a retail store, warehouse, or office space, understanding the importance of commercial insurance is invaluable. At Freeland Insurance, we work closely with our clients to protect the foundation, reputation, and long-term growth of businesses across the state.

Advantages of Commercial Insurance

One of the most notable advantages of commercial insurance for business owners across Oklahoma is the ability to protect against unforeseen financial losses. Commercial property insurance covers damages from fire, theft, storms, and even vandalism (which is not covered with most traditional property insurance policies). Additionally, liability insurance safeguards business owners from product-related claims, customer injuries, or even direct lawsuits, regardless of the line of work you’re in or the type of business you represent. 

Build Credibility and Trust

Obtaining proper commercial insurance is a way to build credibility and trust among clients and customers. Promoting that you are licensed and insured is a way to demonstrate responsibility and professionalism. For industries such as hospitality, retail, and even construction in OK, this is key.

Workers’ Compensation

Obtaining workers’ compensation insurance is a way to protect yourself as a business owner, along with your employees. This can boost workplace morale and fulfill state requirements simultaneously. Business interruption and cyber liability insurance can help you remain resilient whenever a potentially unexpected disruption occurs, from cyberattacks to personal attacks on your business software.

If you’re just getting started with a new business, or you’re reevaluating existing policies, Freeland Insurance is here for you. For those located in Oklahoma City, OK, we’re here for you. To learn more about the advantages of commercial insurance for entrepreneurs and how our evaluation can help you, contact us for more information.

Rising Rebuild Costs in Oklahoma City: Why Your Home Insurance May Fall Short

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Let’s be honest, a home insurance policy that made perfect sense five years ago might leave you completely exposed today.

The reality is that Oklahoma City homeowners are facing a challenging situation. The cost to rebuild, not just repair, a home after a total loss has surged due to inflation, material shortages, and rising labor costs. Here’s the catch: if your home insurance isn’t keeping up, you’re on the hook for the difference.

Construction Costs Are Climbing Fast

Everything is getting more expensive: lumber, concrete, and skilled trades. Across the board, prices have skyrocketed over the last five years. Rebuilding a 2,000-square-foot home in Oklahoma City now costs significantly more than it did just a few years ago, yet your policy may still reflect outdated replacement values.

Why does this matter? Most home insurance policies in Oklahoma City, OK, are based on a home’s estimated rebuild value, not its market price. If your coverage hasn’t been updated, a fire, tornado, or severe storm could leave you with a partial payout and a financial gap you didn’t plan for.

Standard Coverage Isn’t Always Enough

Even if you think you have “full coverage,” you might still fall short. Here’s why: basic policies typically cap replacement costs at the original estimate, but your home is likely worth much more now.

It’s simple math. Let’s say your home needs to be rebuilt from the ground up. That includes everything: permits, labor, debris removal, and compliance with updated zoning or building codes. All of these costs have increased. If your coverage isn’t designed to grow with those expenses, you could be left with a significant financial burden.

How to Protect Yourself Before It’s Too Late

The solution starts with a conversation. At Freeland Insurance, we help Oklahoma City homeowners review their current policies and assess real-time rebuild values, not just ballpark figures.

We also walk you through optional add-ons, like extended replacement cost or ordinance coverage, which can protect you from ever-increasing construction costs.

Not sure if your coverage still fits your home? Let’s take a look together. Contact Freeland Insurance in Oklahoma City, OK, today. No pressure, just answers.

Can I Keep My Old Doctor if I Get a New Health Insurance Company?

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Switching health insurance plans can lead to questions regarding continuing care with a trusted doctor. If you’re in Oklahoma and contemplating a new health insurance provider, understanding how provider networks operate is crucial to avoid any surprises. Your agent at Freeland Insurance, serving Oklahoma City, OK, can assist.

Understanding In-Network vs. Out-of-Network

Most insurance plans come with a list of approved providers known as a network. These doctors and facilities agreed to work with the insurance company at pre-negotiated rates. If your doctor is "in-network" under your new plan, you can continue seeing them as usual, and your visits will be covered under your new benefits.

If your doctor isn’t in-network, your options will depend on your insurance type. Some plans won’t cover any costs for out-of-network care unless it’s an emergency. Others might cover a portion of the bill, but you’ll typically pay more out-of-pocket.

Verify Before You Switch

Before finalizing a new policy, ensure your doctor is part of the new insurer’s network. You can contact the doctor’s office directly or review the insurer’s list of in-network providers. An experienced local agent can also help you compare plans and guide you through the details.

Considerations for Ongoing Treatment

If you’re in the midst of treatment for a medical condition, you may be eligible for what’s called a transition of care. This allows you to temporarily continue with your current doctor while your new plan takes effect, but it usually requires approval.

Choosing a new health plan doesn’t have to mean starting over with a new doctor. A bit of planning can help maintain consistency in your care. Consult with your insurance agent at Freeland Insurance, serving Oklahoma City, OK, to learn more.

Locating Lost or Unclaimed Life Insurance Policies

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Understanding Life Insurance and Locating Lost or Unclaimed Policies

We all face the future knowing that someday we will pass away, and life insurance can provide financial support for those we leave behind. Many of us have questions about which type of insurance to buy or how much coverage to purchase. Residents of Oklahoma City, OK, with questions about life insurance can discuss all available options with our team at Freeland Insurance. We’ve been assisting clients with life insurance in your area since 2006.

Locating Lost or Unclaimed Life Insurance Policies

The Oklahoma Department of Insurance states that many life insurance policies go unclaimed. The same source reports that they have assisted Oklahoma residents in collecting more than 49 million dollars from lost or unclaimed life insurance policies. Interestingly, more than $94 million was awarded to 4,872 Oklahomans via this system between 2019 and 2023.

The Oklahoma Insurance Commissioner currently encourages clients to search for lost and unclaimed policies with the Life Insurance Policy Locator, which can be found on the Oklahoma Department of Insurance’s website. Requests can be made free of charge, and the request process is confidential. Anyone who believes they are a beneficiary of a deceased loved one’s insurance policy is encouraged to contact the Department of Insurance online or by phone.

Contact Us Today for Your Appointment

Several types of life insurance policies are available, and many factors are involved in selecting them. Every member of our team at Freeland Insurance is ready to assist you with choosing the right life insurance policy. Residents of Oklahoma City, OK can feel confident when making an appointment for an insurance discussion. Call us for an appointment today, and let’s talk about providing your family with a life insurance policy.