Business Insurance in Oregon
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Tailored business insurance in Oregon
The Beaver State is home to nearly 403,000 small businesses that cover diverse industries—from construction and real estate to home health care and accounting. No matter what industry you work in, business insurance for Oregon small business owners helps protect their livelihoods.
Keep reading to learn more about small business insurance in Oregon and how to compare multiple quotes and save with BizInsure.
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Basic insurance coverage in Oregon
Small businesses in Oregon consider many types of insurance coverage to shield them against common risks. Basic insurance coverage in Oregon often includes:
Professional Liability
Mistakes happen, even to the most careful small business owners. But an apology alone might not be enough when you’re working with a client. Mistakes, errors or omissions in your work may lead to project delays, extra work, or wasted materials. Setting things right could be your responsibility—and an expensive one at that!
Professional Liability insurance (also known as Errors and Omissions insurance in Oregon) protects you and your company in case of a lawsuit due to alleged professional wrongdoing. These policies typically pay your legal defense fees, as well as settlements and court judgements, when a claim or lawsuit is brought against you or your business.
It may be mandatory to have Professional Liability insurance in Oregon if you work in certain industries. Providing proof of insurance may be required to get or renew a professional license in the state or to work with specific clients.
General Liability
Accidents often cause trouble for small businesses. A customer slipping and falling in your business premises could create expensive medical bills that the customer expects you to pay. It was an accident, but if you’re found liable for their injuries, you might be stuck paying the tab.
General Liability insurance (sometimes called ‘slip and fall’ coverage) protects businesses against the risk of third-party injury and property damage. Typically, a policy pays your legal defense fees, as well as the cost of setting things right. General Liability claims and lawsuits are brought by third parties, such as customers or clients, delivery people, or other members of the public.
You may be required to have General Liability insurance in Oregon to work with specific clients or rent commercial space for your business.
Workers’ Compensation
As an employer, it is your responsibility to look out for the safety and wellbeing of your staff. Many workplaces follow strict safety measures to help prevent serious injuries and illnesses on the job. But, if one does occur, you could be hit with a workers’ comp claim or lawsuit.
Workers’ Compensation insurance (sometimes called workmen’s comp or workers’ comp insurance in Oregon) provides benefits to your employees when they make a claim against your workplace for injury or illness. A policy typically covers medical and rehabilitation bills, as well as replacement wages, disability support costs, and funeral costs for covered claims.
Workers’ Compensation insurance is required for most Oregon businesses. Visit the Workers’ Compensation Division website for information to understand when you must have workers’ comp insurance in Oregon.
Business Owner’s Policy
Anything can happen when you’re running a small business. Damaged equipment, unexpected interruptions, and other setbacks could make it difficult (if not impossible) to run your business. Many small business owners seek coverage to help them handle these and other events.
A Business Owner’s Policy (BOP) is a convenient and affordable way for small business owners to protect against several of their most common exposures. These policies combine General Liability insurance with other types of coverage, such as business interruption and business property damage.
A BOP could help you address several different types of risk at once. Your policy can be customized to include just the coverage you want for your business needs.
How much does business insurance cost in Oregon?
The cost of business insurance in Oregon varies. Every small business is unique, even those in the same industry. How much you pay will depend on many factors, from the types of coverage you choose to where you work.
Common factors used to calculate business insurance premiums include:
- Your business location or where you work
- Your qualification and experience
- The number of people you employ
- How much you make in a year
- The amount of coverage you want
- Your claims history
When you compare multiple quotes, you may get a better idea of how much your business insurance will cost. It lets you see what different insurers are offering and helps you find the best coverage for your small business.
Save time and money with BizInsure
Finding small business insurance for Oregon businesses is easy with BizInsure. In as little as 10 minutes, you can compare multiple quotes and buy instant coverage. You could even save money when you switch policies with us!
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