General Contractors Insurance in Oregon

Do Oregon general contractors need insurance?

Construction is among the largest sectors in The Beaver State. It employs over 22,860 people, with many who may be registered as general contractors.

Construction sites are often hazardous places to work. An accident could lead to an expensive liability problem for small companies. Contractor insurance for Oregon businesses helps prevent mishaps and delays that are unexpected, as well as other common issues from destroying the hard work you’ve put into it.

Insurance for contractors is a simple term used to describe different kinds of insurance that a general contractor could consider.

• General Liability
• Business Owner’s Policy
• Workers’ Compensation

Learn more about Oregon contractor’s insurance and learn how you can find suitable policies for your business through BizInsure.

What are the most common insurance policies for contractors in Oregon?

Oregon contractors typically look at several different kinds of insurance. These insurance policies can help you reduce the risks that contractors could face.

General Liability Insurance

Construction sites are unstable. An innocent action–like leaving your toolbox in a wrong place–could result in a huge problem for your company in the event that someone gets hurt because of what you’ve done.

A General Liability policy can protect you against any claim by an outside party regarding injury or damage to their property. In these instances, your policy will cover your legal expenses as well as your cost to replace or remedy the situation up to the limits of liability.

Oregon contractors can protect their bank accounts with General Liability coverage. You may also see these policies called Commercial General Liability (CGL) or “slip and fall” coverage.

Business Owner’s Policy

In the construction field, things are not always as expected. Incomplete projects, broken instruments and other problems can cause problems in meeting the deadlines you set.

A Business Owner’s Policy (BOP) is a combination of policies, combining covers such as General Liability insurance and business personal property coverage, to help protect small businesses from costly interruptions to service.

BOP can include specific coverage options that are tailored to your business. It can be a practical, affordable way to cover yourself against the many dangers that contractors are exposed to.

Workers’ Compensation Insurance

If you rely on employees to manage your business, it is your responsibility to look after their health and wellbeing when they’re at work.

Workers’ Compensation insurance protects you against medical expenses and lawsuits that can arise from employee workplace injuries and illnesses. It could also pay lost wages as a result of the work injuries that an employee sustains.

In Oregon, most businesses have to obtain Workers’ Compensation insurance if you have employees.