Small Business Insurance Oregon

Oregon general liability coverage is one of the most important types of business insurance you can purchase. If someone claims that your actions caused injury or property damage, general liability insurance can help pay to settle the claim or help cover legal costs if you’re sued.

Here’s an example of when general liability policy would benefit a small business:

A homeowner in Portland says that a landscaping company accidentally damaged several downspouts during a job. The landscaper’s general liability insurance could help pay to repair the damages to the home.

Owners of cleaning and construction companies may want an optional general liability add-on called tools and equipment coverage. This type of insurance product can help pay to replace essential business gear that’s lost, stolen or damaged.

Keep in mind that many commercial landlords or clients will require small businesses to provide proof of general liability insurance before they’ll do business with you.

State law requires most businesses with employees to purchase Oregon workers’ compensation insurance. This type of coverage can help pay medical expenses and lost wages when employees suffer work-related injuries.

Here’s an example of how workers’ comp could protect both small business owners and their staff members:

An employee of a retail store in Bend sprains an ankle while cleaning the stock room, goes to urgent care and needs a few days to recover. Workers’ comp coverage could help pay for the employee’s medical bills and cover a portion of their wages while they’re unable to work.

If your business involves driving, you need Oregon commercial auto coverage. The main reason is that personal auto insurance won’t pay for accidents that happen when you’re behind the wheel for work purposes.

For instance, a Springfield-based plumber has an accident driving to a job site, sends another driver to the hospital and damages both vehicles. Commercial auto insurance could help the plumbing company cover the other motorist’s medical bills and pay to repair both vehicles.

Oregon businesses that ask employees to drive their own cars for work or rent vehicles will need hired and non-owned coverage. This optional add-on can provide coverage for vehicles not titled to your company.

Oregon commercial property insurance, sometimes called business property insurance, can help pay for business property that’s damaged or destroyed after a covered event, such as a water, fire or wind incident.

For example, a kitchen fire at an Orcas Island restaurant damages the cooking station. Commercial property coverage could help pay to repair the stove and replace cookware that was ruined.

It’s important to read your policy documents carefully to make sure there aren’t exclusions for your business. It’s common for insurance carriers not to cover flooding or hurricane damage.

Oregon professional liability insurance, also known as E&O or errors and omissions insurance, can help your small business if you’re accused of professional negligence. Even if you did nothing wrong, it can assist you in defending your business.

If someone claims that your company made a work mistake, provided incomplete work or missed a deadline that caused financial losses, E&O insurance can help pay to settle the claim or help cover lawyers’ fees and court costs if you’re sued.

For example, a client claims that a small architectural firm in Salem delivered inaccurate building plans and files a lawsuit for financial losses. Professional liability insurance could help the architects with settlements and legal costs, such as attorney bills, court costs and damages.