The Pacific Northwestern state of Oregon provides its residents, visitors, and small business owners with deep forests, valleys, plateaus, coastlines, and volcanic peaks; all of which add to the state’s rich culture and tourism industry. Agriculture is a major industry in Oregon, as is manufacturing; the latter of which is dominated by wood and lumber products. Many notable attractions can be found in Oregon including Crater Lake which is the deepest lake in the country at 1,932 feet deep and Mount Hood, just to name a few. Labeled for its compact cluster of high tech companies located in the Portland metro area, the Silicone Forest is a smaller scale version of California’s Silicon Valley. Enterprises that conduct business in Oregon understand the importance of insurance in Oregon, with particular emphasis on the following standard and supplemental business insurance in Oregon.
Standard Business Insurance Coverages in Oregon
Business Owners Insurance in Oregon is an insurance policy held by a business, also known as a BOP. It is an inclusive insurance package for small organizations that offers various types of liability coverages in one bundle. A BOP is a policy type that combines two significant coverages in a single policy: property insurance and general liability. The insurance coverage for employers transfers risk away from the owner of the entity to the insurance company by providing security for various kinds of liability, like buildings, equipment, and legal liabilities. Common indemnity claims that business owners insurance coverage protects you from include: income loss, professional liability claims, essential documents, equipment collapse, fire, liability claims, employee corruption, money and securities, and property claims. Additional components for the Oregonian business owner may be supplemented from the original BOP coverage depending on the possible risks of the firm.
General liability insurance in Oregon is carefully crafted to provide security for owners of small enterprises from financial burdens that may emerge from careless acts, omissions, or both, caused by the employer or their workers that may result in bodily injury or property damage. Common types of exposures usually covered under general liability insurance are contractual liabilities, liabilities from merchandise sold, and accidents on the premises of the business. The injury or damage might be from negligence or unintentional. General liability insurance for businesses in the Beaver State may be a single or can be part of a package policy.
A package policy in Oregon, also called a bundle policy, is an exclusive type of insurance policy for an organization proprietor that includes two or more different kinds of insurance into one insurance policy. Ordinary package policies in the Pacific Northwestern state of Oregon will combine general liability insurance (listed above) and commercial property (listed below); although a package policy may be prepared to include nearly every type of coverage, depending on the requests of the entity. A package policy is attractive to a business manager or owner as it allows them an excellent amount of flexibility to adjust to a policy primarily for the unique needs and risk exposures of the firm.
Commercial Property Insurance in Oregon is accessible protection coverage for a variety of commercial property, such as, vital papers, building, materials, equipment, furniture, supply, and personal property. Commercial property insurance offers protection against various types of perils, including windstorm, hail, explosion, fire, theft, wreckage, natural disasters, and lightning strikes. A variety of industries may benefit from this form of insurance, including retailers, agricultural companies, not-for-profit organizations, manufacturers, and technology service-oriented enterprises.
If a business has employees working for their Oregon-based company; it needs to have Workers’ compensation insurance to offer coverage against employee work-related injuries or work-related illnesses. Workers’ compensation insurance in Oregon is a no-fault, state-mandated insurance structure that provides benefits to professionals who suffered injuries or an illness during work hours. Because Oregon has a requirement for any firm with employees to carry workers’ compensation, they may be liable for fines and civil penalties if they fail to carry it, and might even be liable for the cost of injuries sustained by their workers. By having workers’ compensation insurance in the state of Oregon, your staff will benefit from medical care and lost pay coverage with the understanding that they will not sue their employer as a result of the injury or illness.
In the Oregon area, any business that owns at least one vehicle should have commercial auto insurance for its protection. Commercial auto insurance in Oregon offers monetary protection to small business owners and their workforce by offering coverage for a company’s use of vehicles such as trucks, vans, and cars. Commercial auto insurance offers protection against damages and medical costs that result from vehicle accidents, as well as vandalism and damage from hail storms and other natural disasters. Coverage for organizations in the state of Oregon include any type of vehicle whether they are rented, owned, leased, or hired by the company, along with employee-owned vehicles used for work-related duties. For this latter reason, it’s recommended that enterprises throughout the state acquire a commercial auto insurance policy if drivers use their own vehicle for tasks related to work; this is referred to as non-owned commercial auto insurance.
Commercial umbrella insurance in Oregon fills the opening between where your general liability insurance and your commercial auto insurance or other liability insurance stops. Your small business benefits from umbrella insurance as a result of the coverage limits of your current liability policies. Commercial umbrella insurance for Pacific Northwest Oregon entities is a crucial resource that fills in the gaps in your primary business liability coverage. Umbrella insurance is a more than a helpful way to have added protection for property damage, bodily harm, or other types of liabilities.
Some Additional Business Insurance Coverages in Oregon to Consider
Errors and Omissions insurance policies offer companies and employees in the state of Oregon protection against lawsuits and claims by clients or customers for careless duties, negligent acts, errors, and oversights made through professional duties that resulted in a loss of income or productivity to the customer or client. Errors and Omissions insurance in Oregon covers legal defense and court costs, as well as settlements which is stated on the insurance contract. Oncologists often require malpractice insurance, so employers that offer services or consulting advice, either directly or with subcontractors, should have errors and omissions insurance, which is also commonly shortened to E&O insurance.
Professional liability insurance in Oregon provides additional protection for staff, such as financial analysts, CPA’s, real estate professionals, and general contractors from having to pay the entire cost of defending against a claim of professional negligence, failure to perform, or omission made by a client as well as damages owed in that claim. The coverage’s main focus is on the monetary loss on the part of the client from this type of supposed claim with respect to a product or service provided by the worker. Professional liability insurance may provide claim coverage, even if the legal actions turn out to be unsupported. Professional liability insurance in Oregon is required by law in a variety of professional practices, especially medical and legal, but is also required by contract in other professions.
Employment Practices Liability Insurance in Oregon, also known as EPLI, provides small company owners with extra protection against claims of discrimination, wrongful termination, sexual harassment, breach of contract, violating pay laws, false imprisonment, emotional suffering, libel, slander, mental distress, neglectful hiring and promotion decisions, and offensive claims. Employment practices liability insurance is based on the protection, laws, and acts from the Family and Medical Leave Act, Title VII of the Civil Rights Act of 1964, and Age Discrimination in Employment Act — which are all regulated by the Equal Opportunity Employment Commission (EEOC).
Fidelity Bonds in Oregon
Fidelity bonds in Oregon are an exclusive type of insurance available for small business owners in the state to protect against losses, including fraud, embezzlement, or theft by their employees. Since compensation from employee fraudulent practices is usually not available due to the cash already being spent, fidelity bonds allocate an important protection for a firm executive who would otherwise have to be liable for these monetary losses. Even if your Oregon-based business has additional security against these kinds of acts such as employee screening, internal controls, and close supervision, it isn’t always enough. Losses suffered from professional thefts of money, property, or securities are all covered under fidelity bonds. The three core kinds of fidelity bonds include: business service bonds, standard employee dishonesty bonds, and ERISA bonds.
Surety Bonds in Oregon
A surety bond is a necessary agreement or contract shared between three parties: the principal, obligee, and surety (insurance company). It represents the promise they will pay a specified dollar amount if a party fails to meet a commitment, like fulfilling the terms of the contract. A surety bond protects the receiver from loss if the contract is not fulfilled, while the surety business takes on the liability for not performing. A surety bond is normally required for financial reimbursement. Owners of organizations in the state of Oregon may require a surety bond to secure payment of utility bills or state sales taxes, while a contractor may need to post a bond to ensure work or be eligible for licenses. While surety bonds in Oregon are seen most often in the construction industry, they are also used by mortgage brokers, medical suppliers, new and used car dealerships, fitness club owners, notaries public, and others. Since many firms need and use bonds, a number of features and categories of surety bonds in the state offer a potpourri of guarantees.
Whether you operate an clean technology company in metro Portland or a hair salon in Eugene, it’s imperative to have business insurance. Rather than relying on your standard business insurance policy that was required by the state of Oregon, it is recommended that business owners acquire supplemental business insurance policies that protect their assets from certain risk exposures and liabilities such as damage from fire, natural disasters or extreme weather conditions, accidents, employee fraudulent acts, and other risks. In order to provide your company with optimum protection, inquire about the various types of business insurance available, including commercial auto insurance, liability insurance, or errors and omissions insurance.