Oregon Business Insurance

Business Insurance in Oregon: The Basics

Oregon has a vibrant economy, with a large export business and an even larger forestry industry. Additionally, some of the leading manufacturers in the nation call Oregon their home.

No matter what niche you do business in, it's imperative that you have a commercial insurance policy in place protecting your business and assets. Businesses are prime targets for litigation and lawsuits, so having insurance is one very important way to keep yourself out of financial and legal troubles.

Oregon Business Facts

  • Portland has the third largest port on the West Coast.
  • Manufacturing and forestry are some of the top industries in Oregon.
  • Oregon is the largest producer of lumber in the United States.
  • There are over 320,000 small businesses in Oregon.

If you do business in the state of Oregon, a business insurance policy can go to work for you to keep you out of legal troubles and large financial disasters.

What Is Business Insurance?

Business insurance is a package of policies put together in order to cover businesses from some of the most common risks they face. A typical business insurance policy in OR may resemble the following:

  • General liability insurance: This coverage is the most common type of commercial coverage that businesses pay for. General liability insurance can help protect your business from personal injury claims and liability claims. It can also help pay for any legal defense fees, judgements or court costs.
  • Professional liability insurance: Professional liability insurance can help cover claims of malpractice and negligence related to your business.
  • Product liability insurance: Product liability coverage is designed for those who offer goods or products to others. It can cover product liability and negligence claims, including court costs and legal fees.
  • Property insurance: If your business has a headquarters or property, this insurance can go toward protecting those premises from events like fire, wind, rain, arson, theft and vandalism.
  • Continuation of income insurance: If a covered event occurs and your business must cease operation, the bills don't stop coming. This insurance can help provide you with the funds you need until your business is back in action.
  • Cyber crime insurance: Many businesses have an online facet to their business. If your business handles any of its transactions online, this coverage can help you recover after a security breach or social media mishap.

How Much Will a Business Insurance Quote Be in OR?

Each business faces different risks. The lumber mill across town doesn't have the same risks that the coffee shop you visit everyday has, so there is no exact average for a business insurance policy in Oregon. When you're shopping for business insurance quotes, be ready to answer questions such as the following:

  • Type of business
  • Size of business
  • Number of employees
  • Scope of work
  • Commercial vehicle information
  • Known industry risks
  • History of claims
  • Value of business assets
  • Business credit score
  • Preferred coverages
  • Preferred deductible

The answers to these questions will help your insurance agent get a picture of where your exposures are, and which coverages are best suited to your business.

Are There Discounts Available on Business Insurance in OR?

Like many other insurance policies, there are discounts available on business insurance policies in Oregon. When you are comparing quotes online, or even talking with an agent, be sure to find out about any available discounts, including the following:

  • New customer discount
  • Loyal customer discount
  • Multi-policy discount
  • Paid-in-full discount
  • EFT discount
  • Claims-free discount
  • Safety program discount
  • Industry/professional association discount

Each insurance company offers individual discounts to their customers, so you may qualify for some discounts with one company, and others with a different company. But it's a wise idea to ask about any discounts you may be eligible for.

How Do I Obtain Business Insurance in Oregon?

Protecting your business with an insurance policy tailor-suited to your needs is important. Too much coverage, and you're wasting money. Too little coverage, and you're exposed to risks and liability. Trusted Choice® writes more business insurance policies than any other insurance company, and there's always an agent available to help you, whether you need to go over coverages, ask about discounts, or even help you file a claim. Trusted Choice wants to make sure that you get the best coverage at the right price for you and your business.

Now, who's ready to get their insurance problems solved?