Popular QuestionsPopular Questions about Business Insurance in Oregon

Why should I purchase Oregon business insurance?

Business insurance is designed to shield your company from financial losses caused by hazards such as severe weather events, forced temporary closures, property crimes, and liability lawsuits.

This insurance can prove quite beneficial as is evidenced by the fact that in 2016 alone, businesses in Oregon collected more than $1.4 billion in insurance claims.

A local independent agent can help you build a business insurance plan that is customized to meet the specific coverage needs of your business.

How have other business owners used their commercial insurance?

Liability lawsuits are filed frequently in the United States, and this can mean large financial losses for businesses that aren’t properly insured. In fact, statisticians predict that as many as 40% of small businesses are likely to experience a property or general liability claim in the next 10 years.

Of course, liability lawsuits aren’t the only risk faced by businesses. Here are some of the most common things American companies have been using their business insurance to cover:

  • Theft and burglary: Average cost per claim is $8,000
  • Water damage and freezing pipes: Average cost per claim is $17,000
  • Wind and hail damage: Average cost per claim is $26,000
  • Fire damage: Average cost per claim is 35,000
  • Customer slip and fall: Average cost per claim is $20,000
How does Oregon business insurance help my company?

Business insurance is designed to pay for losses, damage, and other expenses associated with covered events so that your business doesn’t have to.

Here are some of the things that you can expect a well-built business insurance policy package to do for your company:

Pay for damage to your business property

  • This is covered by commercial property insurance.
  • Commercial property insurance is a standard part of any business insurance policy. It covers all of your business owned property against damage or loss caused by a number of events such as storms and theft. It does not, however, cover against floods, earthquakes, or landslides.
  • Example: A severe storm causes a large tree to uproot and it falls onto your business, causing thousands of dollars worth of damage.

Pay for income lost during forced business closures

  • This is covered by business interruption insurance.
  • Business interruption insurance is designed to provide your company with a continuation of income if a covered event forces your business to remain closed for an extended time while repairs are made.
  • Example: A fire breaks out at your manufacturing plant and it takes several weeks before your business is able resume normal operations.

Pay for someone else’s medical bills or property damage

  • This is covered by commercial general liability insurance, often called CGL.
  • CGL is designed to cover businesses against many of the most common risks they face. It includes premises liability insurance, product liability insurance, and advertising mishap insurance.
  • Example: Several customers in your store are injured when an escalator stops suddenly and unexpectedly.

Pay for accidents involving company vehicles

  • This is covered by commercial vehicle insurance.
  • Commercial auto insurance is designed to protect your business from its increased liability risks if you or one of your employees causes an accident while driving a company vehicle.
  • Example: Your human resources manager is distracted by her GPS and rear-ends another car at a red light while driving to college job fair in a company van.

Pay for employee injuries and work-related illnesses

  • This is covered by workers' compensation insurance.
  • Workers’ compensation insurance is designed to cover the treatment of worker injuries and occupational illnesses and to provide hurt employees with disability pay while they recover. This not only protect your workers, it also shields your business from potential liability lawsuits related to these injuries.
  • ExampleAn employee at your semi-conductor manufacturing plant suffers a serious lung disease after accidentally inhaling some toxic fumes.

… and more!

Sometimes, the coverage types mentioned above are not enough to properly protect a business against all of its potential risks. Fortunately, there are many more products and options available to business owners so that you can build a policy package that offers complete coverage against every one of your company’s various exposures.

To make sure your company is fully and appropriately insured, you can match with a local independent insurance agent who specializes in covering businesses in your industry.

Does Oregon require businesses to have insurance?

A commercial insurance policy in and of itself is not required by law. However, some aspects of coverage may be. For example:

  • Businesses that have company-owned vehicles are required to carry commercial vehicle insurance.
  • All Oregon businesses with at least one employee are required by state law to carry workers’ compensation insurance.
  • Businesses that contract to do construction and other renovation will nearly always be required to have contractors insurance before they can be hired to do a job.
  • If you want to take out a business loan or line of credit, your financial institution may require you to have businesses insurance for the duration of your loan.

To learn more about coverage that you may need to carry, you can consult a local independent insurance agent.

How do I find the best price for Oregon business insurance?

Business insurance rates are calculated using a number of factors such as the type of business you own, its average annual revenues, the number work workers you employ, your company’s liability exposures, and the amount and types of coverage you want to include in your policy package.

When building your business insurance portfolio, a local independent agent may find that it is in your best interest to work with more than one insurance company. For example, while one company may offer the best workers’ compensation coverage, another may have the best commercial vehicle policy. Independent agents enable you to get the best price by buying coverage from multiple companies while still having a single point of contact through their office.

Let a local independent agent save your time and money shopping around for suitable, yet competitively priced, coverage for your Oregon businesses.

Are there any independent agents in Oregon?

Yes! There are currently 226 independent insurance agencies in Oregon who are ready to help. These agents are not tied to a single insurance provider like captive agents are, so they can shop around for the policies that offer the most value to your company.

Work with an agent near you to ensure that your business is fully covered against all of its potential risks and exposures.

InformationFind the Best Insurance in Your City

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How does your city measure up?

  • Number of business in the US: 27,626,360
  • Number of businesses in Oregon:  357,408
  • Burglary rate per 1,000 residents in the US: 3.76
  • Burglary rate per 1,000 residents in OR:  4.12
  • Auto theft rate per 1,000 vehicles in the US: 2.29
  • Auto theft rate per 1,000 vehicles in OR:  3.95
City Population Number of Established Firms Burglary Rate Per 1,000 ResidentsAuto Theft Rate per 1,000 Vehicles
Albany55,3383,0572.942.07
Beaverton99,0378,5031.942.65
Bend100,42111,6901.680.96
Corvallis58,8563,9103.161.20
Eugene172,62215,5554.763.17
Grants Pass38,1703,3183.784.76
Gresham109,3816,7294.351.13
Hillsboro109,1285,8691.912.00
Keizer39,7132,4792.372.64
Lake Oswego39,8225,3532.910.71
Medford83,0727,1295.694.37
Portland654,74175,5836.7610.55
Salem174,36512,3415.435.22
Springfield63,2303,6443.362.47
Tigard55,5145,6133.341.88

Portland, OR, Business Insurance

Covering your business assets

Property: The crime rate in Portland is one of the highest in the state. Every year, approximately 24,000 thefts and 4,000 burglaries are reported in this city. You can shield your business from losses caused by embezzlement, shoplifting, and looting with a solid business insurance policy.

Commercial auto: Your business is required to have commercial auto insurance if it owns a vehicle or a fleet of vehicles. Rates are based on a number of factors like the types of vehicles you are covering and information about the employees who will be driving them. Large trucks and construction vehicles cost more to insure than cars and cargo vans since they can cause a great deal more damage if involved in an accident.

Workers’ compensation

Workers’ compensation insurance covers the cost of medical treatment, lost wages, and other expenses related to injuries or illnesses employees suffer because of doing their jobs. It is required for all Oregon businesses that have at least one employee. Workers' compensation rates are assigned according to your company’s overall payroll and the types of jobs your employees do.

Based on a $100,000 annual payroll, here is an estimate of what businesses in the three leading industries in Portland, OR, would pay for workers’ comp insurance:

  • Health care industry: $1,335 a year
  • Professional, scientific, and technical services industry: $190 a year
  • Educational services industry: $600 a year

Of course, these are just broad-based industry averages. Within each industry, there are several different types of jobs with differing rates of employee injuries. For example, within the health care industry, a first responder who goes directly to the scenes of accidents is more likely to be injured on the job than someone who works in the medical records department of a hospital.

Talk to an independent agent in Portland for help finding a workers’ compensation insurance company that is well suited to meet the needs of businesses in your industry.

Salem, OR, Business Insurance

Covering your business assets

Property: In addition to losses caused by property crimes like theft and arson, severe weather events like electrical storms and heavy winds can lead to expensive losses if you do not have sufficient business insurance. Fortunately, your commercial property insurance can cover the costs to repair or replace your business property if it is damaged or lost due to a covered event.

Commercial auto: Whether you are insuring a delivery van or a fleet of 18-wheelers, commercial auto insurance can cover costs associated with liability risks and damage to your company vehicles. This insurance is required for company-owned vehicles in this state. If your vehicles are driven over state lines, you will need to be sure that your policy meets federal, as well as state, minimum coverage requirements. A local independent agent can help.

Workers’ compensation

Workers’ compensation insurance is required if your Salem has at least one employee. This insurance can cover medical treatments, lost wages, and other costs associated with workplace injuries and occupational illnesses. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates can vary significantly from one business to the next.

Based on a $100,000 annual payroll, here is an estimate of what businesses in the three leading industries in Salem, OR, would pay for workers’ compensation coverage:

  • Public administration industry: $520 a year
  • Health care industry: $1,335 a year
  • Educational services industry: $600 a year

Salem’s top industries are largely white-collar and have lower risks of employee injuries than most blue-collar occupations. Within the medical industry, there are some jobs that are more expensive to cover, such as emergency medical technicians and trauma nurses. These employees are more likely to be hurt on the job than those who work in reception, billing, or administration. Insurance companies will look at the specific jobs performed by employees at your company when they quote you a rate for coverage.

To find out how much a policy will cost your business based on the types of jobs your employees do, talk to a local independent insurance agent.

Eugene, OR, Commercial Insurance

Covering your business assets

Property: Having a sufficient amount of business property insurance can shield your company from losses related to hazards like accidental fires, property crimes, and severe weather events like heavy winds and electrical storms. An independent insurance agent in Eugene can help you be certain that all of your company’s assets are properly insured.

Commercial auto:  If your Eugene business owns a vehicle or fleet of vehicles, you will be required by state law to carry commercial auto insurance. This insurance can cover your company against its increased risks of expensive liability lawsuits if one of your drivers causes a collision. Rates for coverage can vary according to the number and types of vehicles you are covering, as well as the accident rate in the areas where your employees will be driving.

Workers’ compensation

Workers’ compensation insurance covers medical expenses and paid time off for employees who are injured on the job. If your Eugene business has at least one employee, you are required by state law to have this insurance. Rates for coverage can vary significantly from one business to the next, depending on the types of jobs your employees do and your company’s overall payroll.

For every $100,000 annual payroll, here is an estimation of what businesses in the three leading industries in Eugene, OR, would pay for workers’ comp insurance:

  • Educational services industry: $600 a year
  • Health care industry: $1,335 a year
  • Accommodation and food services industry: $1,750 a year

Of the top three industries in Eugene, the accommodation and food services sector is the most expensive to insure due to its higher risk of employee injuries. Whether an employee suffers a back injury while working in a hotel laundry room or is burned in a kitchen fire, they can rest assured that their medical costs will be covered and they will be able to receive partial pay while they are home recuperating from their injuries. Also, business owners do not need to worry that these injuries will result in liability lawsuits against their company.

To learn how much it will cost to insure the employees who work for you, you can consult a local independent agent.

Gresham, OR, Business Insurance

Covering your business assets

Property: As a business owner, you have likely invested a lot into your company’s assets such as computers, furniture, inventory, and supplies. Commercial property insurance can help cover the cost of repairing or replacing this property if it is lost or damaged due to a covered event such a severe weather or crime. Find a policy and rate that works for your Gresham business by teaming up with a local independent agent.

Commercial auto: Many businesses in Gresham have company-owned vehicles. From company cars to delivery vans to large trucks, if your company owns vehicles, they must be covered by a commercial auto insurance policy that meets or exceeds the state’s minimum coverage requirements. If these vehicles are used for interstate commerce, they must meet federal requirements as well. A local independent agent can help you find a great policy at a competitive price.

Workers’ compensation

Workers’ compensation insurance covers medical bills and lost wages for workers who suffer occupational illnesses or are injured while doing their jobs. It is required for Oregon businesses that have at least one employee. Rates are assigned according to your company’s payroll and the types of jobs your workers do.

For every $100,000 in annual payroll, here is an estimate of what businesses in the three leading industries in Gresham, OR would pay for workers’ comp coverage:

  • Health care industry: $1,335 a year
  • Construction industry: $7,287 a year
  • Accommodation and food services industry: $1,750 a year

Construction among the most dangerous industries when it comes to employee injuries. That is why rates for coverage for construction workers are so much higher than for most other industries. If you own a business in the construction field, you can help to keep your company’s costs manageable by educating workers about property safety protocols and by enforcing these practices. Construction businesses with a history of demonstrated worker safety can often earn discounts through experience modifiers.

Talk to a local independent agent to get more information about workers’ compensation insurance for your Gresham business.

Hillsboro, OR, Business Insurance

Covering your business assets

Property: You will want to be sure that your policy adequately covers all of your businesses property so that if it is completely destroyed by a disaster like fire or an explosion, your business easily afford to replace it and get back to normal operations quickly. Sometimes this means adding additional coverage such as inland marine insurance or boiler & machinery insurance. A local independent agent can offer advice about what coverage is appropriate for your Hillsboro business.

Commercial auto: If your business owns a vehicle or a fleet of vehicles, you will be required by state law to cover them with commercial auto insurance. Your rates will be based on several factors, including the number and types of vehicles you are covering, information about the employees who will be driving them, and the risk of collisions and of vehicular theft where they will be operated.

Workers’ compensation

Workers’ compensation insurance can cover medical bills and lost wages for workers who come down with occupational illnesses or are injured on the job.  Rates are based on your company’s overall payroll and the potential risks faced by your employees according to their job classifications.

For every $100,000 in annual payroll, here is an estimate of what businesses in the three leading industries in Hillsboro, OR, would pay for workers’ comp coverage:

  • Computer and electronic products manufacturing industry: $2,287 a year
  • Construction industry: $7,287 a year
  • Health care industry: $1,335 a year

Hillsboro is the heart of Oregon’s tech-based manufacturing industry. This city is home to approximately two-thirds of this state’s computer manufacturing companies. Worker injuries and occupational illnesses in this manufacturing sector are relatively low thanks to the protective suits worn by workers to protect against any toxic materials they may be exposed to. On the other hand, construction jobs are quite hazardous and are therefore among the most expensive to insure.

A local independent agent can help you find the workers’ compensation policy that offers the best coverage and price for your particular business.