Business Insurance in Canby, OR

Canby, Oregon is a growing community located 25 miles south of Portland in the Willamette Valley. The business community in Canby is diverse, with a thriving and sophisticated nursery industry and numerous small and medium-sized companies in the precision metals, high-tech, and testing equipment industries.

Over 470 businesses are operating in Canby, while several major employers, including Columbia Distributing, Clarios, and American Steel, have a presence in town.

If you own a business in Canby, how can you protect your assets from property losses and lawsuits? Business insurance provides the financial backup you need. An independent insurance agent can help you compare business insurance quotes in Canby, OR so that you can choose the best coverage.

How Much Does Business Insurance Cost in Canby, OR?

Several factors, including the following, influence the cost of business insurance in Canby, OR:

• The size and physical location of your business
• Your number of employees
• Your gross sales and payroll
• The nature of your business (what do you do?)
• The value of your physical assets (buildings, vehicles, machines, equipment, inventory, etc.)
• Your prior claims history

There are many reasons why your business insurance might cost more or less than average. If, for example, you live in an area with a high property crime rate or experience frequent natural disasters, you’ll likely pay more for your business insurance.

There have been 119 federally declared disasters in Oregon since 1953. And even everyday events can cause devastating property damage. The leading causes of property losses in Oregon are as follows:

• Fires
• Flooding and water damage
• Severe storms and lightning
• Earthquakes and tremors
• Burglary and other property crimes

A local independent insurance agent can help you understand your risks and get quotes for affordable business insurance in Canby.

Is Business Insurance Required in Canby, OR?

Oregon law does not require most types of business insurance. But if your business owns any vehicles, you must buy commercial auto insurance that complies with Oregon’s car insurance laws. Your commercial auto insurance must have liability coverage up to the following minimum limits:

• Bodily injury liability coverage: $25,000 per person/$50,000 per accident
• Property damage liability coverage: $20,000 per accident

You must also purchase personal injury coverage and uninsured motorist coverage if you own vehicles in Oregon.

In addition, Oregon employers with one or more full- or part-time employees must carry workers' compensation insurance. Workers' compensation insurance helps injured workers pay for the costs of medical care and lost wages if they are injured on the job. It also protects you from liability lawsuits that could otherwise result when your employees are injured at work.

Oregon state law does not require other types of business insurance in Canby. Still, most business owners will need commercial property insurance and general liability insurance to protect their assets adequately.

What Does Business Insurance Cover in Canby, OR?

A comprehensive business insurance program in Canby, OR, will typically include the following types of coverage:

• Commercial general liability (CGL) insurance: Protects your business from lawsuits related to bodily injury and property damage claims. It pays for medical expenses, legal fees, and financial settlements or judgments. Your CGL policy even covers personal injury claims such as libel and slander.
• Commercial property insurance: This covers damage to a building and its contents if damaged by a weather event, fire, theft, vandalism, and other covered perils.
• Business interruption coverage: Protects your earnings if your business cannot operate because of damage after a fire, hail, wind, equipment breakdown, or another covered event. If you are forced to close your doors to repair or rebuild, this coverage pays for rent, employee salaries, lost income, relocation fees, etc.
• Commercial auto insurance: Protects your business-owned cars and trucks from property damage and liability claims.
• Workers’ compensation insurance: Pays for medical expenses and a portion of an employee's lost wages after a work-related injury.

Every insurance policy you purchase will include a very specific list of coverage exclusions, or things that are not covered by the policy. For example, commercial property policies typically exclude coverage for damage caused by flooding or earthquakes. And a CGL policy usually won’t protect you if you’re sued for damage that is caused by pollution or some other environmental negligence. 

But in some cases, what is excluded in one policy can simply be added back on to the policy with an endorsement or by purchasing a separate, risk-specific policy.

Small businesses that are located in flood zones, for example, can purchase flood insurance from the National Flood Insurance Program. Earthquake insurance may also be available for businesses that need it. And if your business has certain liability exposures that are not covered by your CGL policy, you can purchase one or several additional liability policies to fill in all the gaps. 

Business insurance programs will be different for every company in Canby. An independent insurance agent who understands your unique operation can recommend the specific coverage you need.

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What Does Small Business Liability Insurance Cover in Canby, OR?

Liability insurance is one of the most critical components of any small business insurance program. Essentially, small business liability insurance covers costs related to lawsuits.

Commercial general liability (CGL) insurance provides broad protection for a wide range of lawsuits and negligence claims. These types of lawsuits happen when your business is responsible for damage or injuries to third parties.

A CGL policy has two major coverage components:

• Premises liability insurance: Covers third-party damage, injuries, or illnesses that occur due to an accident on your property.
• Product liability insurance: Covers third-party damage, injuries, or illnesses caused by a defect in a product your company produces, sells, or promotes.

Keep in mind that most businesses have liability risks that are not covered by a CGL policy. But several additional small business liability policies can fill the gaps. And in some cases, you can add the additional coverage you need to your CGL policy with an endorsement.

Talk to your independent insurance agent about why you might need cyber liability insurance, professional liability insurance, employment practices liability insurance, or any other kind of customized small business liability protection.

Are There Any Small Business Health Insurance Plans in Canby, OR?

Health insurance and other employee benefits serve a critical purpose for many small businesses and their employees. A good employee benefits plan helps companies support a healthy and satisfied workforce.

In addition, employers who offer employee health plans may be eligible for significant tax benefits.

There are many different health insurance policy types and options available for you to choose from in Canby, OR. A local independent agent can help you find affordable small business health insurance plans for your workforce.

What Are the Best Small Business Insurance Companies in Canby, OR?

Finding the best small business insurance companies in Oregon can be simple. A local independent insurance agent can help you get business insurance quotes from multiple insurance companies so that you can select the best policy for your needs and budget.

How Can an Independent Insurance Agent Help Me Find the Best Business Insurance in Canby, OR?

Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of business insurance quotes in Canby so that you can make the best choice.  

What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.

Contact an agent today for a free, no-obligation consultation.