It’s crucial for businesses in the Beaver State to have the appropriate business insurance coverage. Learn more about your business insurance options and carriers in Oregon with this guide.
Best Business Insurance Options in Oregon
Business insurance is one of the easiest ways to protect your business venture from the costs of property or liability claims. Start by reviewing the best business insurance options in Oregon. After you compare providers, reach out to them for an insurance quote.
1. Best Overall for Business Insurance: The Hartford
The Hartford stands out for its Business Owners Policy (BOP), which bundles 3 coverages into 1. It also offers comprehensive business insurance options, including coverage for legal liability, employee-related risks and property damage. Its BOP includes:
- Commercial property insurance helps meet the costs of repairing or replacing your business’s tools, computers, physical locations, inventory, etc.
- General liability insurance protects your business from liability claims, including property damage, bodily injury and advertising mistakes.
- Business income insurance helps replace any lost revenue if you can’t get back to business because of damages from fires, burglaries or destructive winds.
Need to tailor your insurance coverage? The Hartford’s specialists are there to get you the right policy, tailored to your business’s unique needs. Take advantage of the company’s resource website to learn more about the business insurance policies it offers and the commonly asked questions regarding business insurance.
2. Best for Tailored Coverage: Simply Business
Simply Business offers a comprehensive suite of business insurance that specializes in making it easy to insure your business.
Whether you’re looking for construction workers' insurance or insurance for your startup, Simply Business helps you find the right coverage at the right price.
Tell Simply Business a little bit about your business and you'll get almost-instantaneous affordable quotes from top insurance providers. You can look into workers’ comp insurance, business owner’s plans, liability insurance, commercial auto and more that will cover everyone on your team, and you can get covered in accordance with Oregon law without overspending.
Building your business is hard enough. Let Simply Business make it easier. Get a quote from Simply Business today.
3. Best for Small Businesses: Hiscox
Hiscox provides coverage for over 180 different professions, so you’re sure to find appropriate coverage for your small business. To help you have an idea of the type of insurance your business needs, the company provides policy recommendations based on your industry when you request a quote.
Its general small business coverages include:
- Business owners
- Errors and omissions
- Professional liability
- General liability
- Workers’ compensation
The provider also offers a BOP, which combines property insurance and general liability insurance. Obtaining a quote is fast and simple, coverage is instant, claims are processed quickly and customer service is highly responsive. Its licensed insurance agents are available for a chat on 866-283-7545 Monday to Friday from 7 a.m. to 10 p.m. EST.
4. Best for Self-Employed: Suracy
Suracy’s tailored coverage solutions are designed to match every business’s unique needs. Its vast experience in various industries helps self-employed individuals obtain policies that reflect their vision, budget and business. The carrier also works with various top-tier carriers to offer diverse coverage options.
The company’s business insurance programs support a wide range of small and large businesses, franchises, unions and other organizations. You’ll need to provide some basic information about your business to obtain a quote. If you need assistance, you can contact a customer care representative by calling 855-809-1521 or emailing email@example.com.
5. Best for Commercial Auto Coverage: Progressive
Progressive is a leading auto insurer in the United States, so it’s a great option for your business-owned vehicles. Its commercial auto insurance covers:
- Business autos, including light trucks, cars, vans, SUVs and more.
- Trucks, from dump trucks to tractor trailers
- Trailers, including truck utility trailers and large dump body trailers
Progressive offers 24/7 policy service online or by phone, flexible billing and payment options, highly trained claims adjusters and unlimited travel radius.
You’re also eligible for policy discounts if you’ve maintained continuous coverage for the last 12 months or have been in the commercial truck and tow business for over 3 years. Save up to 15% if you pay your total premium in a single lump sum. Progressive offers customized coverage to match your business’s level of exposure to certain risks.
Start your quote online, by phone or through a local agent.
6. Best for Umbrella Insurance: biBERK
Getting extra financial protection for your business is simple with biBERK. The company sells its products online or over the phone, making it easy for you to obtain the umbrella policy you need to pay for the damages above the limit of your current policies.
Its umbrella policy helps cover costs associated with:
- Product liability
- Customer property damage
- Bodily injury and related medical expenses
- Slander, libel and copyright infringement
- Defending against a lawsuit
Its licensed experts are an email, phone call or chat away if you need assistance. Small business insurance customers also have access to low down payments. Hands-on insurance management is also available for you and your employees.
Get your quote online or speak with an insurance expert for guidance.
Types of Business Insurance
Being in business brings risks — you can’t plan to pay out-of-pocket for the unexpected. Even if you just operate a small business, you’ll need different types of policies to safeguard against your possible losses. Here are the common insurance types business owners need to look into.
Also known as business liability insurance, this insurance covers you if yourself, your employee, services or products cause bodily harm or property damage to 3rd parties. A general liability policy will cover all your legal expenses and damages in case of a lawsuit. It also covers the medical fees of those harmed by your business.
A general liability policy doesn’t cover auto accidents, employee injuries, punitive damages, professional mistakes or intentional acts. This type of insurance isn’t required by law. Without this policy, however, you may have to cover costly liability claims out of your own pocket, which most businesses can’t afford.
Businesses involved in the design, production or supply of products should have product liability insurance. It covers you for the costs associated with claims of damage, injury or illness caused by a faulty product your business made, supplied or sold. Even if a product is used incorrectly, you may be liable for damages that result.
Also known as business property insurance, this cover helps protect your business’s physical location and property, including furniture, tools, equipment and inventory. It protects your business’s physical assets from storms, fire, explosions, theft, vandalism and burst pipes.
The amount you’ll pay for commercial property insurance mainly depends on the value of your company’s assets. Other factors that determine your premium include:
- Location: Is your business’s location prone to storms or other natural disasters?
- Construction: Is your building constructed with fireproof materials?
- Fire and theft protection: Are there sprinkler systems or fire alarms?
Workers’ compensation insurance provides employees with various benefits should they suffer a work-related illness or injury. This insurance is mandatory in most states but the medical and wage benefits vary by state. The insurance benefits help employees by covering:
- Lost income
- Medical treatments
- Death and funeral services
- Disability benefits
- Vocational rehabilitation
The penalty for not carrying workers’ comp can be hefty.
Professional liability insurance, also known as indemnity insurance, can protect you and your business from lawsuits arising from charges of negligence, malpractice, errors and omissions, even when you’re not at fault. Coverage may also include faulty advice, improper performance, incorrect recommendations and more.
Each profession has specific concerns that must be addressed through a customized policy.
Cost of Business Insurance in Oregon
Business insurance costs may make up a small percentage of your company’s overhead or can be one of its biggest expenses depending on various factors. Factors that will affect the cost of your insurance premium include:
- Premise size and condition: The larger the business premise, the higher the general liability premium costs. The condition of the building also determines the cost of your policy and newer buildings draw lower costs.
- Business industry premiums are affected by your industry’s risk profile and specific business operations. You’ll pay higher premiums if you’re involved in a more hazardous industry.
- Payroll size: Workers’ compensation provides employee benefits based on a fraction of their salary. A larger payroll size attracts higher premiums.
- Claims history: A business with fewer claims often attracts a couple of insurance discounts compared to one with a frequent claims’ history.
- Location: The cost of commercial property insurance is largely affected by location since your business may be located in an area prone to natural disasters or crime.
You can easily lower the cost of business insurance by:
- Being responsible and minimizing the risk to and of your business
- Changing your policy’s deductible to a higher amount
- Bundling essential coverages into 1 policy
- Paying your premiums upfront
The Hartford’s claims data reports that the average cost of a small business insurance cover — without building coverage — is $1,172 per year. The mean price per year is $618.
Protect Your Oregon Business
Your business can easily overcome the unexpected with the right coverage. Sometimes it trickles down to having the right carrier. Compare different providers, evaluate the fine print and identify instances where you can save. Our recommended providers serve large or small businesses in almost any industry. Enter your ZIP code to obtain a free quote today.