As a business owner in Portland, Oregon, you’ve invested a lot of time and money into building your company. It’s more than a job: it’s your creation, and it should be protected. Business insurance safeguards you against a range of events, from physical damage to your business to negligence to lawsuits. Something as minor as forgetting a little part in the warehouse can result in legal action; rare events like fires or vandalism can leave you with nothing. Business insurance gives you peace of mind.
Here at Peggy Romero and Associates, we have a business insurance specialist who’s trained to assess your company’s particular needs and help you craft a policy that protects your assets. We’re also committed to helping you stay within your budget. Our goal is to ensure that your company continues to flourish, regardless of mishaps, so let us work with you to create a business policy today.
Call 503-255-7828 for a quote!
What Is Business Insurance?
Business insurance comes in many shapes and sizes. A business insurance policy (BOP) is a package of several types of insurance, chosen specifically for small and medium-sized businesses’ needs. You can certainly buy specific coverage types separately, but it’s often less expensive to bundle them into a BOP. Typically, a BOP covers three areas:
- Property insurance
- Business interruption insurance
- Liability protection
You may also need certain other coverage types, depending on your business. A few common additions are professional liability, commercial auto insurance, or state-mandated coverage like workers’ compensation. We can help you figure out which protection is right for your organization.
What Does It Cover?
Each type of business insurance covers slightly different risks.
Property insurance covers your building’s structure and contents, much like a homeowner’s or renter’s policy would. In particular, the property section of your BOP covers:
- The damage to buildings you’ve named on the “Declarations” page of your policy up to the amount of insurance you have purchased
- Outdoor fixtures and permanently installed fixtures, such as machines you use for business operations
- The building’s contents, that you own, which includes materials, inventory, computers, and any property that’s leased by your business
- Any property that’s in your care, such as a customer’s computer that has been dropped off for repair
Business Interruption Insurance
This protects you against having to suspend your work. If there’s damage to your building, or if you’re sick or injured remove, you may have to stop working, meaning a loss of revenue. Interruption insurance can cover relocation expenses, employee payroll, and net income lost. This coverage comes into play when:
- There’s immense structural damage to your business
- There’s damage to property near your business that forces you to suspend operations
- You are forced to shut down, due to a peril that your property insurance section covers
Coverage usually lasts up to 12 months, though you’ll have to wait until 48 hours after the event for that coverage to start.
This is a critical piece of business insurance, since it protects you against negligence and potential lawsuits from customers. Liability insurance is further broken down into bodily injury, property damage, and personal and advertising injury.
Bodily injury can cover a wide range of events. For instance, a customer might get his finger caught in a door, or you might drop a box on your foot. Liability insurance covers both of those events. It also covers a case in which a customer feels humiliated by an employee, resulting in emotional damage.
Property damage in this section, unlike the earlier section, simply covers damage to customers’ personal items.
Finally, the personal and advertising injury section includes coverage for libel, slander, or defamation of a customer. It also covers situations in which your business infringes on a person’s copyright rights or invades his or her privacy.
If your business includes employees, you’ll need additional coverage.
Worker’s compensation covers any medical costs you might incur as a result of employees hurting themselves on your premises. It also compensates workers for lost wages. Oregon requires employers to buy this type of insurance when they have subject workers, meaning people hired for labor services and directed in their work activities in exchange for a wage.
Oregon also requires that you pay unemployment insurance taxes. This covers temporary payments given to workers who are unemployed through no fault of their own.
Depending on the size of your business, your product or service, or how you interact with customers, you may need other coverage. Possibilities include:
- Public and product liability insurance: this protects you against malfunctioning products and any damage you do to a person’s residence in the course of a service.
- Professional indemnity insurance: if you provide services to another company, but those services end up harming them, you may need protection from a lawsuit.
- Professional liability insurance: this protects you against employee error or negligence.
Commercial vehicle coverage: You’ll want additional coverage for any vehicles you use in the course of doing business.
There’s a lot to consider, but Peggy Romero and Associates can help you figure out exactly what your business needs. Call 503-255-7828 from the Portland, Oregon or Washington area.
What Are The Benefits Of Business Insurance?
We believe that every Oregon business needs insurance. It’s impossible to predict what will happen on a day-to-day basis at your business: while you might take every precaution, you can’t always keep a tree from falling, an employee from making a mistake, or a clumsy customer from suing.
With business insurance, you can sleep soundly knowing that even if the worst happens, you’ll be protected. Keep in mind that BOPs cover more than just your products: they cover physical damage, injury, lawsuits, and even loss of income. Given their affordable premiums, getting a BOP usually a smart choice.
Is It Hard To Qualify For Business Insurance In Portland, Oregon?
We want to make sure that every business can qualify for business insurance. As long as you gather the pertinent information about your company, it’s not hard to qualify for a policy: we simply need to look over your needs and assets in order to craft an insurance policy that suits your organization.
Certain factors can change your premium, such as being situated in a dangerous location or selling products that have the potential to hurt buyers. In those cases, we’ll look at specialized coverage to meet your needs.
Is Oregon Business Insurance Affordable?
We will work with you to make sure you have the right policy– one that protects your assets, but doesn’t include unnecessary coverage– business insurance in Oregon is affordable to companies of all sizes.
Because so many variables go into creating a business policy, there’s no one average price for this type of coverage. Our policies begin at only $350 per year and go up from there depending on many factors.
Some of the factors that affect your premium include:
- Your industry
- The number of employees you have
- The particular risks your business faces
- Estimated annual income the business projects for the coming year
- Your coverage limits
If you minimize any risks your business faces, as well as protecting your physical location against damage or theft, we should be able to find an affordable business insurance policy in both Portland, Oregon and Washington.
What isn’t covered under business insurance?
Certain property damages aren’t covered. These include:
- War and nuclear reaction
- Wear and tear
- Flood and earthquake
- Power failure
What’s the deductible on a business insurance policy?
This will differ by policy, but the lowest deductibles hover around $250. Remember, the higher the deductible the lower the premium.
What should I do if my business grows significantly during the year?
You should review your business insurance policy on an annual basis, at a minimum. With more employees, new risks, or increased income, you may want to adjust your coverage levels or buy additional coverage.
Have Questions? Peggy and her Portland, OR team can help you select the right business insurance policy for you, based on your needs. Call 503-255-7828.