Get Oregon commercial property insurance quotes, cost & coverage fast. Property insurance covers the OR building your business owns or leases and your business personal property, including equipment, tools inventory, & furniture.
OR Business Property Insurance
What if a fire breaks out in your storage room and burns your entire business to the ground? What if a major storm hits and your building's roof blows off, destroying all of your assets? What if someone comes along and decides to spray paint graffiti all over your storefront?
These are just some of the possibilities that could occur when you rent or own a OR commercial property for your business. While you hope that none of these things happen, as the saying goes: hope for the best, but plan for the worst. Oregon commercial property insurance is your best plan in the event that the worst case scenario occurs. This type of insurance coverage protects your business from major financial losses if anything bad happens.
Does My Business Need Oregon Commercial Property Insurance?
Any business owner that has physical assets that are vital for earning revenue should have Oregon commercial property insurance. It is extremely important because it ensures that your business will not suffer large out-of-pocket costs as a result of any damages that may occur from no fault of their own.
What Does Oregon Commercial Property Insurance Cover?
Oregon commercial property insurance is an insurance policy that covers the business property that you lease or own from any damage caused by most natural disasters, fire, theft or vandalism. It also covers your personal property, such as any tools, equipment, inventory, furniture and any other items that you may have within the property. Moreover, this type of insurance policy covers assets, such as accounts receivable and lost income.
There are several things that OR commercial property insurance can cover. Some of the items that are protected under this type of policy include:
- The structure or building
- Your business inventory
- Other peoples' property
- Any furniture and other equipment within the building
- Exterior signs
Business owners can adjust their coverage so that suits their individual needs. For example, they can choose a basic policy, or they can add extra protections to ensure that almost all of the property of their business is protected.
What Oregon Commercial Property Insurance Doesn't Cover
CCalifornia commercial property insurance typically does not cover:
- OR commercial vehicles.
- Property damage resulting from employee errors.
- Property that was not purchased for business use
- Personal belongings that may be used by the business.
- Amounts beyond the policy limits and property value.
- Intentionally damage caused by the business owner or employees
Types Of OR Business Property Insurance Coverage
When it comes to Oregon commercial property insurance, people who own a business have several options to choose from and can adjust their polices to their needs. However, there are three basic categories of coverage:
- Basic Coverage. A basic commercial insurance policy insures a business against fires, storms, smoke, explosions, and vandalism.
- Broad Coverage. This type of insurance covers everything that basic coverage does, but it also includes damage to glass, water damage, and any damage that is caused by fallen objects.
- All-risk Coverage. This covers everything that basic and broad coverage offer, and it also includes theft, as well as any other direct physical losses.
There are also specific types of Oregon commercial property insurance coverage. Some examples include:
- Ordinance coverage. This will provide you with money for any additional costs that are associated with repairing or rebuilding your structure after it has been damaged in order to ensure that it meets building codes.
- Valuable papers. This offers limited coverage for any valuable papers that your business may record, such as receipts and other documents.
- Extra expenses. With this coverage, you will receive additional money to return your business back to the condition it was in before it was damaged.
- Personal property coverage for employees. If your employees have any personal property on the premises of your business, this coverage will provide money to replace or repair those items if they become damaged.
- Crime coverage. With this coverage, you will be protected from various types of crimes, such as robbery, forgery and theft.
How Much Does Oregon Commercial Property Insurance Cost?
How much does Oregon commercial property insurance cost? The premiums vary depending on the amount of risk exposure, and it depends on the endorsements and deductible selected. The cost of commercial property insurance varies. Following are some of the main factors that go into the price of a policy:
- Construction: How the building was built and its condition. Masonry or brick buildings don't burn as fast as wooden frame.
- Occupancy: Who occupies the building influences the rates. Companies with higher fire risk (like pizza ovens, kilns etc.) can pay more.
- Risk: The insurer will determine an overall risk for the business and building before issuing a rate.
- Location: Insurers look at the location of the business. If it is located in a high-crime neighborhood, then the rates are higher.
- Protection: Things like alarms and sprinkler systems can reduce rates. Proximity to a fire station or fire hydrant also can help reduce costs.
OR Commercial Property Insurance Quotes
Request a Oregon Commercial Property Insurance quote in Albany, Ashland, Baker City, Beaverton, Bend, Canby, Central Point, Coos Bay, Cornelius, Corvallis, Cottage Grove, Dallas, Damascus, Eugene, Forest Grove, Gladstone, Grants Pass, Gresham, Happy Valley, Hermiston, Hillsboro, Keizer, Klamath Falls, La Grande, Lake Oswego, Lebanon, McMinnville, Medford, Milwaukie, Monmouth, Newberg, Newport, North Bend, Ontario, Oregon City, Pendleton, Portland, Redmond, Roseburg, Salem, Sandy, Sherwood, Springfield, St. Helens, The Dalles, Tigard, Troutdale, Tualatin, West Linn, Wilsonville, Woodburn and all other cities in OR.
Insurance Regulations In Orgeon
Let's take a look at insurance in Oregon. There are definitely some state regulations that govern insurance in the state of Oregon. You should become familiar with what these regulations are, even if they do not necessarily apply to you.
You will be much better informed about insurance if you know what types of insurance businesses are required by law and what types they normally get regardless of law. You also may want to know the regulations governing personal insurance such as automobile insurance and life insurance. Let's take a closer look at OR insurance regulations.
Oregon Business Insurance
The first type of insurance that we will start with is business insurance. Specifically, we will be discussing general liability insurance. Commercial liability, sometimes called general liability, is a type of insurance that protects your business in case someone slips and falls on your floor or experiences roofing materials falling on their car that does damage. There are many other situations in which general liability insurance may kick in.
There are also some types of insurance that are mandated by law including Worker's Compensation insurance for any company that has one or more people working for them full-time or part-time.
Oregon does not have any laws stipulating that companies must carry disability insurance like in many states, but if there are vehicles being used for commercial purposes, then they must carry commercial auto insurance.
OR Personal Insurance
There are definitely some regulations that govern the auto insurance that normal motorists are required to carry on their vehicle. These are pretty standard across the states and match what is required in most. In Oregon, you are required to carry $25,000 per person for bodily injury and $50,000 per accident for the same. Property damage is a little higher than you will find in other states at $20,000 per accident and there is also an additional requirement that requires a personal injury protection amount of $15,000 per person.
Finally, there are regulations governing life insurance in Oregon as well. Unlike most states, there is no free look period for life insurance. However, there is the normal grace period Of 30 days when it comes to late payments. Lastly, insurance companies are required to make payment within 30 days of receiving notification of the death described in the policy. If they do not make payment within 30 days then the person that is the beneficiary of the policy may receive interest as well.
Further Reading On Business Property Insurance
- Commercial Flood Insurance
- Commercial Property And Business Interruption Insurance
- Commercial Property Insurance Basics
- Commercial Earthquake Insurance
- Flood Insurance Requirements For Commercial Property
- How To Calculate Commercial Property Insurance Rates
- Landlord Insurance
- Types Of Insurance For Landlords
ISO Property Insurance Forms
You can download a copy of the ISO coverage form here: Building And Personal Property Coverage Form.
You can find more ISO Building And Personal Property insurance coverage forms here:
- Building And Personal Property Coverage Form
If you are looking for state specific Commercial Property Insurance quotes, costs and information: California Commercial Property Insurance, Colorado Commercial Property Insurance, Delaware Commercial Property Insurance, Florida Commercial Property Insurance, Illinois Commercial Property Insurance, Kentucky Commercial Property Insurance, New Jersey Commercial Property Insurance, New York Commercial Property Insurance, Oregon Commercial Property Insurance, Pennsylvania Commercial Property Insurance, Texas Commercial Property Insurance, Washington Commercial Property Insurance.