Get Oregon business owners policy quotes, cost & coverage fast. A OR BOP combines commercial liability & business property insurance along with additional protection – all in one convenient package for small businesses.
Whether you own a small local OR business or you operate a larger scale operation, you want to make sure that you and all of your assets are properly protected. Insurance coverage is a must for all business owners, but there are a lot of options available, and choosing the right one can be a bit confusing.
If coverage that you can rely on – and you can afford – is what you are looking for, a Oregon business owners policy is a great choice.
Commonly referred to as a “BOP”, a Oregon business owners policy offers liability, property and business income insurance for businesses in one policy. This type of insurance covers a small business from various issues that can affect businesses, such as:
There are also various types of coverage that can be added to a Oregon business owners policy so that it can meet the individual needs of an establishment. For example, you can add income or data breach coverage to your policy if it suits your needs.
A business owners policy is convenient and affordable, making it a wise investment for certain types of business owners. Basically, it makes coverage needs a lot easier because it includes business liability, business property, and business income coverage all in one simple policy. In other words, it saves you from having to purchase multiple policies.
Not only is it more cost effective, but it’s just a lot easier. Since other types of coverage can be added to a BOP, it can be customized to meet your specific needs, which makes it an even smarter and more convenient option.
If any of the following apply to you and your organization, you should consider investing in a business owner’s policy:
A BOP usually offers general liability insurance, commercial property insurance, and business income coverage. To be more specific, a standard BOP covers the following:
General Liability Insurance. In regard to liability coverage, the broader it is the better. The general liability insurance a business owner’s policy offers covers a business should it be sued for damaging someone else’s property or for causing harm to another person. It also assists with the cost of legal fees that you may incur.
Commercial Property Insurance. A business owner’s policy can also protect your Oregon business’ property, whether that property is owned, rented or leased. It covers various things, such as the building, the furniture, the inventory, the equipment, and the fixtures within the business. There are two different forms of commercial property coverage in a BOP; standard and special (which provides more comprehensive coverage). It also offers coverage should any accounts receivable and important documents be lost.
Business income insurance. Should some unforeseen circumstance arise that will that cause the operations of your business to be suspended, the business income insurance offered in a BOP can help to replace your lost income in order to assist you with meeting any financial obligations you may have that cannot be put off, such as paying your employees or your rent. It can also include the extra expenses of operating out of a temporary location.
As mentioned, you can add other coverage to a BOP to ensure your business has the protection that it needed. Following are some additional coverage options that businesses often opt to add to a Oregon business owners policy:
BOPs typically do not cover:
How much does Oregon a business owners policy cost? The premiums vary depending on the amount of risk exposure, and it depends on the endorsements and deductible selected. Following are some of the main factors that go into the price of a policy:
Request a Oregon Business Owners Policy 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.
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.
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.
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 USD per person for bodily injury and 50 000 USD per accident for the same. Property damage is a little higher than you will find in other states at 20 000 USD per accident and there is also an additional requirement that requires a personal injury protection amount of 15 000 USD 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.
If you are looking for state specific Business Owners Policy quotes, costs and information:
