Does My Business Need A Oregon Business Owners Policy?
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:
- Your business is located in a physical Oregon location, such as a leased office space, a brick and mortar store, or even your home.
- There’s a chance that you could be sued; for instance, if a client could file a lawsuit against you, claiming he or she sustained an injury while on your business’ property.
- Your business has assets that could be stolen or damaged by a disaster, such as a fire. Assets include furniture, equipment, digital information, money, or a stock of inventory.
What Does Oregon Business Owners Policy Cover?

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:
- Blanket Additional Insured
- Building & Business Personal Property
- Business Income and Extra Expense
- Data Breach
- Electronic Data and Equipment
- Employment Practices Liability
- Identity Theft
- Limited Property of Others Liability
- Personal Property of Other
- Valuable Papers and Records
What Oregon Business Owners Policy Doesn’t Cover
BOPs typically do not cover:
- Amounts beyond the policy limits and property value.
- Commercial auto insurance
- Disability insurance
- Employee injuries – CGL only covers non-employee bodily injuries. You will need workers compensation to cover employee injuries
- Employment disputes – Employment Practices Liability Insurance (EPLI), not general liability, covers lawsuits if an employee sues over harassment, wrongful termination, discrimination, and similar issues.
- Health insurance
- Intentionally damage caused by the business owner or employees
- Personal belongings that may be used by the business.
- Professional mistakes – Only professional liability insurance (E&O) can cover lawsuits due to negligence and professional mistakes.
- Property damage resulting from employee errors.
- Property that was not purchased for business use
How Much Does Oregon A Business Owners Policy Cost?
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:
- Type of business (contracting, service, retail etc.)
- Business location
- Years in business
- Business experience
- Annual payroll
- Annual revenue
- History of claims
- How much property you want to cover
Oregon Business Owners Policy Quotes
Request a Oregon Business Owners Policy insurance quote in Anaheim, Bakersfield, Chula Vista, Concord, Corona, Elk Grove, Escondido, Fontana, Fremont, Fresno, Fullerton, Garden Grove, Glendale, Hayward, Huntington Beach, Irvine, Lancaster, Long Beach, Los Angeles, Modesto, Moreno Valley, Oakland, Oceanside, Ontario, Orange, Oxnard, Palmdale, Pasadena, Pomona, Rancho Cucamonga, Riverside, Roseville, Sacramento, Salinas, San Bernardino, San Diego, San Francisco, San Jose, Santa Ana, Santa Clara, Santa Clarita, Santa Rosa, Simi Valley, Stockton, Sunnyvale, Thousand Oaks, Torrance, Vallejo, Victorville, Visalia and all other cities in Oregon.
The Oregon Department Of Insurance
The Oregon Dept. of Insurance is the regulatory agency behind the insurance rules for the state of Oregon. If you want to understand these rules, then this is definitely the agency that you need to focus on. Let’s start with limits within the state.
Oregon Minimum Insurance Limits
- For auto insurance, Oregon requires $15,000 per person and $30,000 per accident.
- For life insurance, there are certain regulations in place to determine how someone is able to get or offer life insurance, but there are no limits listed.
- For commercial insurance, insurance agents may offer broker or casualty insurance as well as covered property insurance, covered causes of loss, specified perils and open perils along with a number of coverage forms like builder’s risk, legal liability, building ordinance, glass, peak season, inflation guard and peak element.
Oregon Insurance Regulations
As for regular insurance regulations there are a lot of things that Oregon provides that you can look up. For example, there are deadlines for the insurer to pay the claim or deny it, deadlines for submitting paperwork to prove a loss for insurance reimbursement, specific information your insurance company is required to give you and regulations on what information you have to provide to your insurance company.
One of the Oregon regulations calls for you to be treated by your insurance company in good faith. This means that your insurer must be considered of your needs and must communicate completely and honestly with you about your policy and everything that you need to know about it in order to make a good decision. In turn, you are legally obligated to be honest and cooperative with your insurance company when it comes to your claim.
You should also be aware that your insurance company is required to offer prompt, honest and complete communications. The company and all of its representatives must respond to your communications within 15 calendar days with a complete response based upon the facts that are known.
Finally, be aware that your insurance company is required to have a fair claims process. Unless it is specified in your policy, you do not have to use the forms that are provided to you by your insurance provider in order to make a claim. You can create a list of losses on your own if you need to. In addition, insurers are not able to ask for unreasonable proof of loss. If you provide photographic evidence or video of items that you lost, insurers are not able to ask you to provide additional information.