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 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 Oregon
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 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.