The Beaver State has a long tradition of entrepreneurship—from the fur-trading pioneers hundreds of years ago to today’s tech-savvy Silicon Forest entrepreneurs. And while big companies like Nike and Intel have a large presence in Oregon, it’s small businesses that make the state tick. In fact, small businesses account for over 99% of all businesses in the state.1

As a small business owner in Oregon, there are certain bases you need to have covered before you can safely (and legally) operate. One of those bases is business insurance. In this guide, you’ll learn about the types of small business insurance you’re required to have, and some other coverage options to help you protect your business from potentially expensive claims.

What business insurance am I required to get in Oregon?

Oregon workers’ compensation insurance

All employers in Oregon with three or more employees are legally required to have workers’ compensation insurance. Workers’ compensation insurance exists to safeguard employees from financial impact related to injuries or illnesses sustained on the job. As a business owner, it also protects you from liability related to employee injuries. Workers’ compensation covers expenses and lost wages caused by the following:

  • Work-related accidents and injuries, such as repetitive stress injury, and resulting disability
  • Illnesses caused by or related to employment

Oregon auto liability insurance

If you drive a car, truck or van as part of your business operation, you’re required to have auto liability insurance or qualify as a self-insurer. Auto liability insurance can protect you and your business from the following types of third-party claims resulting from auto accidents involving your vehicle:

Property damage – If you get into an accident in which you are at fault, your auto policy’s Property Damage Liability covers the cost to repair or replace the other party’s vehicle.

Bodily injury – If you get into an accident in which you are at fault and the driver or a passenger of the other vehicle is injured, your auto liability insurance cover will insure the additional costs arising out of bodily injury, including medical expenses and death benefits once the injured party has exceeded all PIP benefits available under their policy.

In Oregon, your auto liability insurance also provides coverage for:

Personal Injury Protection (PIP) – Personal Injury Protection covers 80 percent of all necessary and reasonable medical expenses up to $10,000 resulting from a covered injury, no matter who caused the crash.

Also, depending on the use of your vehicle, the kind of vehicle or if your vehicle is registered or titled under your business name, you may need a commercial auto insurance policy to secure the appropriate coverage and vehicle registration, and avoid penalties.

What other types of business insurance are recommended for Oregon?

Oregon general liability insurance

General liability insurance (also known as CGL—for commercial general liability) is one of the most essential and effective ways to safeguard your business. It protects your business from the financial consequences resulting from liability related to third-party non-employee bodily injury or third party property damage that arises from your business operations. It also provides coverage for personal and advertising injury. Without general liability insurance coverage, you could be in financial trouble in the event of an unfortunate accident involving a customer or other third party.

Oregon professional liability insurance

If you provide professional services and your advice is alleged to have led to one of your clients suffering a financial loss, professional liability insurance can help. When a former customer or client claims—rightly or wrongly—that a mistake in your work led them to suffer a financial loss, professional liability insurance provides you with investigation and defense of the claim as well as making payments of any settlements or judgments.

Inland marine insurance

Inland marine insurance is designed to protect that vital equipment you use to make your business run smoothly. It protects your business by covering costs associated with accidentally damaged, lost or stolen equipment that is on the go with you. Whether you have an expensive tool collection, pricey construction materials, or other equipment you transport to a job site, having inland marine insurance is a no-brainer. At Thimble, we offer inland marine insurance, or Business Equipment Protection as we call it, with coverage for up to $5,000 worth of business property and equipment.

Commercial property insurance

Commercial property insurance protects your company’s building and the contents inside it from all kinds of risks of physical loss or damage, including theft, vandalism, fires and natural disasters such as floods, storms or earthquakes. Commercial property insurance is often included as part of a Business Owners’ Insurance Policy, or BOP.

Professions covered in Oregon

No matter what your business is, if you’re in Oregon, you’ll benefit from being insured. If a non-employee slips and falls due to a workplace hazard or you accidentally damage a client’s property while working in their home, the last thing you need is to pay out-of-pocket for damages. In Oregon, Thimble’s business insurance covers:

Professions covered in Oregon

Cost of business insurance in Oregon

At Thimble, the cost of your small business insurance depends on a variety of factors. The amount of risk involved in your business, the industry you’re in, and the amount of business you do all play a part in determining your policy premium.

Another important factor is your location. A large city like Portland might have higher premiums on average than smaller towns like Ashland or Tillamook.

Finally, Thimble will look at factors such as your crew size, coverage amount and the number of years you’ve been in business before determining how much your premium will be.

Median Oregon insurance costs

Coverage Period

By the hour

By the day

By the Week

By the month

Median Cost

$9.40

$13.88

$12.78

$37.52

Top cities for businesses in Oregon

  • Albany
  • Bend
  • Corvallis
  • Eugene
  • Grant Pass
  • Lebanon
  • Medford
  • Portland
  • Salem

Bottom line: Oregon business insurance

What started as an isolated fur trading outpost has become one of the greatest places in America for small businesses to succeed. In fact, over 99% of companies in the Beaver State are small businesses. One thing all of those businesses need to operate and grow is insurance. If you’re a new business owner in Oregon, take some time to consider what kinds of business insurance coverage you’ll need.

Even if you’re just starting up, you can find Oregon business insurance coverage that’s right for you. Through Thimble, you can get a quote for your general liability insurance, professional liability insurance or Business Equipment Protection in less than a minute and if you decide to buy, you’ll be able to access your policy and Certificates of Insurance (COIs) in your inbox instantly.

Source:

  1. U.S. Small Business Administration Office of Advocacy – Oregon Small Business Economic Profile