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Business Insurance for
Oregon Retailer Insurance
About 32,524 small retail businesses call Oregon their home. If this number includes your store, you should learn some facts about other businesses in this area, and then make sure you have Oregon retailer insurance. You can start by noting that in 2010, 7,495 small firms opened in Oregon, and 66.6 percent were able to stay open past 2012. Then in 2013, 8,585 small firms opened, with 78.2 percent of them being able to stay open through 2014. (Source: BLS, BED). Now that you know the facts about doing business in this state, you should get to know what Oregon retailer insurance covers.
Oregon Retailers Need The Following Insurance
Business Liability Insurance (GL):Â When you have a place of business that you expect customers to come to on a regular basis, getting an Oregon retailer insurance policy with general liability should be your first priority. This will protect your customers in case they get hurt while shopping at your store, since it will pay for any medical treatment they will need from a doctor or hospital. This also protects your business, since you would have to pay for the medical bills if your Oregon retailer insurance policy did not. Another benefit of general liability is that it can pay to fix the belongings of any customers whose possessions are damaged during a trip to your store.
Business Personal Property Insurance:Â If you would have to close your business if it was ever robbed, vandalized, or otherwise destroyed, you need business personal property coverage when you get Oregon retailer insurance. That’s because this part of your insurance will pay for any repairs your building might need after it is damaged. It will also help replace any inventory or furniture you might lose after a disaster occurs to your retail store.
Workers Comp Protection:Â In Oregon, 8,888 of small retail firms have at least one employee, which means they need workers compensation. This part of the Oregon retailer insurance policy is meant to protect employees in case they ever hurt themselves at work. Whether they fall off a ladder or are injured by a product your store sells, workers compensation will take care of any medical bills and even any wages they miss out on while they are in the hospital or at home recovering. Without this coverage, you would likely have to pay their medical bills or face a lawsuit, so this is an important part of Oregon retailer insurance.
Umbrella/Excess Liability:Â In most cases, a standard general liability policy works well when just a few people are injured while visiting a business. But there’s always a possibility of a larger accident taking place that could injure many people, in which case you will need more coverage. That’s why having excess liability to help pay for larger claims is a good idea.
Cyber Crime Liability:Â Any business could be the target of cyber criminals these days, resulting in major financial losses. If you want to protect your retail store, it’s best to add cyber crime liability coverage to your Oregon retailer insurance policy.