Oregon Small Businesses Need The Following Insurance
Protect your business (GL): If you ever get any visitors on your business property – such as customers, clients, or even handymen – you need general liability as part of the Oregon small business insurance policy you obtain. The reason you need liability is that it will pay for the medical care that is needed when someone gets hurt at your business. For instance, if someone trips over a loose tile or step and breaks an arm, the general liability coverage you have will pay for the medical care that will be necessary. It will also pay to fix any personal belongings that may be broken while on your property, such as a customer’s purse, briefcase, or vehicle.
Insure Your Property (BPP): No matter what industry your business is part of, it’s important to keep your property looking nice at all times. It can be hard to do this when a window is broken or a drain gets clogged and you lack the money to make the repairs right away. That’s why your Oregon small business insurance policy needs to contain business personal property coverage. You can also depend on this part of your policy to replace any items you lose during a fire, burglary, or other incident that causes the damage or loss of inventory and furnishings.
Employee Protection (WC): Approximately 85,597 small firms Oregon have at least one employee. If your company falls into this group, workers compensation is a necessity for you. This part of your Oregon small business insurance policy will pay for the medical bills your employees incur when they are hurt or become seriously ill on the job. Not only will workers compensation pay for any hospital stays or doctor’s appointments, but it will also compensate employees for any income they miss out on making while they recover.
Umbrella/Excess Liability: While general liability coverage is a must, excess liability coverage is even better. That’s because it will extend the amount your general liability coverage will pay when it comes to incidents that take place on your business property and cause injuries to other people. Without this umbrella coverage, you could end up paying any excessive costs with your own money once your general liability limits have been reached.
Cyber Crime Liability: You might not be able to prevent cyber crimes against your company altogether, but you can severely reduce the damage your business takes when you get cyber crime liability. Fortunately, it’s easy – and increasingly common – to add this coverage to your Oregon small business insurance policy.