Insurance for Small Business Owners in Oregon

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Do You Need Small Business Insurance in Oregon?

Oregon is one of the most diverse states, geographically speaking. Situated in the Pacific Northwest, The Beaver State is home to Crater Lake National Park—for a nature adventure—as well as Portland’s museums, restaurants, and other city offerings. It’s also where many small businesses have made their mark in beauty, healthcare, and consulting (among many others). According to the SBA:

  • Over 387,000 small businesses serve Oregon residents and tourists
  • Small businesses employ over 871,000 private employees
  • 42,000 of Oregon’s small businesses are minority-owned 

These small businesses boost the state’s overall economy and are a vital part of its health. To protect owners and their businesses, Oregon mandates specific insurance coverage, and we’ve done the research for you below.
 

Oregon Business Owner's Policy
Oregon Workers’ Compensation

Required Business Insurance Coverage in Oregon

The State of Oregon requires the following insurance coverage for small businesses:

  1. Commercial Auto Insurance.
    Residents and businesses alike in Oregon must maintain active auto insurance coverage. And at minimum, that coverage should include bodily injury liability ($25,000 per person/$50,000 per accident) and property damage liability ($20,000 per accident).

  2. Workers’ Compensation Insurance.
    Most small businesses in Oregon are required to carry active Workers’ Compensation, as it typically covers the medical and legal costs for employees who are injured or become ill on the job. Without this coverage, your small business may incur state fines in addition to associated legal fees and medical costs required to treat the employee. 

Recommended Business Insurance Coverage in Oregon

The following insurance coverage is recommended for Oregon small businesses:

  1. Small Business Owner’s Insurance.
    A Business Owner’s Policy (or BOP) typically covers losses and damages related to buildings used for business purposes. It also covers customer medical expenses for onsite third-party accidents and advertising damage claims. Both property damage and general liability coverage are available in one convenient, comprehensive policy for small business owners. 

  2. General Liability Insurance.
    This coverage helps small businesses owners manage the financial burden of paying out costly customer injury claims. General liability also extends to legal expenses related to slander and libel lawsuits. Often commercial leases will require small businesses to carry this coverage.

  3. Professional Liability Insurance.
    With Professional Liability coverage in place, small businesses and independent professionals providing expert services and consultation can protect themselves from costs resulting from work mistakes and errors, missed deadlines, incomplete work, and professional negligence lawsuits. 

  4. Cyber Liability Insurance.
    Even small businesses can experience a data breach or cyber attack. And for small businesses in Oregon, Cyber Liability coverage is protection designed against malicious hacking and cyberattacks. It typically covers the costs related to customer notification and fraud monitoring, as well as legal fees and system damage. 

Our Small Business Insurance Company Is Here to Help

B2Z understands that insurance can be confusing, so we set out to make it understandable and easy to purchase.
  1. Q
    Does B2Z offer small business coverage in Oregon?
    A
  2. Q
    How do I get a quote for small business insurance in Oregon?
    A

    Simply click on the Get Your Quote button and answer a few questions. Complete your profile and purchase your preferred coverage.

* Sources:

Oregon.gov

Washington Department of Labor

Small Business Administration (PDF)