Business Insurance

Why Get Business Insurance in Oregon
Whatever your business model is, as a business owner you have certain responsibilities not only to the company but to all the employees working for you. Your business insurance should protect your assets and shield you against liability threats. For instance, liability in the wine industry can take different forms. Customers may claim damages to the retailer’s business if your wine happen to be spoiled. If a customer has too many drinks at your winery that results in an accident or sickness, you may be sued for damages. Hence, liability risks extend to whenever your business is involved with the public. And the best defense you can have is the multi-faceted Oregon business insurance that can protect you whether you are involved in the timber business or running a small brewery craft in Portland.

Worker’s Compensation in Oregon
According to the Worker’s Compensation Law in Oregon, employers must provide worker’s compensation insurance to their employees. It is compulsory for employers to pay for the medical treatment and lost wages of their employees. At the same time, the Worker’s Compensation Act shields employers against liability lawsuits resulting from work-related injuries. In short, the Worker’s Compensation Act is beneficial to both the employer and employees.

The Worker’s Compensation Law works in such a way that employers pay premiums to the worker’s compensation insurance carriers and those premiums finance the majority of benefits received by workers once they are injured or afflicted with an occupational-related disease. Laws are created by the legislative body of the state to determine the level of benefits and who qualifies for benefits. Oregon’s Department of Consumer and Business Services carries out the policy regulation of Oregon’s worker’s compensation system to ensure its implementation.

Coverage for Oregon Business Insurance
Protecting your business and its assets begins with having a comprehensive business liability insurance policy in place. As a responsible business owner, you owe this to your employees and to yourself. This means making sure that the routine operations of your business run smoothly. Unfortunately, you can never be sure when an accident or other potential financial threat might happen. Lawsuits or other damage claims can have a huge impact on your company’s finances and may even interrupt or completely shut down your business operations. So it makes smart business sense to avoid these worst-case scenarios by purchasing comprehensive liability insurance.

Basic Oregon business liability insurance must include the following coverage options:

  • physical injury
  • advertising injury
  • property damage

Some businesses need more than basic Oregon business liability insurance. The only way to determine if you need additional coverage is by evaluating the services which your company provides and what type of industry your business is engaged in. For example, if your company is involved in manufacturing, Oregon product liability insurance should be included in your insurance policy. This protects your business in the event it manufacturers a faulty product which causes serious injury or death to a customer. In this case, the injured victim or the victim’s family has every right to sue your company for the damages brought about by the faulty product. These damages can be extremely costly and can even be more than the company’s available funds. Having the proper Oregon business liability insurance coverage will ensure that if your business is ever involved in a lawsuit, the resulting court settlement will not destroy your business.

Finding the right coverage at a reasonable cost doesn’t have to be a time-consuming experience. You can easily talk with several different insurance carriers online and compare prices and rates. In this way, you can tailor a business liability insurance policy which meets your specific needs and budget.