Portland Business Liability insurance
Portland business liability insurance quotes can help you determine the cost of basic coverage. However, before you get any quotes, it helps to get a basic understanding of what general business liability insurance covers and what it doesn't cover. Almost all Portland businesses will need some form of liability insurance, and most companies will need other types of coverage, too.
What General Liability Insurance Covers
You general Portland business liability insurance will cover your company in the case of third-party claims brought against you. The claims can be related to property damage, bodily injury or personal injury. So, if someone is injured on your property, and they try to sue you, your commercial liability policy (CGL) should cover you.
Also, if someone attempts to sue you for defamation or libel due to your advertising, your Portland business liability insurance will protect you. Note that advertising does not just include flyers and commercials: any promotional activity can usually be defined as advertising. Of course, Oregon courts have a specific definition of advertising, which isn't particularly precise and may complicate a case.
Your Portland business liability insurance has the duty to defend in the duty to indemnify. In other words, your CGL policy will pay all legal fees and court fees related to your case (which can be extremely costly). Also, because your insurer has the duty to indemnify, they will pay a settlement fee and damages (which, again, can be quite expensive!).
What CGL Doesn't Include
Your basic Portland business liability insurance policy has a number of exclusions. To begin with, there are two other types of Oregon business liability insurance that you may need to protect your company: product and professional. If you're producing, manufacturing or selling a product, you probably need an insurance policy to cover lawsuits related to the product.
In other words, if someone buys a knife from your Portland, OR company and hurts themselves, they might try to sue you. It may sound a little crazy, but you need to have a policy that protects you from claims about your product (even if they are meritless). People bring up lawsuits for all kinds of reasons, and your CGL policy won't cover anything related to products that you produce.
Errors and omissions, or malpractice, is meant to protect you from legal attacks on your professional capability. Your CGL won't cover you if you make a mistake or omit something important, and then someone tries to sue you. If you're giving advice, building houses, or anything along those lines, you may need to consider errors and omissions coverage.
Also, your Portland business liability insurance only protects your Oregon company from third-party claims. So, it will not protect you or your company from a lawsuit in the workplace. If an employee tries to sue you or anyone in your company for wrongful termination or harassment, for example, your CGL will not be of service. You may want to purchase employment practices liability insurance (EPLI) to protect you and your company in workplace related cases.
Here's another thing you need to understand: your Portland business liability insurance covers claims related to property damage, but it doesn't curry property itself. So, you need some kind of policy to protect your property and assets in the case of natural disaster. In other words, you need a basic policy that protects your Portland business from losses; if there's a fire, flood, or other issue, you need a policy in place to protect your company.
Choosing a Portland Insurer
If you are starting a small to medium-sized Portland company, you may be able to purchase what is called a business owner's policy or BOP. A business owners policy is usually a more affordable and simpler way to insure your Portland company, but it's not available for large businesses (since they have higher risks). Not all insurers offer business owners policies, so if you're interested, you should look for an insurer who offers comprehensive BOPs.
Talking to Portland business liability insurance agent can help you determine which insurers have BOPs and how much coverage you need. An agent can also help you choose a quality insurer. Since there are plenty of agents out there who would be happy to work with you, you can be picky about who you choose to work with. You should also be picky when choosing your Oregon insurer.
Your Portland business liability insurance can protect your company from financial ruin, but your coverage is only as good as your insurer. So, you want to choose an insurer that you trust completely. After all, the fate of your business could be in their hands someday! Remember, if you have the support of a reliable agent and insurer, you will save your OR company a lot of money and worry.
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