Oregon General Liability Insurance – OR
Oregon General liability insurance is must-have coverage to have for all businesses big or small.
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This type of insurance shields your business against many claims stemming from damage to third parties or your customers.
The fact is that all businesses face some type of risk, which is why they require general liability insurance.
This type of coverage can help protect your business against claims pertaining to malpractice or bodily harm.
General liability insurance in Oregon can be had in many types of coverage, and the one you require will depend on the type of business you run.
For example, if you run a construction business, then you will opt for a higher level of general liability insurance coverage.
5 Big Reasons Why You Need General Liability Insurance in Oregon
One of the many common questions business owners ask is do I really need to buy general liability insurance? And the short answer is Yes!
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As a business operator, you should already know that operating any kind of business is already risky.
General liability insurance in Oregon not only covers your business against claims originating from injury and property damage, but also from any issues as a tenant if you are renting a space.
Further, it extends coverage for not only your business, but also your employees against claims originating from injury or property damage to third parties.
Apart from being an important part of your business, here are 5 great reasons your business requires general liability insurance.
Workers’ Compensation Insurance in Oregon
If you are a handy worker, you already should be aware of the compensation you can lose if you fall ill.
As a handyperson, you are not protected by government workers’ compensation advantages, therefore you should have OR handyman insurance.
Research indicates that injuries to independent workers in Oregon were increased by a whopping 12 percent.
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When you pay for Oregon general liability insurance, you are protected financially for medical costs related to the injury at the worksite.
Depending on the general liability insurance plan you select, you may also be eligible for pay for the days you are off work.
Third-Party Bodily Injury Protection
This is perhaps the biggest reason to get general liability insurance in Oregon.
If your company runs services that can cause damage to others including customers, then buying general liability insurance should not be an option.
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One excellent example of this is OR dog walker insurance, which covers your pet sitting business if the dog causes hurt to others.
Another example is when you are fixing your client’s drywall, and they fall over your tools, then you will be liable for their injury.
If you buy general liability insurance in Oregon, your policy will pay for the fees of these claims.
Third-Party Property Damage
Another crucial reason to get general liability insurance in Oregon is to shield your business from third-party property damage.
For example, you are restoring your customer’s roof, and you mistakenly spoil an expensive vase, then you will have to pay for the damages.
Depending on the cost of what you damage, you may have to pay for these claims from your own savings, that is if you do not have a general liability insurance policy.
Oregon General liability insurance can help shield your business against any lawsuits originating from claims that you did not deliver services as promised.
Things such as inaccurate advice can be included under a general liability insurance policy.
General liability insurance can also mostly include professional liability insurance, so speak to your insurance agent to check if they give this form of insurance.
While general liability insurance covers your business against many different types of claims, professional liability insurance is more specific towards errors you make in your business services.
If you are manufacturing and selling merchandise under your own brand, then it is wise to have general liability insurance in Oregon, and here is why!
If a client claims bodily injury due to the use of your business’s products, then general liability insurance will shield you against these sorts of claims.
And if you sell your products on the web, then it is a smart idea to check out OR ecommerce insurance to better shield your interests.
Take, for example, your business is selling facial creams, and a client has an allergic reaction to your offering, then general liability insurance can help cover costs if you get sued.
What is Not Covered Under General Liability Insurance?
Depending on the kind of general liability insurance you choose, there are certain things that may not be covered under your insurance policy.
The first thing that may not be covered is against claims not related to your services. Employee accidents may also not be covered under your general liability insurance policy.
As a business, you may be hauling several expensive tools in your vehicle or even at your customer’s property.
If these accessories do get stolen, you will require specialized general liability insurance.
In the event of theft of your personal belongings, your truck insurance policy will not protect these items against theft.
Another area where general liability insurance may not offer compensation is if you make glitches in your services.
When investing in general liability insurance, you should pick your coverage limit wisely. Because your general liability insurance policy will not cover costs that are over your policy limit.
Different Forms of General Liability Insurance
General liability insurance is a widely used term for myriad types of insurances, most notably:
General Liability Insurance
Also referred to as CGL commercial liability insurance or BL business liability insurance, this (type of insurance shields your company against claims that cause bodily injury or property damage to someone else.
Further, general liability insurance also covers your company against reputational harm or errors in your advertising.
A few examples of things general liability insurance will shield your business against include property damage, advertising errors, and reputational harm.
Professional Liability Insurance PL
Also known as errors and omissions insurance, professional liability insurance comes with claims against your entity that arise from errors in the services you offer.
For example, if you are a financial broker that provides a client with erroneous figures, and they sue you, professional liability insurance will provide the legal expenses.
If you offer professional services to clients, then you should as your insurance company about professional liability insurance.
Employer Liability Insurance
If your company has a lot of workers, opting for employee liability insurance is a good idea.
This kind of insurance shields your employees against any injury they may incur at the work location.
Furthermore, employer liability insurance can also pay for disability benefits, missed wages and funeral costs.
What is the Price of General Liability Insurance?
The charge for general liability insurance varies across insurance providers. It depends on a lot of different factors including the type of business you are handling.
For example, if you are running a roofing business, then the cost for your premiums will be more than other types of businesses, hence you should explore OR roofing insurance.
But to give you a rough idea, general liability insurance costs $40 per month, but a little lower if you select to pay annually.
High-risk companies can expect to pay higher premiums such as contracting categories.
You can save funds if you pay for your insurance contract in full annually.
Further, you can also save money on your general liability insurance policy if you club all your policies under one insurance agency.
You should also minimize your business claims on your general liability insurance plan.
How to Find General Liability Insurance Companies in Oregon?
When finding the best general liability insurance provider in your city, it is important to check the organization’s reputation.
You should then determine your coverage limit, where the higher the insurance coverage, the higher the charge of premiums.
But it is very important that you select the right amount of coverage.
If you are unclear about the coverage limit you need, speak to your general liability insurance company to help evaluate your organization’s risks for the right coverage limit.
But $1 million and $2 million are the most selected coverage limits of general liability insurance.