Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Engineering Insurance Oregon
Engineering Insurance Oregon. If you own your own engineering business, then buying the right level of insurance for your business - including a BOP, or business owner's policy - is a crucial part of doing business. This type of policy protects your small business in many of the same ways that your homeowner's insurance protects your home. While the homeowner's policy protects your home and the stuff inside it, the BOP policy protects your business, your equipment, inventory, and more.
A engineering insurance Oregon business owner's policy can provide you with protection if you find yourself on the receiving end of a lawsuit.
Engineering insurance Oregon protects your firm from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
What Is An Engineering Insurance Business Owner's Policy?
This engineering insurance Oregon combines three basic coverage types into one policy, making it easy to choose the coverage level that your business needs and stay protected without a lot of research into specific policy types. The BOP policy can protect your professional engineering firm from the perils faced by all businesses and from perils unique to your trade. This policy offers your business:
- Business liability insurance. This insurance provides a buffer against specific lawsuits that allege your business is responsible for bodily injury or property damage due to the operation of the business. For example, if a customer becomes injured at your place of work or if an employee on the client's jobsite becomes injured or damages the client's property, this insurance kicks in to cover the damages. It may also cover you from libel and slander charges in some instances. However, it does not cover any liabilities that arise directly from the professional engineer services that you offer.
- Business property insurance. This type of insurance protects the business' physical location and the items stored or maintained within. For instance, your equipment, tools, and furnishings are protected under business property insurance, regardless of whether you own them or lease your equipment.
- Business income insurance. Most engineering insurance Oregon BOP policies come standard with a business income rider. This type of policy covers the loss of your business' income when you are unable to serve the clientele you normally serve due to claims of covered damage to your property.
Other Engineering Insurance Oregon Coverages
A BOP policy for engineers is essentially a coverage bundle that meets the needs of any small business. However, your business may have unique needs that go beyond the norm. There are many, many types of riders and add-on or addendum policies that you can purchase to make sure you are protected from a 360-degree angle. Some of the most popular include:
- Accounts receivable insurance coverage. As an engineer, there's a good chance that you work on projects that span several months or even go on for years. This type of receivables accounting can constitute a large number of your firm's assets. If those records are destroyed some way, whether by fire, water, or some other peril, you can be out a great deal of money to recoup them. This insurance provides a protective buffer against such an occurrence.
- Coverage for computers and media. You likely rely on your firm's computer system and special software to stay in touch with your clientele, discuss specs, share goals, and exchange quality control information. If a virus makes its way into your media, causing a network crash and corruption of your data, then this type of coverage pays for the research required for replacing such data.
- Valuable papers coverage for engineering businesses. The types of records your business creates and subsequently stores are sensitive. Site tests, minutes of meetings, change orders, and so forth, are all valuable to the operation of your business. Should water, fire, or additional perils damage these records, then you can file a claim under this type of engineering insurance Oregon policy rider to recoup the research costs to recover the lost information.
- Data breach coverage. Your business should also consider data breach coverage. The press has been very thorough in decrying the data breaches that businesses experience. Your business could suffer immensely if clients' confidential information is compromised. This type of coverage helps not only to save your reputation and restore client confidence, but it also helps to pay any damage claim resulting from data breaches.
These are some basic coverage types. Your engineer business may need even more specialized coverage. There are specific types of insurance that may be necessary based on the size of your firm. For example, worker's compensation insurance is sometimes required by the state when you have employees; this coverage protects your workers if they are injured or become ill due to a job-related cause. In addition, some businesses may need commercial auto insurance. If you use a vehicle in the course of running your engineering business, then a commercial auto policy can protect your assets if you are ever sued by someone who claims you injured them or caused damage to their property while operating a business vehicle.
Each business' insurance needs are unique. Discuss your particular situation with an agent who is adept at finding the right cover and level of protection for you - whether that's an engineering business owner's policy or some other type of comprehensive coverage.
Oregon Business Economic Outlook & Commercial Insurance Regulations
If you are thinking about doing business in the Pacific Northwest, you might have your sights set on Oregon. However, before you set up shop, it's important for you to have an understanding of the economy - so that you can make the best decisions possible. It's also important for you to know what type of business insurance policies you are legally required to carry in order to do business in OR.
In order to help set you up for success, below, we highlight some of key information regarding the economy in Oregon, as well as the regulations regarding commercial insurance.
The Economic Outlook In Oregon
In 2018, Oregon is projected to see an increase in their economy. The unemployment rate was 4.1 percent at the end of 2017, and it is expected that it will either stay the same or drop even lower by the end of 2019.
There are several industries that are expected to contribute to the job market and the economy overall in the state of Oregon. The industry that is expected to see the most gain in this state during the 2018 calendar year is construction, with an increase of 10.5 percent. The manufacturing industry is also expected to see significant growth, with a forecasted increase of 4.3 percent. Other industries that are expected to see growth in OR in 2019 include:
- Financial Services
Insurance Requirements For Oregon Businesses
The Division of Financial Regulation oversees the insurance industry in Oregon. Here workers compensation insurance is mandated. If you employ one or more person, whether that person is full-time or part-time, or is hourly or salaried, you are legally required to carry this type of coverage. Additionally, you must carry commercial auto insurance if you operate vehicle for any business-related purposes, whether it's meeting with clients, making deliveries, or transporting goods.
While commercial general liability insurance is not required in OR, it is highly recommended. This type of coverage will protect you from any lawsuits and the accompanying settlements that may arise in the event that some slips and falls, or claims that you damaged their property. You should also consider investing in commercial property insurance, as it can help to offset the cost of any property losses that you might experience.
Additional Resources For Professional Services Insurance
Get informed about small business professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.
- Answering Service
- Attorney Lawyer
- Business Consulting
- Corporate Wellness
- Court Reporter
- Electrical Engineering
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Services
- HR Consultant
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
- Project Management
- Temporary Staffing
- Tax Preparer
Let's face reality. People today are claims conscious, resulting in a significant share of malpractice lawsuits against professionals.
Liability resulting from the rendering of or the failure to render professional services is excluded in most liability coverage forms. This means that a policy covering a account's or lawyers' office will cover liability arising out of the maintenance or use of the premises, but specifically exclude liability arising out of the rendering of a professional service or the omission of such a service.
In addition to the professions in which actual physical or mental injury may be caused to clients, certain other professions are exposed to claims for malpractice.
Claims may be brought against lawyers, accountants, architects, and similar professional persons for errors or omissions in their professional capacity. Errors & Omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence.
Professional liability policies are made available to such risks, and these policies provide essentially the same protection as is afforded under the physicians, surgeons or dentists professional liability policy.
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Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.