Frequently Asked Questions About
Commercial General Liability Insurance
How much does small business 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. (read more)
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. (read more)
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.
Oregon Excavation Contractor Insurance
Oregon Excavation Contractor Insurance. An excavation contractor is one who is responsible for preparing land for construction. Excavating contractors specialize in digging into the ground for building foundations or trenches for utility lines. The digs may be deep or shallow. Some provide related services such as grading of land, land clearing, or hauling and disposal of earth and debris.
As a result, excavating work comes with many risks. With the level of risk involved in this kind of work, it's important you have the right and enough coverage to protect your company.
Keeping your business protected is one of the most important things you can do especially in the field of excavation. If you are an independent OR excavation contractor, you must ensure that your business has the right insurance to keep you and employees protected. That's is why a smart move is to ensure they are properly protected with an-adequate Oregon excavation contractor insurance policy.
Oregon excavation contractor insurance protects your business from lawsuits with rates as low as $67/mo. Get a fast quote and your certificate of insurance now.
Ensuring You Have Sufficient Liability Coverage
Some excavation jobs can be risky, and many accidents can and do happen on excavation sites. Most times these accidents can be costly which is why you must ensure that your business has the proper Oregon excavation contractor insurance policies:
- Commercial general liability insurance: With this kind of liability insurance you are covered for property damage or third-party injuries caused by your employees. Making sure you have the right amount of insurance coverage before beginning a job is important. If you are hired to do excavation work you may be required to add the general contractor as an additional insured on your CGL for the duration of the project.
- Umbrella insurance coverage: Property damage or serious injuries while on the job can be expensive. As a result, the regular insurance policy may not have the limit to keep you fully protected. This type of coverage gives you more protection over your business finances by allowing you to buy extra liability insurance coverage.
- Commercial auto liability coverage: Excavation work may require you to move equipment to and from the job site. Heavy equipment such as 18-wheelers, backhoes and dump trucks are just some the type of equipment you may be transporting. A commercial auto insurance policy gives you a higher limit than the regular auto insurance policy. It's a good idea to have this type of coverage so that you can stay protected to protect against the damage of you excavating equipment.
Things To Consider With OR Demolition Contractor Insurance
Safety is a huge part of insurance coverage for a business that includes demolition. With demolition being a part of your business you have a larger risk of damage to equipment and property. Generally with the standard general liability insurance, damage from demolition jobs are excluded.
Luckily some insurance companies include demolition insurance coverage. To find out if a company does you would have to speak with an independent insurance agent. Before giving your demolition insurance policy, you may have to meet some terms and conditions. The right insurance agent will help you in the process of finding the right insurance company to help you with OR demolition coverage.
In most states workers compensation is a must for any non-owner employees. Most hiring general contractors require that you have workers compensation insurance. Showing proof that you have this type of insurance may be necessary to get the job.
Excavator Property Coverage
It's a good idea to keep the equipment you will be using for your excavation jobs protected. Protecting them from damage and theft is important. Most of the time when a top contractor is working on a project they will have purchased builders risk insurance policy. With this type of policy, all property on the job site and other assets owned by your business are protected.
Inland marine insurance is also good to keep your tools, business property and machinery protected. A wide range of coverage types is offered with this these types of insurance. Speaking with an independent insurance agent will allow you to decided on the insurance type that is right for you.
Being protected while on the job is one of the most important things when doing excavation work. To ensure your workers are safe and that the tools and machinery being used are safe ones must make sure that they have the right insurance. Getting the right insurance can be hard because you want to get the right coverage for your business.
Oregon Excavating Contractor's Risks & Exposures
Premises liability exposures at the contractor's office are generally limited due to lack of public access.
At the job site, digging and other operations pose numerous hazards, especially if the contractor exercises inadequate control of the area. The public or employees of other contractors can be injured due to trips and falls over debris, equipment, or uneven ground. Once a hole is excavated, there must be shoring or other supports to prevent collapse if people are to work in the hole.
Digging can result in cutting utility cable, damaging utility property and disrupting services to neighboring residences or businesses. A significant morale hazard may be indicated by the absence of detailed procedures to determine utility locations and to research prior uses of the land. Construction sites create an attractive nuisance hazard, especially if work is close to residential areas.
All equipment must be disabled when not in operation to prevent untrained individuals from using it. Fencing must be in place with appropriate warning signs to prevent trespassing. Excavating in an area of existing structures requires extra vigilance to prevent foundation and structural damage to nearby buildings.
Environmental impairment exposure is moderate due to the potential for air, land, and water pollution from the use and storage of fuels along with the possibility of erosion from construction operations. Spills must be controlled and equipment monitored at all times. Operations can result in claims of noise or dust pollution by neighboring properties and claims for cumulative structural damage to neighboring foundations from heavy traffic.
Property exposures at the excavator's own location are generally limited to those of an office and storage of equipment and vehicles. Fire hazards arise from refueling and repair operations due to the storage and use of flammable gasoline and other fuel sources.
Crime exposure is from employee dishonesty. Background checks should be conducted prior to hiring any employee. All ordering, billing and disbursements must be handled as separate job duties and regularly audited. Physical inventories should be conducted on a regular basis to prevent employee theft of equipment.
Inland marine exposures include accounts receivable if the contractor bills customers for services, computers, contractors' equipment, and valuable papers and records for customers' and regulatory information. Excavation equipment can be heavy and difficult to transport without adequate loading, tie-down and unloading procedures. If the equipment's load capacity is exceeded during excavation, the equipment may be damaged. Excavation may be conducted on uneven surfaces in rural area.
Equipment may strike underground objects or utilities, fall into holes or pits, slip or fall into mud, water or sinkholes, be damaged in rock, land or mud slides, or burst into fire from overload. Equipment may be subject to changes in the weather, water hazards, drop and fall from heights, or being struck by other vehicles. Equipment left at jobsites may be subject to theft and vandalism. Equipment should be secured and rendered inoperable when not in use.
Commercial auto exposures are high due to the transport of oversize machinery and equipment and loads of excavated dirt and gravel. Roads in rural areas may be narrow and the ground uneven, increasing the risk of collision and upset. The driver of the truck must be trained in handling a top-heavy vehicle as considerable skill and knowledge is required for safe driving. If there is a collision, the resulting overturn may spill the load spill onto a public road and preventing access until clean up is completed. All drivers must have appropriate licenses and acceptable MVRs. Vehicles must be maintained and the records kept in a central location.
Workers compensation exposures can be high. Lifting and back injuries, hernias, sprains and strains can occur from setting up equipment for excavation. Collapse of retaining walls, mudslides or landslides, sinkholes, or overturn of equipment may result in severe injury or death from crushing or suffocation. Digging and grading of land may result in injury from underground electrical cable or gas lines.
Common hazards include slips and falls, foreign objects in the eye, hearing impairment from noise, cuts or puncture wounds, bites from insects or vermin, and exposure to pollutants. As operations are often conducted in remote areas, it may be difficult to transport an injured worker to a medical facility to receive prompt treatment. The absence of good maintenance, proper use of basic safety equipment, such as properly installed guards, steel-toed shoes, and eye protection, and strict enforcement of safety practices may indicate a morale hazard.
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 Construction Contractors Insurance
Learn about construction contractors insurance, including how much the premium costs and what is covered - and how business insurance can help protect your construction business from lawsuits.
- Demolition Contractors
Construction contractors have substantial needs for many types of insurance coverage. Most would point to the importance of coverage for completed operations, premises liability coverage during construction operations at jobsites and professional or design errors and omissions insurance.
Such coverages can be provided only when the interests of the contractor and of the property owner are understood; particularly the contractual obligations assumed by the contractor. Next in significance is the workers compensation exposure followed by business automobile. Inland marine coverage for expensive mobile equipment, supplies, other tools of the trade and builders' risk can be vital.
Liability coverage is needed by a construction contractor in order to obtain most jobs. In addition, if a contractor wants to stay in business, it must be obtained to protect it from lawsuits due to its premises operations, off-site locations and products/completed operations exposures. Owners and contractors protective liability and railroad protective liability coverages may also be required in certain cases in order for a contractor to meets its obligations for particular jobs.
Many construction contractors do not have the usual location-specific buildings and business personal property exposures. Their business property is more mobile and, therefore, better covered with inland marine coverage forms. However, for those larger construction contractors that own buildings and/or maintain business inventory there are many coverage forms and choices available to them.
Construction contractors use their vehicles to get to and from their workplaces and jobsites. They also use vehicles to transport equipment and inventory to those locations. It is important to cover the liability of these vehicles for injury or damage they may cause, as well as to provide coverage for damage to the vehicles themselves.
Employers are required to provide coverage for injuries sustained by their employees while on the job. Construction contractors must comply with these requirements but some try to avoid them by hiring subcontractors. These subcontractors may actually operate and qualify as employees. The relationship between a contractor and its subcontractors must be carefully evaluated in order to determine if workers compensation coverage is still needed.
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