General liability insurance is designed to protect businesses against claims of bodily injury or property damage and a few other specific issues. Incidents requiring the use of general liability insurance are unpredictable and can happen at any time while you are operating your business. If these incidents occur at your place of business, you can be held responsible.
Oregon requires that most businesses carry general liability insurance. The insurance is to protect you against claims resulting from those unforeseen incidents. We’ve investigated general liability insurance available in Oregon and compiled a list of six of the top providers of general liability coverage.
In addition to providing you with the top insurers, we pulled quotes from some of our favorites for a small accounting firm with annual revenue of $400,000. Beyond the quotes, we have included general information about liability insurance and how to find coverage in Oregon. The following topics are covered in this article.
- Top 6 providers of general liability insurance in Oregon
- What does general liability insurance cover?
- What does general liability insurance not cover?
- Why Oregon small businesses should get general liability insurance
- How much does general liability insurance cost in Oregon?
- How to find cheap general liability insurance in Oregon
Top 6 providers of general liability insurance in Oregon
After researching multiple insurance companies, we’ve chosen 6 of the best companies for general liability insurance in Oregon.
- CoverWallet: Best for comparing multiple quotes quickly.
- Hiscox: Best for specializing in small business coverage.
- Next: Fully online experience and affordable rates
- The Hartford: Best overall for business.
- Thimble: Best for the self-employed.
- Simply Business: Best for finding low-cost coverage
CoverWallet: Best for comparing several quotes online quickly
CoverWallet is a digital insurance broker. They use algorithms to match your business to insurance companies by preparing quotes from multiple companies. You input your data, and they do the rest.
If you goal is to compare several quotes to choose the cheapest one for your business, starting with CoverWallet is a good idea. They make it very convenient and fast for you to compare several quotes in one place.
We’ve included a sample quote from CoverWallet for you to see how it looks.
Hiscox: Best for specializing in small business insurance
Hiscox is our choice for specializing in small business coverage. When you request a quote, they give you suggestions for the kinds of policies they suggest you purchase. They offer discounts if you choose to bundle policies as well.
Here is how a quote from Hiscox looks.
Next: Best for a fully digital experience
Next is what is known as an insuretech company. Those companies use different methods to determine your rates. They are dedicated to providing an online insurance experience.
You can do any business with them 365 days a year from anywhere. They do offer help via telephone as well if you need it. Their coverages currently only extend to a select number of industries. Their quotes look like this one.
The Hartford: Best overall for business
The Hartford is a traditional insurance company that has been in business for over 200 years. This company prides itself on ethical business practices. If you choose The Hartford for your insurance needs, you can be sure you’ve chosen a stable company that is knowledgeable in the field of business insurance.
This quote is a sample from The Hartford.
InsurePro: Best for the short-term coverage
InsurePro is a national insurance agency that offers customized policies small and micro businesses. They offer various coverage options to people having gigs in different industries from yoga teachers to carpenters or small restaurant owners.
Another unique feature of InsurePro general liability insurance policy is that you can buy coverage for just a day or a week or a few days in a month, which makes it ideal for gig workers who only plan to work a short period and needs to have insurance protection while they work.
Simply Business: Best for finding low-cost coverage
Simply Business is a digital brokerage firm focused on serving small businesses. They specialize in helping small businesses find low-cost coverage by getting several quotes from the carrier partners that they work with.
They make sure all carrier partners that they work with have a good reputation and strong financial strength, and at the same time offer low-cost coverage. Some partners may not be very well-known, but their policies are solid. Their quotes may not be easy to be accessible without Simply Business platform.
Getting and comparing several quotes on Simply Business website is fast and straightforward, just taking a few mins. Simply Business also earns a strong customer satisfaction rating on trustpilot. You can trust that their customers are happy with the service.
What does general liability insurance cover?
General liability insurance is essential for any small business owner, whether your state requires it or not. As it turns out, Oregon does require that businesses carry general liability insurance. This insurance covers incidents that result in the following kinds of claims:
Bodily injury to a third party caused by your work or at your workplace
A client visits your workplace to inspect a couch you are repairing for them. While there, the client is injured after tripping over one of your harmers. As a carpenter, your general liability insurance policy may cover the costs associated with the client’s injuries.
Property damage to a third party
An IT consultant is putting in a new network at a client’s place of business. Several vital files are corrupted while transferring data from the old server to the new one. The client sues the consultant for the financial consequences of the data loss. These expenses could be covered by a general liability policy, thereby protecting the IT consultant.
Libel, slander, or business disparagement
Two of your workers made disparaging remarks about a client without knowing he was there. The client overheard the conversation and filed a lawsuit against you and your employees. General liability insurance might protect you and your employees from the damage claims from the suit.
Advertising that is misleading or false
You are selling recycling shopping bags and advertise “perfect for all recycling needs”. A lawsuit could be brought up against your company alleging that the shopping bags are not recyclable and just the similar to other shopping bag brands. A general liability insurance policy can protect you and your business from such a lawsuit.
These coverages pay for costs of third-party medical fees—not yours or your employees’. If a claim is made against your business, your insurance coverage will pay for medical expenses, and it can also pay for legal fees or judgments resulting from the claim. Be aware that even someone who was trespassing on your property can sue you if they get hurt while there.
Learn more at general liability insurance coverage article.
What does general liability insurance not cover?
While general liability insurance is essential, it doesn’t cover everything. Here are some of the things not covered by general liability insurance:
- Injuries caused in an accident involving an automobile. An auto insurance policy covers this.
- Discrimination based on race or gender, sexual harassment, wrongful termination, or the failure to promote someone. Employment practices liability coverage is what you need for these claims.
- Wrongful practices or errors made by professionals such as lawyers or doctors. Professional liability, also known as errors and omissions insurance, covers these claims.
- Workers’ compensation claims. An employee’s injury while on the job is covered under workers’ compensation policies.
Why Oregon small businesses should get general liability insurance
First, it is required to have general liability insurance in Oregon. Even if it weren’t required, it’s a good practice to carry this kind of policy to help protect you and your business against the claims of third parties. It’s a good financial decision to invest in appropriate insurance policies because it could save you money in the long run.
Consider what would happen if someone fell inside your business and got hurt. Would you be able to afford to pay their medical bills? As a small business, it’s unlikely that you would have the appropriate funds to be able to pay for their care on hand and continue to keep your business going successfully.
What would happen if one of your employees knocked an antique vase off and broke it while working in a client’s home? Would you be able to compensate the client for the damage to the vase? Again, as a small business, it’s unlikely that you could repair or replace the item while still maintaining your operating budget. With insurance, you don’t have to worry about covering these liabilities.
How much does general liability insurance cost in Oregon?
The average cost of a general liability insurance policy for a small business in Oregon is $60 a month, or $720 a year. But small businesses can expect a general liability premium that falls between $300 and $5,000 annually. That is a good range. It is because the general liability insurance cost varies depending on several factors that we will be examining in depth below.
These are just the average. Be sure to shop around with a few companies or with a digital broker like CoverWallet so that you can compare several quotes to choose the cheapest one for your business.
Factors affecting general liability insurance cost in Oregon
The cost general liability coverage varies depending on the nature of your business, how long you’ve been in business, where your business is located, and your previous claims. Oregon uses a coding system (SIC codes) that can affect your rates. Companies may also have an internal rating system to decide how much your coverage will cost you.
The nature of your business
Different industries have different risk profiles, which have implications on the cost of general liability insurance. Depending on your industry, your commercial general liability insurance costs may be high or low. For instance, an accountant might pay less for general liability than a handyman because his profession carries fewer risks.
How long you’ve been in business
The number of years you’ve been in business and your demonstrated financial stability can help you save money on commercial general liability insurance. Insurers believe newer companies are risky because they do not have the experience to avoid some critical mistakes.
Where your business is located
Rates for commercial general liability insurance vary depending on your location in Oregon. People that live in more populated areas have to pay more because the chances of accidents are more.
So, a handyman in Portland will likely pay more than a carpenter in Bend, even if the size of their business is the same.
Your previous claims
If your business has filed claims before, your general liability insurance premiums will be much higher than similar and neighboring businesses if they have not filed any claims. Insurance companies always charge more on businesses with past claims
Coverage limits and deductibles
The higher coverage limits and the lower deductibles of your policy are, the more expensive the general liability insurance is. A $1M/$3M policy is more expensive than a $100K/$300K policy. Similarly, a policy with $100 deductible is more expensive than one with $500 deductible. Make sure you should the right coverage limits and the right deductible amount for your policy to get the best price.
How to find cheap general liability insurance in Oregon
The good thing about general liability is that you can reduce the cost. So, you don’t have to avoid it because it’s costly. The following are some suggestions to help you find cheap general liability insurance:
Shop around for the best policy
If you need the best policy, ask for it. The thing is, not all insurers are the same, and so their cost varies. But the problem is, some very cheap policies offer low-quality coverage. So, as you look for cheap policies, ensure that you check what they offer you.
Buy a bundle policy
Some insurers offer general liability as part of a broader policy called the Business owners’ policy. This policy will offer you other coverages you need in addition to the general liability at a cheaper rate.
Ask for discounts
Insurers might also offer a discount to their customers at times. Some offer you a discount for being a new customer. Others may offer you a discount for paying for an annual subscription, and in some cases, you can get discounts for paying with your credit card.
So, if you need a discount, ask the insurer to know if you qualify for one.
Have a risk management plan
If you take precautions to guard against risk, your liability insurance premiums may be lower than the national average. Risk management can include installing security systems on your premises or offering employee training programs.
Learn more at the cheapest general liability insurance companies
General liability insurance is a requirement for businesses in Oregon, but even if it weren’t, it’s a sound financial decision to have the coverage. We’ve highlighted six of the best companies for business insurance, but others are available. Our advice is to shop for the coverage and rates that are most beneficial to you.