September 26, 2017

Why you should review your business insurance every year!

Your policy is predicated on several things and should be tailored to fit your needs.  As your business grows your needs for coverage change.

Located in Portland, Oregon, I write businesses on both sides of the Columbia River.  The state in which you are located can dictate the types of policies you are required to carry.  In Washington State, the department of Labor and Industry handles workers compensation while in Oregon, Workers Compensation is open to the competitive market.

Opening a business means you should have a Commercial General Liability policy or CGL.  The CGL coverage should be discussed between you and your insurance agent.  It may also be dictated by any local agency, city, state, or other board that you must answer to.  For instance, in Oregon the Oregon Construction Contractors Board mandates many things for General Contractors and Sub-Contractors.  This includes the amount and type of bond to be carried, the minimum of liability to be carried, and beyond. The lease of the building or space you rent will impact your business insurance needs as well.

Errors & Omissions (E and O) or Professional Liability Insurance protects professionals that provide advice as a professional service.  This defends against claims made by a client resulting in the negligence of the professional.  In short, a professional compensated for their professional opinion should consider E and O coverage.

Some examples of coverages that can be provided in a commercial package policy are:

Damage due to leakage from a fire suppression system

Signs

Exterior Glass

Employee dishonesty

Employment practices

Cyber Liability and Data Breach

If any of these make you wonder if you have coverage– call your agent today, or call us today at 971-303-8508 for a free policy review to make sure you have protected the dream you have worked to build.

Please consult the appropriate individuals and or agencies before binding any insurance.  The information contained in this article is meant for reference only.  As policies, laws, and rules of conduct can change with little notice this is article is meant for reference only