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Oregon Contractor Insurance

Oregon has 346,753 small businesses. About 32,072 of them involve construction, which means this industry is one of the most common in Oregon. An additional statistic to know is that this state's economy has grown at an impressive rate, since its real gross state product grew by 2.7 percent. This happens to be faster than the USA's 2.2 percent growth in gross domestic product during 2013. (Source: BEA). Another encouraging fact is that fewer Oregon businesses declared bankruptcy in 2014 compared to 2010. (Source: U.S. Courts). If you own a construction firm in this state and want to be among the many successful businesses here, make sure you have the right Oregon contractor insurance coverage.

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Oregon Contractors Need the Following Insurance

Coverage for Third Party (GL): If you ever have visitors who come to your office or construction sites, you need to include general liability coverage in your Oregon contractor insurance policy. This is the best way to protect your business as well as your visitors, since this coverage can pay for their medical bills if they are hurt on your property. It will even pay to make any repairs that are needed if their personal property is somehow damaged. For instance, if a guest's purse or briefcase is ripped, stained, or otherwise damaged on your property, general liability will pay to repair or replace it.

Oregon Contractor insurance
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Tools & Equipment Coverage (BOP): If you use any major machinery in the construction business, the idea of it being damaged, stolen, or vandalized can be stressful. Few business owners can repair or replace such equipment with little notice, which means losing it can be disastrous. That's why your Oregon contractor insurance policy needs tools & equipment coverage. This extends to any tools or equipment you use for your business, whether you own the items or rent them.

Employee Coverage (WC): About 10,812 of the construction firms in Oregon have up to 499 employees. This means that about one third of them need to feature workers compensation within their Oregon contractor insurance. If you are part of this group, know that workers compensation is meant to protect your employees by ensuring that their medical bills are paid for if they are ever hurt at work. But it will also protect you by making sure you do not have to pay for those medical bills or your employees' missed wages out of pocket.

Business Vehicle Insurance: Whether you have to drive all over Oregon for work or you largely stay in bigger cities like Portland, Eugene, or Salem, adding business vehicle coverage to your Oregon contractor insurance is a wise idea. It will pay for any car accidents that you cause when you are driving around Oregon for business purposes, which is good because your personal car insurance will not extend to such accidents.

Bond: When you include a surety bond with your Oregon contractor insurance, you make it clear that your services as a contractor are guaranteed. This is because your insurer will pay for any fines that you are given when you fail to abide by a contract in the construction industry.

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Insurance Products

General Liability (CGL) Workers Compensation Professional Liability Business Owners Policy Commercial Auto Insurance Employment Practices Liability Directors & Officers (D&O) Excess Liability Surety Bonds

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