Business Insurance Portland, OR
There are numerous options to find coverage for business insurance in Portland, OR. You absolutely need insurance to protect your business from liability and accidents. This guide will help you choose the right coverage at an affordable price.
According to data on the insurance industry, 75% of US businesses are underinsured, and 40% of small business owners have no protection whatsoever.
A study conducted by Advisor Smith found that 75% of small businesses faced an insurable event in 2020. Use an online insurance provider to get a quote, find personalized insurance products, and easily file claims.
Recommended: Estimate your premiums and coverage options in Oregon. Get a quote from a dedicated small business insurer.
What Insurance Do I Need for My Portland Small Business?
With average premiums for general liability insurance in the United States at about $800/year, protecting your business can be affordable and a smart decision.
Your premiums in Portland, OR will depend upon your industry, revenue, and risk. A brick-and-mortar business providing any kind of general product, services, or consulting could use a host of coverage options, such as general liability insurance for onsite accidents, commercial property insurance to protect against theft, or workers’ compensation to offer support in the event of workplace injuries.
Ecommerce businesses have unique needs and may be more concerned with data breaches or cybersecurity coverages. You can bundle most of these into a business owner’s policy (BOP).
What Are the Different Types of Business Insurance?
Below are the most popular types of coverage that a small business in Portland, OR may need:
General Liability Insurance Portland
General liability insurance is the most common type of business insurance, as it covers the most basic needs that are shared among all types of companies. Things like bodily injury on your business's property and physical damage caused by employees or employers are covered by this policy.
Workers' Compensation Insurance Portland
Workers' compensation insurance is meant to protect the interests of your employees if they are injured on the job. It can also protect your business from a lawsuit if that employee needs compensation for their injuries. Workers' comp is mandated for any company with employees in every state except Texas and South Dakota.
Business Owner’s Policy Portland
A business owner's policy is a bundle of insurance policies usually consisting of general liability, commercial property, and business interruption insurance. Since they are packaged and sold as one policy, this makes the administration of your protection simpler, and it may even come at a discounted rate.
Find the Most Affordable Coverage
Visit our Cheapest Business Insurance review to find the best coverage at the lowest rate.
Online Business Insurance vs. Traditional Insurance Agency in Portland
Online insurance agencies generally provide comparable coverage to a traditional insurer at a lower price. As a result, a growing number of small businesses prefer to use online business providers to find personalized insurance products and save on costs. They offer other benefits as well:
We highly recommend using an online provider like Next Insurance for a number of reasons:
- Mobile App: Easily access all your coverage provided and Certificate of Insurance (COI) through an app.
- Personalized Coverage: Online insurance providers use AI and predictive data to provide customized insurance options tailored to the unique risks to your business.
- Lower Premiums: Online insurance providers save on expenses by not having brick-and-mortar locations or full-time agents and pass on these savings to their customers through lower premiums.
- Quick Turnaround on Claims: You can file a claim online and receive a resolution, usually within 48 hours
- Convenience: Save time by avoiding speaking to an agent on the phone, get a quote instantly and insure your business within 24 hours.
Two Ways To Start Coverage
Compare Quotes Online
Use our dedicated small business insurance provider to generate a quick and accurate online quote, specifically for your small business.
Speak With an Insurance Representative
Representatives are online from 8:00 a.m.–8:00 p.m. ET, Monday–Saturday, to answer your questions and help you discover the best coverage.
Frequently Asked Questions
Do I really need business insurance?
A study conducted by Advisor Smith found that 75% of small businesses faced an insurable event in 2020. Because of this, it’s in your best interest to get insured.
How much should business insurance cost?
The cost of business insurance for a small business is typically between $700 and $3,800 a year, but this depends greatly on what types of insurance your business needs, your industry and the risk associated with your state.
What are the business insurance requirements in Oregon?
In Oregon, business insurance requirements may vary based on the type and size of your business. It's crucial to have the right insurance to protect your business from potential risks. For a comprehensive understanding of business insurance requirements in other states, please refer to our easy-to-understand guide.
How do I get business insurance in Portland?
An insurer like Next Insurance offers convenience and can get you an instant, online quote with your specific needs in mind or we recommend calling a local insurance agency as listed below in Portland to discuss your unique needs.
What happens if I don’t have business insurance?
- In the event of any liability, such as property damage, client injury, data breaches, etc., you can be held responsible to pay in full any court-appointed charges, with no benefit payout to help cover the cost.
- Businesses may choose not to work with you, as they do not want to assume all of your risk on their own insurance policy.
- Depending on your business and jurisdiction, your state or local government may shut down your business if you do not satisfy their insurance requirements. In addition to this, you may be forced to pay a penalty.
Do I need business insurance if I’m a sole proprietorship?
Yes. Sole proprietorships, like other businesses, should get business insurance.
Small Business Resources in Portland, OR
Food Innovation Center
The Food Innovation Center (FIC) is a program connected with Oregon State University that provides entrepreneurs looking to start a business in the food industry. The center provides personal consulting, product packaging, testing labs, food photography for marketing, and shelf life testing. They also offer various classes to help further develop one's expertise in nutrition labeling, food safety practices, and flavor refinement.
- 1207 NW Naito Pkwy., Portland, OR 97209
Located in downtown Portland, Collective Agency is a coworking space that has two primary locations, both of which offer the same amenities to members. They are also available to host both professional and seminar-style events.
- 3050 SE Division Ste. 245, Portland, OR 97202
Mercy Corps Northwest
In their goal to provide equitable access to resources all across the Pacific Northwest, Mercy Corps Northwest offers small businesses a place to obtain grants and other forms of capital regardless of their credit history. Mercy Corps Northwest is also the host of the Oregon Women’s Business Center.
- 43 SW Naito Pkwy., Portland, OR 97204
OTRADI Bioscience Incubator
The Oregon Translational Research and Development Institute (OTRADI) offers science-based small businesses the Oregon Bioscience Incubator, which specializes in helping entrepreneurs with businesses in the bioscience industry. Whether you need help to find funding through grants, access state-of-the-art lab facilities, and network with both new entrepreneurs and those who own established businesses in the field.
- 4640 SW Macadam Ave. Ste. 120, Portland, OR 97239
Local Insurance Agents in Portland, OR
We have compiled a list of local insurance agencies in Portland, OR if you prefer to discuss your specific needs by speaking to an independent insurance agency or representative.
Victoria Hall - Allstate Insurance Agent
- Google Rating: 4.5/5
- 55 NE Broadway, Portland, OR 97232
- Monday–Sunday, 9:00 a.m.–9:00 p.m. PT
Action Insurance Group
- Google Rating: 5/5
- 1510 NE 172nd Ave., Portland, OR 97230
- Monday–Friday, 9:30 a.m.–6:00 p.m. PT
Chet Hill Insurance
- Google Rating: 4.8/5
- 10402 NE Sandy Blvd., Portland, OR 97220
- Monday–Friday, 9:00 a.m.–5:00 p.m. PT
JD Fulwiler & Co. Insurance, Inc.
- Google Rating: 4.4/5
- 5727 S Macadam Ave, Portland, OR 97239
- Monday–Friday 9:00 a.m.–5:00 p.m. PT
Assurety Insurance & Consulting
- Google Rating: 5/5
- 11000 SW Barbur Blvd. #100, Portland, OR 97219
- Monday–Friday, 9:00 a.m.–5:00 p.m. PT
Elliott, Powell, Baden & Baker Inc.
- Google Rating: 4.9/5
- 1521 SW Salmon St., Portland, OR 97205
- Monday–Friday, 9:00 a.m.–4:30 p.m. PT
Mosaic Insurance Services
- Google Rating: 5/5
- 220 NW 8th Ave., Portland, OR 97209
- Monday–Friday, 9:00 a.m.–6:00 p.m. PT