What happens if my business doesn’t have commercial insurance?

Failing to carry any commercial insurance or not enough coverage can have devastating financial and legal repercussions for businesses. Not only does not having commercial insurance open the business to potential exposure in lawsuits, but it can also result in significant fines and even potential closure from the state for failing to follow the law. Keep in mind, that commercial insurance is truly designed to protect the business by offering safeguards to your employees if they are injured on the job or to protect your years of hard work if there is a breach of contract or cyber attack. 

Specific to Oregon, there are two types of insurance that every business – regardless of size – must carry. The first is workers’ compensation insurance which is required for any company that has at least one full-time or part-time employee. The second requirement is commercial auto insurance which is required for any vehicle that is owned by the business. If you own a business where you require your employees to utilize their personal vehicle like a delivery or home repair company then opting for hired and non-owned insurance will save numerous headaches and expenses down the road. In short, hired and non-owned insurance is designed to offer auto coverage to work used personal vehicles because most traditional auto policies will exclude business use from coverage. 

At Oliver Insurance in Canby, OR our friendly team of knowledgeable insurance professionals are ready to assist in finding you the perfect policy for your business. Not only will we walk you through the coverage options for the two required insurances, but we’ll also explain the benefits of optional coverages that may offer additional peace of mind.