Commercial

Why do I need Business Liability Insurance?

If you run an operation with a business name, whether as a sole proprietor, limited liability company, or corporation, you are a target for a lawsuit. Business owners often equate the entity's value with the physical assets, such as tools, equipment, buildings, or inventory. Those things have a known and fixed cost, and if you wanted to, you could forgo insuring them if you have the cash to replace them. What you don’t see is what could hurt your business the most.

License

Whether you offer janitorial services and have employees or provide professional property cleaning services, you you will probably need to be licensed, bonded, and insured in Oregon.

“What’s the big deal?” you might ask. “All we do is clean offices. Why do I have to mess with all that license and insurance nonsense?”

Description

When I first heard the term “artisan” as it refers to insurance, I immediately thought of oil painters, sculptors, and jewelry makers. Over the last couple of decades in my commercial insurance career, I’ve learned artisan encompasses a much broader spectrum of prospective clients who use their hands to build and create stuff.

A regular homeowner’s policy will not adequately cover your property or provide you with the proper liability coverage you need if you own a habitational dwelling that you rent to others. Because you don’t occupy the structure, the homeowner policy clauses covering ‘you,’ the insured, won’t apply. It is the landlord’s responsibility to protect the building against fire and other damage, as well as unattached property that belongs to you and is furnished for the tenants’ use. Your policy does not cover the property belonging to the tenants. That’s their responsibility.