Best General LiabilityOregonMoneyGeek conducted an analysis of various factors, including cost, customer service, quote speed and financial stability, to determine the best insurers for general liability insurance. We found that the best general liability insurance in Oregon is from Next. It also offers the cheapest rates, at $26 per month for limited liability companies (LLCs) with 20 employees and $25 for sole proprietorships.
The best or the most affordable company depends on several factors, such as your industry, number of employees, location and more. We recommend assessing your business and needs to find the ideal policy.
Best General LiabilityOregonBest General Liability Insurance in Oregon
Best Overall - Next
Cheapest - Next
Best for Employers - Nationwide
Best for Sole Proprietors - Thimble
Best Overall General Liability Insurance in Oregon
The best overall general liability insurance in Oregon is from Next. It received a MoneyGeek score of 89 out of 100. The table below shows our rankings of all companies in Oregon based on their MoneyGeek scores. We also included their average rates to help you compare their costs.
How was this MoneyGeek score calculated?
Best OverallScore: 89
5/5LLC Affordability
4/5Sole Proprietor Affordability
0/5Customer Satisfaction
2/5Financial Stability
4/5Online Quote Process
PROS
Affordable rates for LLCs and sole proprietors
Getting a quote is relatively quick and easy
CONS
Not as financially stable as other insurers
Low customer satisfaction score
Company Highlights
Next is an affordable option for both LLCs with 20 employees ($26 per month) and sole proprietors ($25 per month). It has one of the fastest times to generate a quote, and you can see your rates within a minute. These strengths make Next our top pick, and it might be a great choice for those looking for low rates.
However, this company has the lowest customer satisfaction score. This means the number of customer complaints Next receives is more than the industry average. It’s also the least financially stable company out of all the companies we analyzed.
Cheapest General Liability Insurance in Oregon
Next is the most affordable option for general liability insurance in Oregon, offering average monthly rates of $26 for LLCs with 20 employees and $25 for sole proprietorships. It may not have the absolute lowest rates for both types of businesses, as certain factors can affect rates. To rank insurers, we focused on affordability for both LLCs and sole proprietors equally, giving each a weight of 50%.
How was this MoneyGeek score calculated?
CheapestScore: 97
5/5LLC Affordability
4/5Sole Proprietor Affordability
0/5Customer Satisfaction
2/5Financial Stability
4/5Online Quote Process
PROS
Cheap rates for LLCs and sole proprietors
Know your quote in a minute
CONS
Low financial stability rating
Company Highlights
Next offers affordable rates, and it’s the cheapest option for LLCs with 20 employees. If you’re a sole proprietor, you might be able to find companies offering lower rates. Next has a quick and efficient quote generation process, taking just over a minute to obtain a quote. This feature can be beneficial when you’re in the process of comparing rates from different insurers.
This insurer scored the lowest in terms of financial stability, which can be a drawback since it determines the insurer’s capacity to meet their financial obligations.
Best General Liability Insurance for Employers in Oregon
Nationwide is our top recommendation for employers looking for the best general liability insurance. It received a MoneyGeek score of 92 out of 100. On average, a Nationwide general liability insurance policy costs $42 per month.
To find the best company for this category, we analyzed average monthly costs for LLCs with 20 employees. The number of employees can impact your premiums, as a larger workforce may result in higher rates.
How was this MoneyGeek score calculated?
Best for EmployersScore: 92
3/5LLC Affordability
5/5Customer Satisfaction
4/5Financial Stability
3/5Online Quote Process
PROS
Good financial stability
Excellent customer satisfaction rating
CONS
Longer quote generation times
Not the cheapest option
Company Highlights
Nationwide offers affordable premiums and excellent customer service, making it the best choice for employers in Oregon. Although it’s not the cheapest option, it has one of the lowest average monthly costs at $42. It has the highest customer satisfaction rating based on the National Association of Insurance Commissioners (NAIC) customer complaint index, indicating it receives fewer complaints than other companies. Obtaining a quote from Nationwide can take over two minutes, which is longer than all the other companies we analyzed.
Best General Liability Insurance for Sole Proprietors in Oregon
Thimble ranked first for the best general liability insurance for sole proprietors in Oregon, with a MoneyGeek score of 95 out of 100. After analyzing the average cost of a policy for sole proprietors without employees, Thimble emerged as the most affordable option, with an average monthly cost of $22. It's important to note that sole proprietors operating in riskier industries, such as construction, might pay higher premiums.
How was this MoneyGeek score calculated?
Best for Sole ProprietorsScore: 95
5/5Sole Proprietor Affordability
2/5Customer Satisfaction
3/5Financial Stability
5/5Online Quote Process
PROS
Has the cheapest rates
Fastest way to get a quote
Financially stable
CONS
Receives more customer complaints than average
Company Highlights
Thimble has the lowest rates for sole proprietors, with an average rate of $22 per month. It also has the fastest time for generating a quote. If you’re looking to compare quotes from different insurers, Thimble can give you one in approximately 18 seconds. It is also financially stable.
This company received a low score in customer satisfaction, which means it received more customer complaints than the industry standard, according to the NAIC index.
Do You Need General Liability Insurance in Oregon?
While it's not mandatory for a business to have general liability insurance, it can be helpful in certain situations, such as obtaining business licenses or securing contracts in specific industries. Having this insurance can also make you feel financially protected in the event of lawsuits. It can help you safeguard your livelihood and avoid significant financial losses during challenging times.
By purchasing general liability insurance, you can provide extra protection for your business and avoid the need to personally cover the expenses associated with claims. This insurance is designed to handle costs, including legal fees, judgments, medical bills and property damage.
Other types of business insurance are required in Oregon. For instance, businesses are required to have workers’ compensation insurance regardless of the number of employees they have. They’re also required to have the following limits for commercial auto insurance:
- $25,000 per person
- $50,000 per accident for bodily injury
- $20,000 for property damage
SMALL BUSINESS RESOURCES IN OREGON
Oregon offers several programs to help small businesses grow. The Oregon Startup Center connects small businesses with investors, communities, officials and service providers.
How Much Is General Liability Insurance in Oregon?
The average cost of general liability insurance in Oregon is $50 per month for LLCs with 20 employees and $29 per month for sole proprietors. We calculated rates based on a policy with a $2 million aggregate limit, $1 million occurrence limit and $0 deductible.
The aggregate limit represents the highest coverage amount available within your policy during its duration, and the occurrence limit is the maximum coverage for individual claims. The deductible refers to the amount you must personally pay before your insurance coverage kicks in and starts paying for a claim.
Factors That Impact General Liability Insurance Costs in Oregon
The cost of general liability insurance depends on various factors, including your specific industry, policy limits and number of employees. These factors play a role in determining the premiums you will need to pay.
Policy limits
A higher coverage amount means that your insurer will need to pay out more if a claim is filed, which can result in higher premiums for you. Lower limits can save you money each month, but this could result in you needing to pay more out of pocket if you are hit with a lawsuit.
Number of employees and payroll costs
Higher payroll costs and a larger number of employees can lead to more expensive premiums. In Oregon, the average monthly cost of general liability insurance is $50 for an LLC with 20 employees, whereas it is only $29 for a sole proprietorship.
Business location
Operating in high-risk locations increases your premiums because of the higher likelihood of potential damage or injury. The average rates we have compiled may vary for each city in Oregon.
Claims history
Insurers may consider the number of claims a business has filed in the past. They might view a long claims history as an indication of higher risk, which can lead to increased insurance costs.
Industry
Industries considered high-risk, such as those in construction, may be subject to higher rates. The table below highlights the variations in insurance rates across different industries in Oregon.
Frequently Asked Questions About General Liability Insurance in Oregon
We answered common questions about general liability insurance in Oregon. Here are questions you might come across when choosing the best insurer.
About Melissa Wylie
sources
- Oregon Startup Center. "Beaverton Startup Challenge." Accessed May 11, 2023.