01/27/25

Insurance for Solopreneurs in Oregon

 Whether a large corporation or a small start-up company, business insurance, including solopreneurs, is essential to owning a business in Oregon. Solopreneurs start and run their businesses independently, without co-founders or employees. The term is a blend of “solo” (meaning one person) and “entrepreneur” (meaning someone who takes on the risk of starting a business).

Examples of solopreneurs:

  • A freelance writer who takes on client work and manages their own business.
  • A consultant who helps businesses with strategy or operations.
  • A photographer who runs their studio and takes on clients directly.
  • A content creator or coach who sells courses or advice directly to an audience.

Here are some insurance coverages that every solopreneur may want to consider.  Contact the team at EPB&B Insurance, and we will help find the right insurance package to fit your small business needs. 

1. General Liability Insurance

  • Why? This protects against third-party claims for bodily injury, property damage, or advertising mistakes. Even if you’re working alone, accidents can happen, and this covers the costs of legal defense and settlements.
  • Example: This insurance would cover medical costs or legal fees if a client trips and falls in your office or at a meeting location.

2. Professional Liability Insurance (Errors & Omissions Insurance)

  • Why? If you’re providing a service or expertise (consulting, accounting, legal advice, etc.), this protects you if a client claims your work caused them financial harm due to errors or omissions.
  • Example: If a client sues you for an error that cost them money, this may provide you with a legal defense and (your client) indemnity for their loss.

3. Business Property Insurance

  • Why? If you own or rent a space or have valuable equipment (computers, office furniture, inventory), this covers damages or losses due to fire, theft, or vandalism.
  • Example: If your laptop is stolen or your office is damaged in a fire, property insurance helps you replace or repair the lost items.

4. Workers’ Compensation Insurance

  • Why? In Oregon, you must carry workers’ comp insurance  even if you have just one.  It covers medical expenses and lost wages for employees injured on the job.
  • Note: If you’re truly a “solopreneur” with no employees, you might not need this, but it’s something to keep in mind if your business grows.

5. Commercial Auto Insurance

  • Why? Personal auto insurance won’t cover business-related accidents if you use your vehicle for specific business purposes (e.g., delivering goods). Commercial auto insurance is tailored to business use.
  • Example: If you drive to a meeting and get into an accident, commercial auto insurance would cover any damage and legal fees related to an auto accident.

6. Cyber Liability Insurance

  • Why? If you handle sensitive client information (like credit card data and personal info), this covers data breaches, hacking incidents, and other cyber threats.
  • Example: If your business’s website is hacked and customer information is stolen, cyber liability insurance would cover the costs of notification, credit monitoring, and legal fees.

7. Business Interruption Insurance

  • Why? This covers lost income if your business operations are interrupted due to a covered disaster (like a fire, natural disaster, or other significant disruptions).
  • Example: If a fire temporarily shuts down your business, this insurance can cover lost revenue during the downtime.

9. Commercial Umbrella Insurance

  • Why? This provides extra liability coverage above and beyond the limits of your existing policies, offering an additional layer of protection.
  • Example: If you’re sued for more than the general liability or auto insurance policy limits, umbrella insurance kicks in to cover the remaining costs up to the umbrella policy limit.

10. Product Liability Insurance

  • Why? If you’re selling a physical product, this covers you in case your product causes harm to a customer or damages property.
  • Example: If a product you sell causes injury or damage, this insurance would cover the legal costs and damages.

As a solopreneur, it is essential to assess your risks: Consider the types of activities you do and where potential hazards may lie.  The process can be overwhelming, and the team at EPB&B can help you figure out which types of coverage are best for your specific business, compare quotes, and find the best overall insurance to protect you and your business.

01/21/25

7 essential tips to disaster proof your Homeowners Insurance

If disaster strikes your home in Oregon, you will need homeowners insurance coverage to help you rebuild, repair and replace the damage that occurred.  As you deal with the uncertainty and stress of recovery, the last thing you need to is try and wade through insurance process wondering if and how your home with be protected from loss.  Take action now. Let the team at EPB&B help you you evaluate your coverage and guide you through the insurance process before disaster strikes.  Here are seven ways to be proactive in protecting you and your home. 

  1. Review Your Policy: Carefully review your homeowners insurance policy to understand what types of damages are covered, and the specific coverage limits and deductibles that apply to your personal property.
  2. Document Your Belongings: Create a home inventory documenting all of your personal belongings, including furniture, electronics, appliances, clothing, jewelry, and other valuable items. Take photos or videos of each item, and keep receipts or records of purchase prices if available. Store this inventory in a safe place, such as a fireproof safe or an off-site location, so you can easily access it in the event of a diaster.
  3. Update Your Coverage Limits: If your current coverage limits for personal property are insufficient to replace all of your belongings in the event of a total loss, consider increasing your coverage limits. The EPB&B team can help you determine the appropriate coverage levels based on the value of your belongings.
  4. Consider Scheduled Personal Property Coverage: If you have high-value items such as jewelry, art, or collectibles, consider adding scheduled personal property coverage to your policy. This provides additional coverage for specific items that may exceed the standard limits of your policy.
  5. Understand Coverage Exclusions: Be aware of any exclusions or limitations in your policy regarding coverage for specific types of belongings or circumstances. For example, some policies may have limits on coverage for business equipment or recreational vehicles stored on your property.
  6. Maintain Documentation: Keep records of your insurance policy, including contact information for your insurance company or agent, policy numbers, and any endorsements or riders that modify your coverage. Make sure you know how to file a claim and understand the claims process in case you need to make a claim for  damage to your belongings.
  7. Regularly Review and Update Your Policy: Periodically review your homeowners insurance policy to ensure that your coverage adequately protects your belongings and reflects any changes in your circumstances, such as home renovations, additions to your personal property, or changes in the value of your belongings.

By taking these steps, you can increase the chances that your belongings are adequately covered in the event they are damaged by a natural disaster, providing you with peace of mind and financial protection during a challenging time.

01/13/25

How to Compare Auto Insurance Quotes in Oregon 

When comparing auto insurance quotes in Oregon, it’s essential to consider several key factors to ensure you’re getting the best coverage at the most competitive price. Oregon has unique insurance requirements and regulations, so understanding how to navigate the process is crucial. The team at EPB&B is here to help you navigate the insurance process, including gathering and evaluating quotes from an array of companies so you have access to the best coverage at a reasonable price.   Here’s a guide to help you determine what to consider when comparing auto insurance quotes effectively in the state of Oregon.

1. Understand Oregon’s Minimum Auto Insurance Requirements

Before comparing quotes, knowing the state’s minimum coverage requirements is essential. In Oregon, the law mandates that all drivers carry at least:

  • Liability Insurance: This covers damage to other people’s property or injuries in the event of an accident. The minimum required limits are:
    • $25,000 for bodily injury or death to one person
    • $50,000 for bodily injury or death to multiple people
    • $20,000 for property damage

Additionally, Oregon is a no-fault state regarding personal injury protection (PIP), which means drivers are responsible for their injuries regardless of fault. While this is mandatory in Oregon, it’s recommended to have it as part of your policy to cover medical expenses and lost wages.

2. Choose the Coverage You Need

While liability coverage is required by law, many drivers opt for additional coverage options for protection. These include:

  • Comprehensive Coverage: Covers non-collision incidents, such as theft, vandalism, fire, or natural disasters.
  • Collision Coverage: Pays for damage to your vehicle in the event of an accident, regardless of fault.
  • Uninsured/Underinsured Motorist Coverage: This covers injuries or damage caused by a driver who lacks adequate insurance or is at fault and cannot pay for damages.
  • Medical Payments (MedPay): Covers medical expenses for you and your passengers after an accident.

Depending on the value of your vehicle and your financial situation, you may want to adjust your coverage limits and include options like roadside assistance or rental car coverage.

3. Gather Multiple Quotes

Getting estimates from at least three to five different insurers is essential to compare auto insurance quotes. The benefit of using a broker like EPB&B Insurance is that our team will gather the quotes on your behalf.  Some of the factors that are considered include:

  • Personal Information: Your age, gender, marital status, and address (since rates can vary by location).
  • Driving History: A clean driving record usually results in lower rates, while a history of accidents or violations can increase your premium.
  • Vehicle Information: Make, model, year, and VIN (Vehicle Identification Number). Your vehicle’s value and safety features can influence the cost of your coverage.
  • Coverage Preferences: What types of coverage do you need, and what limits are you seeking?

4. Evaluate Discounts

Insurance providers in Oregon often offer various discounts that can lower your premiums. Common discounts include:

  • Multi-policy Discounts: Bundling your auto insurance with home or renters insurance can save you money.
  • Safe Driver Discounts: You may qualify for lower rates with a clean driving record.
  • Anti-theft Device Discounts: Installing security features like alarms or tracking systems in your vehicle can reduce the cost of coverage.
  • Good Student Discounts: Many insurers offer discounts for students with good grades.
  • Low Mileage Discounts: If you drive less than the average number of miles per year, you might be eligible for a reduced rate.

When comparing quotes, ask insurers about available discounts and how they may apply to your situation.

5. Compare Deductibles and Premiums

When evaluating different quotes, it’s essential to consider both the deductible and the premium. The deductible is the amount you pay out-of-pocket in case of a claim before your insurer covers the rest. A higher deductible generally leads to a lower premium, but it also means you’ll pay more in the event of an accident.

Comparing Oregon auto insurance quotes involves more than looking for the cheapest option. Consider your coverage needs, the discounts you qualify for, and the insurer’s reputation before deciding. By gathering quotes from multiple providers, Elliott, Powell Baden, and Baker can find the best value for your auto insurance in Oregon.

01/02/25

Three reasons to review your personal insurance annually

Like many Americans, cleaning up your diet or finding your dream job might be at the top of your resolutions list in 2025, but when setting goals, don’t forget about your Home and Auto insurance. Many life events can change in a year and it is easy to go on autopilot when it comes to renewal time; Contact the team ant Elliott, Powell, Baden and Baker for a simple policy review that can help protect you and your family should the new year bring big changes or an unexpected occurrence.

  • Be Ready For the Road. One of the biggest mistakes someone can make regarding auto insurance is being underinsured. Though most states require a minimum for liability insurance, In Oregon
    the minimum limit is $25,000 of coverage per person/$50,000 per accident, many accidents cost far more. While price is important so is making sure you are covered properly. Take a look at your policy and make sure your coverages are high enough to protect you in case of an accident. 
  • Homeowner’s Makeover. Did you remodel your kitchen this past year? With he world opening up and more people visiting one another, maybe you finally finished that long-awaited additional bathroom. Upgrades and additions can increase the value of your home so if you gave your home a makeover, chances are your homeowner’s insurance coverages need one as well. 
  •  Don’t Forget An Umbrella. Let’s say your protective pup bites the delivery person, or an exuberant child tumbles off your trampoline during a playdate. Unexpected things can happen and often times those accidents will exceed your current insurance coverage. Consider adding umbrella policy if you:
  1. Drive a car/own a home
  2. Own a dog
  3. Have a swimming pool or trampoline
  4. Coach Youth Sports
  5. Travel. 

Think of an Umbrella policy as a safety net protecting you and the things you cherish. 

A middle aged couple reviewing paperwork.

A lot can happen in a year that can have huge effects on your insurance costs, coverage options, limitations, and more.

  • Children leaving home/empty nest/child off to college
  • Starting a new job
  • Starting a new business
  • Starting a family/birth or adoption of a child
  • Bringing aging parents into your home
  • Purchase or receipt of an expensive gift
  • Death in your immediate family
  • Paying off your mortgage

Navigating insurance coverages can be tricky, but the experienced team at EPB&B can help review your homeowners and auto insurance coverages and find the right fit for you.