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.

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