Commercial Insurance and LLCs have slight similarities as they are meant to protect investments and are meant for registered businesses. However, LLCs cover more of the personal side as it separates business from personal affairs. Commercial insurance protects the company by insuring workers, company assets, and investments.
In Portland, OR and throughout the state, businesses that wish to become Limited Liability Companies should file through the Secretary of State to register their business for the Articles of Organization. From there, getting commercial insurance for additional coverage is a good idea.
What Does an LLC Cover?
LLCs are registered through the state and offer an Employer Tax ID Number (EIN) for tax purposes that separate them from a Doing Business As (DBA) company. If the company undergoes the litigation process, only the company and the company’s assets are affected. The personal belongings of the business owner, such as home, private vehicle, and other personal belongings, are not affected, and the suing party cannot go after those items.
What Does Commercial Insurance Cover?
Commercial insurance goes more in-depth when litigation becomes a factor. Workers are covered under Workers’ Comp for work-related injuries. Commercial insurance also covers buildings, facilities, and business vehicles during damage or natural disasters. If a business owner is DBA and not registered as an LLC or INC., personal belongings, and assets may get caught up in litigation.
Get In Touch with Choice One Insurance Inc.
If you are in the Portland, OR area and have questions or concerns, we can offer commercial insurance for your business. Come and join one of our agents here at Choice One Insurance Inc. to find out more information and find out the benefits of our services. We will be happy to explain how commercial insurance can protect your business.