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Bancorp Insurance

Comprehensive Insurance Programs for Business, Auto, Home, Life and Health

Workers' Compensation Insurance
Protect Your Team. Protect Your Business.

Oregon law requires most employers to carry workers' comp. Bancorp Insurance has partnered with SAIF for over 35 years to make compliance simple and affordable — all in one place.

✓ SAIF Partner 35+ Years✓ Licensed All 50 States✓ Family-Owned Since 1990✓ One Call for All Your Business Coverage

Why Workers' Comp Coverage Matters

A single workplace injury can result in major financial and legal consequences without the right coverage in place.

Legal Requirement

Oregon law requires most employers to carry workers' compensation insurance or be self-insured. Non-compliance can result in fines of approximately $3,000 per occurrence plus direct medical cost liability.

Employee Protection

Workers' comp covers medical treatment, lost wages, disability benefits, and re-employment assistance — giving your employees confidence that they're protected if something goes wrong on the job.

Cost Control

Medical costs from a single workplace injury can range from $100 to $100,000+. Workers' comp transfers that financial risk, keeping your business budget stable and protecting your bottom line.

What Workers' Comp Covers

Coverage Included

✓Medical treatment for on-the-job injuries
✓Lost wages & temporary disability benefits
✓Permanent disability benefits
✓Death & survivor benefits
✓Occupational disease coverage
✓Re-employment & vocational rehabilitation
✓Employer liability protection from lawsuits

Our SAIF Partnership

SAIF is Oregon's not-for-profit workers' comp carrier — one of the nation's most successful programs. Their resources are designed to reduce workplace injury rates and deliver some of the lowest workers' comp rates available.

Bancorp Insurance has been a proud SAIF partner for over 35 years — bundling workers' comp with your other business policies so you only make one call when you need us.

Get a Workers' Comp Quote

Do I Need Workers' Compensation Insurance?

Oregon defines an “employee” broadly. Ask yourself these four questions — if any apply, you likely need coverage.

1

Do you have the right to direct or control a worker's activities?

2

How is the worker paid — hourly, salary, or per project?

3

Who supplies the tools and equipment for the job?

4

Can you fire the worker without a breach of contract?

Each state has different requirements. Our licensed agents will help you determine your exact obligations and find the right coverage — no matter where your employees work.

Understanding Your Workers' Comp Audit

State regulators require an audit after your first policy year — and any time you cancel. Here's why it matters:

Why Audits Happen

Your initial premium is based on estimated payroll and job types. Audits ensure you're paying the right amount — not too much, and not leaving coverage gaps.

What Gets Reviewed

Total payroll figures, employee job classifications, and the primary types of work performed are all reviewed to accurately assess your business risk and premium.

Your Benefit

Businesses that fluctuate in payroll or scope could be overpaying premiums. An audit can result in a refund or premium credit — putting money back in your business.

Bundle With Your Other Business Coverages

Keep all your business policies in one place — one call handles everything when you need us most.

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Frequently Asked Questions

Is workers' compensation insurance required in Oregon?
Yes. Oregon law requires most employers to carry workers' compensation insurance or be approved as self-insured. Nearly all businesses with employees — even part-time workers — must have a policy in place. Failure to comply can result in fines of approximately $3,000 per occurrence, plus direct liability for all injury-related costs.
What does workers' compensation insurance actually cover?
Workers' comp covers medical treatment, temporary and permanent disability payments, death and survivor benefits, and vocational rehabilitation for employees injured or made ill by their work. It also protects employers from most lawsuits related to workplace injuries.
Who is SAIF and why does Bancorp partner with them?
SAIF is an Oregon not-for-profit workers' compensation insurer and one of the nation's most successful workers' comp programs. Their focus on workplace injury prevention keeps rates among the lowest in the country. Bancorp Insurance has partnered with SAIF for over 35 years, bundling workers' comp with other business coverages so you only deal with one agency.
Does workers' comp cover independent contractors?
It depends on how the state classifies the worker. Oregon uses a four-part test — examining control, payment method, tool ownership, and termination ability — to determine whether someone is an employee or contractor. If there's any uncertainty, our agents can help you review your situation to ensure you're properly covered and compliant.
What is a workers' compensation audit and what should I expect?
State regulators require an audit after your first policy year (and upon cancellation) to verify your actual payroll and job classifications match what was estimated when your policy was written. If your business has grown or changed, the audit could result in an adjusted premium — sometimes lower. Our agents will walk you through what to expect and how to prepare.
Can Bancorp bundle workers' comp with my other business insurance?
Absolutely — and that's one of our biggest advantages. We bundle workers' compensation with general liability, commercial auto, cyber insurance, and other business coverages so all your policies are in one place. When something happens, you make one call to your Bancorp agent who handles it all.

What Oregon Business Owners Say

Trusted by businesses across Oregon and all 50 states for over 35 years.