Illinois Business Insurance
A small business is a company with five hundred employees or less. Small businesses are a vital part of our economy and comprise 2 of 3 jobs in the Illinois economy. SBA.gov reports that 2.4 million Illinoisans are employed by the over 1.2 million small businesses in Illinois.
Insurance for Illinois Businesses
There is a huge selection of different insurance and coverage types for your small business. Common coverage requested by all businesses include commercial general liability, property, commercial umbrella, workers compensation, commercial auto insurance, etc.
CGL, commercial general liability insurance, is the coverage you need to protect your small business from losses from claims by any third-party. Generally, commercial general liability insurance provides coverages for bodily injury, personal injury, advertising injury, legal defense and judgements, and property damage.
Property insurance is the coverage your small business needs if it owns the commercial property it does business from. Business personal property includes coverage for your business’ contents including equipment, furniture, inventory stock, etc.
Is Insurance Mandatory For an Illinois Business Including Corps, Inc. and LLC.
In the state of Illinois, general liability insurance is not a requirement to operate your small business. But that doesn’t mean that it shouldn’t be considered as an important way to safeguard your business. Property insurance may not be necessary for your small business if it does not own the property of which is does business, or any contents or inventory.
A small business in Illinois is required to carry workers compensation insurance. This requirement is only true if that small business has at least one full or part time employee. Another insurance requirement in Illinois is auto liability insurance. A commercial auto liability insurance policy protects your driver, as well as your business, from third-party claims as a result of an auto accident.
How Much Illinois Liability Insurance Should You Carry?
No two businesses are the same. Based on the type and size of your business, commercial general liability insurance can range from $350,000 CSL to $2 mil CSL. High risk business such as restaurants and bars, for example, should opt for higher liability coverage. It is always best to speak with an experienced and licensed agent for advice.
Cost of Business Insurance in Illinois.
Business insurance premiums in the state Illinois are based on various factors from type of business operations, to amount of coverage, size of business, number of employees, etc.
In some Illinois cities such as Chicago, Joliet, and Aurora, a commercial liability insurance policy can start at an annual premium of $500, with available monthly payment options. Be cautious that opting for an installment plan comes with installment fees.