What to Know about Business Insurance


Facts and Laws about Business Insurance in Illinois

A well-designed business insurance plan can shield your company from large financial losses related to hazards like severe weather, fires, property crimes, liability lawsuits, and employee injuries. Although business insurance itself is not required by law, some aspects of it may be. In Illinois if you have employees, you are required to have workers’ compensation insurance. And if your business owns and operates vehicles, you will be required to carry commercial vehicle coverage. Independent agents can help.

More Illinois business insurance facts

  • Illinois business owners collect about $13 billion in insurance claims per year.
  • On average, 54 destructive tornadoes touch down in this state every year.
  • Illinois businesses reported more than 108,000 worker injuries and occupational illnesses in 2017 alone.
  • Every year, IL officials respond to more than 19,000 collisions involving commercial trucks.

The Cost of Business Insurance in Illinois

The price of business insurance premiums can vary significantly from one company to the next. This is because rates are calculated according to a wide variety of factors such as your business’s liability risks, the value of your commercial assets, the number of people you employ, and the type of industry you operate in. There are several different insurance types and options that you can choose from as you customize your commercial insurance policy package. A local independent agent can help you find the coverage you need at the most competitive rate.

Average Cost for the Top Business Insurance Claims in Illinois

Why Choose an Independent Insurance Agent?

  • Independent insurance agents live and work in your community.
  • These agents can shop around to help you find the best policies.
  • Your agent can provide one-stop shopping for all your insurance needs.

Find an independent agent in Illinois

I started my dream business, and I needed to make sure all of my equipment I spent years saving up for was covered. I started googling for coverage, and came across trustedchoice.com. I gave them a call and they gave me a few agent recommendations that were relevant to my needs. It was an easy process, and I was more than impressed.

Homeowners insurance five star review Angela of Naperville, IL Consumer Affairs

What Does an Illinois Business Insurance Policy Cover?

Commercial insurance providers make it possible to fully customize your business insurance coverage to meet your company’s specific coverage needs. An independent insurance agent can work with you to ensure that your policy does not leave you with any unintentional coverage gaps. A typical business insurance policy package in Illinois will include the following:

  1. Property insurance: Pays for the cost to repair or replace your business property if it is lost or damaged by a covered event. This can cover everything from office furniture to heavy machinery. A hailstorm damages the roof and windows of your farm-to-table restaurant.
  2. Liability insurance: Pays the legal fees, court costs, and damages if your business is sued for a covered event. There are several different types of liability coverage available so you can customize to fit your business’s specific risks. A customer at your farm supply shop is injured in a slip-and-fall accident.
  3. Business interruption insurance: Provides a continuation of income if a covered event forces your business to remain closed for an extended period while repairs are made.  A tornado causes significant damage to your pizza parlor and you must remain closed for several weeks to make repairs.
  4. Commercial vehicle insurance: Covers property damage and bodily injury liability costs if an employee is responsible for a collision while driving a company vehicle. An employee of your distribution company causes an accident while driving a loaded semi-truck from your company’s warehouse.
  5. Workers’ compensation insurance: Covers the cost of medical treatment, lost wages, and related expenses if an employee is injured on the job. The more dangerous the job, the higher the cost of coverage.  An assembler at your machine shop is badly injured when a manufacturing machine malfunctions.

Be aware that flood damage is rarely covered by business insurance. If your business is located in a designated flood zone or is otherwise at risk for damage caused by flash flooding, your independent insurance agent can also help you secure a federally backed commercial flood insurance policy through the National Flood Insurance Program (NFIP). Talk to a local independent insurance agent to learn more.

Workers' Compensation Insurance

Workers' compensation in Illinois is a no-fault system, meaning covered employees cannot sue their employers. The benefits are paid by Illinois employers to workers who experience work-related injuries or diseases. Illinois law requires employers to provide workmans' compensation insurance for almost everyone who is hired, injured, or whose employment is localized in Illinois, with a few exemptions, including sole proprietors and members of limited liability companies. The Illinois Workers' Compensation Commission estimates that 91% of Illinois employees are covered under the law and are required to purchase workers' compensation insurance.

Top Insurance Companies that Support Independent Agents in Illinois

There are currently 1,184 independent insurance agencies in Illinois that are ready to help you build a comprehensive business insurance portfolio. These agents can save you time and money by helping you find competitively priced policies that are customized to meet the specific coverage needs of your Illinois business. Contact an insurance agent near you if you would like to start comparing commercial insurance quotes from a variety of highly rated insurance companies like these:

Why go Independent

Why Go Independent When Looking for Business Insurance?

  • Expertise in your business
  • Multiple quotes from one agent
  • Get more value for your money