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.
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.
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.Angela of Naperville, IL Consumer Affairs
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:
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 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.
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: