Insurance Content Navigation

• How Much Does Business Insurance Cost?
• How Much Does Small Business Insurance Cost in Illinois?
• How Much Does Business General Liability Coverage Cost?
• Business Insurance Stats
• Factors Influencing Business Insurance Costs in Illinois
• How Much Does Business Car Insurance Cost?
• Here’s How an Illinois Independent Insurance Agent Can Help

As a responsible business owner, you want to make sure that your corporate brainchild is covered from all possible angles against numerous unforeseen disasters. Just one catastrophe could bankrupt a business without the proper coverage. That’s why it’s crucial to be equipped with the right Illinois business insurance.

Luckily, an Illinois independent insurance agent can help you find the right kind of business insurance for your business, and get you set up with the proper coverage long before you ever need to use it. They can also help you find the most affordable policy in your area. But first, here’s a breakdown of business insurance costs for Illinois.

How Much Does Business Insurance Cost?

The cost of your business insurance policy will vary depending on several factors. Some small businesses that are located in low-risk areas and don’t turn a huge amount of profit might pay as low as $1,200 per year for their coverage or even less. But corporate giants with multiple locations can easily pay up into the millions for all the combined property and liability coverage they require.

How Much Does Small Business Insurance Cost in Illinois?

Owners of small businesses often choose to get a business owners policy, or BOP, because it meets their biggest coverage needs in one tidy package. The cost of a BOP depends on your small business’s location, revenue, and more. Small businesses located in a flood zone might pay as much as 15% more for their coverage than those located in drier areas, due to the increased risk of storm damage, such as from hurricanes.

How Much Does Business General Liability Coverage Cost?

General liability coverage (CGL) is needed by practically all businesses to protect them against lawsuits filed by third parties for claims of property damage or bodily injury. The estimated median cost of this aspect of coverage alone is $500 annually. Of course, small businesses could pay much less for CGL insurance, and large businesses could pay much more. It all depends on your unique business’s risk of getting sued.

Business Insurance Stats

When shopping for business insurance coverage, it’s helpful to have some figures in mind so you can plan your budget accordingly. Check out some stats for median costs of business insurance for the US overall, to be better prepared for how much your policy in Illinois might run.

An Illinois independent insurance agent can help you find the most affordable business insurance package that combines the right types of coverage for you.

Factors Influencing Business Insurance Costs in Illinois

When insurance companies determine the cost of a business insurance policy, they take several factors into consideration. According to insurance expert Paul Martin, some of the most common factors that go into calculating the cost of standard business insurance policies include:

• The amount of employees you have — for workers’ compensation costs
• The age of your business’s property — for commercial property insurance costs
• The risk level of your business — for CGL costs
• Your business’s exact location — for commercial property costs
• Your business’s size — for commercial property, CGL, and business income costs
• Your business’s annual revenue — for CGL and business income costs

You can review these aspects of your business and more with the help of an Illinois independent insurance agent, to better figure out the probable cost of your business insurance policy. Illinois independent insurance agents can also assist you in finding applicable discounts you may qualify for on coverage.

How Much Does Business Car Insurance Cost?

Known as business or commercial auto insurance, the cost of these policies are also determined by a few factors, such as how many vehicles your business uses. That being said, the median cost of commercial auto insurance is $1,704 annually, making it one of the more expensive coverages needed by businesses.

Commercial auto coverage is crucial, however, for all businesses that use vehicles for work-related purposes. Coverage protects against the following:

• Collisions: Protects business vehicles against damage caused by accidents with other vehicles or property.
• Liability: Guards your business against third-party lawsuits stemming from claims of bodily injury or property damage caused by your business’s vehicles.
• Other disasters: If you purchase comprehensive coverage through your commercial auto policy, your business’s vehicles will be protected from numerous other threats, including theft, fire, flood, and more.

An Illinois independent insurance agent can provide you with more information about the benefits of commercial auto coverage for your business, as well as help find quotes for coverage in your specific area.

Here’s How an Illinois Independent Insurance Agent Can Help

When it comes to protecting business owners against bankruptcy and many types of disasters, no one’s better equipped to help than an independent insurance agent. Illinois independent insurance agents search through multiple carriers to find providers who specialize in business insurance, deliver quotes from several sources, and help you walk through them all to find the best blend of coverage and cost.