No matter what size or type of business you own, the state of Illinois requires all business owners to carry:
- Workers' compensation insurance - If you employ at least one individual, you must have this type of insurance policy. If an employee becomes injured, it provides financial compensation to cover the costs of medical expenses and lost wages.
- Disability - If an employee becomes injured or ill whenever he or she is not working, disability provides supplemental income for up to six months until the individual is able to return to work.
- Commercial auto insurance - If your business owns vehicles, you're required to carry minimum commercial auto insurance. If you use your personal vehicle for business purposes, it's also advisable to have commercial auto insurance because your personal auto insurance may not provide sufficient coverage if you're involved in an accident.
Optional Commercial Insurance Policies for Illinois Small Businesses
Sole proprietors, general partnerships, limited partnerships, and other types of small businesses have an abundance of other insurance coverage options to choose from. This allows you to craft a custom-tailored program that can provide you with ample protection to help keep your business up and running - even when the unforeseen happens. In addition to workers' compensation and disability insurance, most small businesses also opt to carry:
- General liability Insurance
- Professional liability Insurance
- Commercial property Insurance
General Liability vs. Professional Liability
General liability insurance for Illinois businesses essentially protects you from several general lawsuits you could face as a business owner. It provides financial coverage for court costs, settlements, judgments, and other legal fees if you're sued by an individual who claims he or she became injured at your business. It is also designed to cover your business if you or one of your employees causes damage to a customer's property.
Professional liability provides coverage if a customer alleges you provided inadequate work, failed to abide by a contractual agreement, or made a mistake whenever you offered a professional service. Lawsuits of this nature can be very costly - even if you're not at fault. Unfortunately, it only takes one unsatisfied customer to put your business at risk of having to deal with an expensive lawsuit. Since lawsuit abuse cases happen so frequently in Illinois, this is a particularly important policy to implement into your business protection plan.
What Does Commercial Property Insurance Cover?
If your building becomes damaged by a fire or other type of covered loss, commercial property insurance pays for the costs of repairs. Coverage options vary, but damage caused by flooding or an earthquake typically isn't included in a commercial property insurance policy.
How Can I Learn More about Obtaining Business Insurance in Illinois?
Here at AmVenture, we're familiar with the insurance requirements Illinois has for small business owners. We also understand you have unique concerns, and our goal is an insurance solution that covers your business against unavoidable risks. We make it simple to streamline each coverage benefit you need into an affordable, all-inclusive insurance plan.