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Insurance cover for small businesses in Illinois
Commercial Property Insurance will provide coverage for your properties in case damage renders them impossible to rent or lease.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Disability Insurance offers your small business financial support if you or any of your employees are unable to work as a result of a work-related illness or accident. Disability insurance offers financial support to replace a portion of lost income while they're recovering.
Hired and Non-Owned Auto Insurance protects your small business that hires vehicles or allows employees to borrow company vehicles for business purposes. You're covered for claims of personal injury and property damage if any of your vehicles is involved in an accident.
Employment Practice Liability Insurance, or EPLI, protects you from employment-related claims. If you're accused wrongful termination, discrimination in hiring or firing or workplace harassment, EPLI covers your defense and settlement costs.
Frequently Asked Questions
What insurance policies should I carry as an employer in Illinois?
Illinois requires employers carry Workers Compensation and Disability Insurance. Depending on the nature of your business, you should also consider EPLI and Health Insurance.
How much General Liability Insurance do I need in Illinois?
The amount of General Liability Insurance you purchased depends on your business and financial stability. Most businesses carry at least 1,000k per occurrence.
How much will insurance cost for my Illinois business?
Every business is different and insurance carriers look at the services your offer, interactions you have, policies, experience, and claims history to calculate premiums.
What are the requirements of starting an Illinois business?
Illinois requires you to register business and obtain a license. They also provide a list of steps to take to make sure you don’t miss any important steps.
What is the difference between Business Auto and Hired & Non-Owned auto?
Business Auto Insurance is for organizations that own vehicles solely for business use where Hired & Non-Owned auto is for businesses that let employees use their personal vehicles for business purposes.
Guide to commercial insurance by state
Insurance laws and requirements may vary state by state. Click on your state to discover the insurance you will need for your small business: