Learn about business insurance requirements and the most common policies for lawyers in Illinois.
If you have a commercial lease, your property manager may require you to purchase general liability insurance. Commonly purchased by lawyers in Illinois, general liability insurance can protect your business from expenses associated with common mishaps, such as client property damage and injuries.
State law in Illinois requires every small business with employees to provide workers’ compensation insurance, which covers medical bills for work injuries.
The most common policies for lawyers in Illinois vary depending on revenue, client contracts, partnerships, and other factors.
General liability insurance is the foundation of a lawyer’s business protection, with coverage that extends to client injuries, client property damage, and advertising injuries. Most commercial leases require you to have this coverage.
If you own a law firm in Illinois that has employees, you are required to carry workers’ compensation coverage. If you are a sole proprietor, the coverage is optional. However, if you slip and break an arm in your office, or develop carpal tunnel syndrome after years of working on a computer, you can turn to your workers’ comp policy to help cover your medical bills and lost wages.
According to an analysis of Insureon applications, the typical lawyer in Illinois can expect business insurance premiums that are similar to the national median.
For example, the median annual cost of general liability insurance for a lawyer in Illinois is $650, slightly more than the national median of $633. On the other hand, the median annual premium for a business owner’s policy in the state is $833, less than the national median of $1,000.
Insureon’s industry-leading technology helps lawyers in Illinois save time and money shopping for insurance by comparing policies from top U.S. carriers. Start a free online application to review quotes for the policies that best fit your business. Our insurance agents are licensed in Illinois and can answer your questions as you consider coverage.
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