Business Insurance Requirements for Convenience Stores in Illinois

There are more than 150,000 convenience stores in the United States. As the economy in Illinois, the fifth largest in the nation, continues to grow, the need for convenience stores grows alongside it. Whether you own a corner store in the dense sprawl of Chicago or a drug store in Aurora, you'll need business insurance to stay competitive and to protect your shop from accidents and theft.

Illinois state laws require nearly all small businesses with one or more workers to carry workers’ compensation insurance. State law doesn’t require convenience store owners to purchase any sort of liability insurance, though most commercial leasing agreements require proof of general liability and/or commercial property insurance. Potential clients may also ask for proof of professional liability insurance. Also called errors and omissions insurance, this policy can help cover legal costs if you’re sued for a business discrepancy or if your work doesn’t meet a client’s standards.

Insureon makes shopping for insurance easy with industry-leading technology that gathers quotes from top U.S. carriers that fit your needs. Read more to find out which policies are most common for convenience store owners in Illinois, and start an application to get your free quotes today.

Find the right insurance policy for your convenience store

The most common policies for Illinois convenience store owners vary depending on a range of factors, including revenue, client contracts, and partnerships. The table below illustrates which policies might work best for your business type.


Business type General liability Property insurance / BOP Workers' comp
Small convenience store with only one part-time employee X X  
Convenience store with full-time employees X X X


General liability insurance: General liability insurance is the foundation of a convenience store’s business protection with coverage that extends to bodily injury, client property damage, advertising injury, and the cost of legal defense. Most commercial leases require you to have this coverage.

Commercial property insurance: Commercial property insurance protects your owned commercial space and business equipment. It can cover expenses related to repairing or replacing business property that is stolen, vandalized, or damaged.

Business owner's policy (BOP): Convenience store owners sometimes qualify for a business owner’s policy. This package helps your business save money by bundling commercial property insurance with general liability at an affordable rate.

Cyber liability insurance: Cyber liability insurance helps convenience store owners survive data breaches and cyberattacks by helping pay for recovery expenses. You may need this policy if you handle sensitive data such as credit card numbers, passwords, or Social Security numbers.

Business interruption insurance: Business interruption insurance can cover lost revenue when an event forces you to temporarily halt operations. This policy allows you to pay ongoing bills, such as rent, salaries, and loans, until you reopen.

Illinois workers' compensation insurance: Illinois state law requires workers’ compensation coverage for nearly all small businesses. Sole proprietors may elect for coverage. If an employee is injured on the job, workers’ comp can help pay for medical fees and lost wages. Small businesses can lower the risk of workplace injury, but never mitigate the possibility entirely. Across the United States, retail workers are most commonly injured at work due to overexertion or from falls, slips, and trips, according to data from the Bureau of Labor Statistics shown in the chart below.

Most Common Workplace Injuries: Retail Workers in the U.S.

Business insurance costs for convenience stores in Illinois

The median cost of business insurance for convenience stores in the United States is around $400 per month, according to an analysis of Insureon applications. Workers’ compensation insurance has a median cost of around $1,900 per year, or nearly $161 per month, for convenience stores in the United States. The cost of workers’ comp can vary tremendously depending on factors such as the number of workers you employ, or where you’re located. Across all industries, workers’ comp trends higher in Illinois than other states. However, Illinois convenience store owners can expect to pay significantly less than the national median for a business owner’s policy. Most commonly, a BOP is made up of a general liability and commercial property insurance policy bundled together at a significant discount. Ask your agent about bundling policies.

Median Insurance Costs for Illinois Convenience Stores

Save time and money with Insureon

Insureon’s industry-leading technology helps convenience store owners in Illinois save time and money shopping for insurance by comparing policies from dozens of top U.S. carriers. Simply apply online and review quotes for the policies that best fit your business needs. Our insurance specialists are licensed in Illinois and can answer your questions as you consider coverage.

To make the application go even quicker, have this information ready:

  • Workforce details, such as the number and types of employees.
  • Current and projected revenue.
  • Business partnerships.
  • Insurance history and prior claims.
  • Commercial lease insurance requirements.

Apply for free convenience store insurance quotes today.