Small businesses in Illinois often buy the following types of insurance.
A general liability policy is important for all Illinois businesses. It covers common risks, including customer property damage and injuries. Most commercial leases require this coverage.
Workers’ comp insurance is required for Illinois businesses that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
This policy is required for business-owned vehicles in Illinois. It covers injuries and property damage in an accident, along with vehicle theft, vandalism, and weather damage.
A BOP bundles commercial property insurance and general liability coverage in one plan. It's often the most cost-effective type of commercial insurance for an Illinois business.
This policy, also called errors and omissions insurance (E&O), is crucial for consultants and other professional services. It covers lawsuits over mistakes and oversights.
E&O, sometimes called professional liability insurance, is common with professional services in Illinois. It can cover the cost of lawsuits related to your work performance.
This business insurance policy covers financial losses related to data breaches and cyberattacks. It's important for Illinois businesses that handle credit cards and other sensitive data.
Umbrella insurance boosts coverage on your general liability insurance, commercial auto insurance, and employer's liability insurance when the underlying policy reaches its limit.
This policy covers the value of a business's physical structure and its contents, such as inventory, equipment, and furniture. Bundle it with general liability coverage in a BOP for savings.
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State laws can affect which business insurance coverage you need. These policies are required everywhere in Illinois, from Chicago to Springfield.
Illinois requires every business with employees to carry workers’ compensation insurance, including businesses with part-time employees. Illinois law requires employers to purchase a policy through an insurance company or obtain permission to self-insure.
Workers' comp covers medical bills for work injuries and illnesses. It also provides disability benefits for injured Illinois workers.
Illinois' requirements [PDF] for commercial auto insurance are:
Auto liability policies purchased in Illinois automatically include uninsured motorist coverage as well. Trucking companies may need additional coverage to comply with regulations.
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy.
Illinois' data breach laws require businesses to report security breaches to affected residents, and the costs can escalate quickly. Cyber liability insurance lessens the financial impact by paying for notification costs, legal fees, and fines.
Yes, your state may have special requirements for business insurance and bonds for your industry. You may also need a license depending on your type of business.
Contractors often need to carry commercial general liability insurance or surety bonds to perform certain types of work. Having the right business liability insurance and bonds helps you comply with state licensing requirements.
Illinois does require attorneys who don't carry legal malpractice, also known as professional liability or E&O, to complete a four-hour interactive, online assessment of the operations of their firm every two years.
Note that cities and counties may have their own laws, in addition to state laws.
As with any purchase, shopping around is one of the best ways to find an affordable option. With Insureon, you can compare quotes from top-rated insurance carriers by filling out a free online application.
Other ways to save include bundling policies for a discount, and choosing less expensive policy options, such as lower limits or a higher deductible. Learn more about how to find cheap business insurance.