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Business Insurance in Illinois
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Which insurance policies are recommended for Illinois businesses?
Small businesses in Illinois most often buy these types of insurance.
General liability 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.
BEST FOR
- Customer injuries at your business
- Damaged customer property
- Libel and other advertising injuries
Workers’ compensation insurance
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.
BEST FOR
- Employee medical expenses
- Disability benefits
- Legal fees from employee injuries
Commercial auto insurance
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.
BEST FOR
- Accidents involving business vehicles
- Theft of a business vehicle
- Damage to a company vehicle
Business owner’s policy
This policy 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.
BEST FOR
- Customer bodily injuries
- Damaged customer property
- Damaged business property
Professional liability insurance
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.
BEST FOR
- Mistakes that impact a client
- Professional negligence lawsuits
- Late or incomplete work
Errors and omissions insurance
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.
BEST FOR
- Missed deadlines
- Accusations of negligence
- Errors and oversights
Cyber liability insurance
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.
BEST FOR
- Customer notification costs
- Fraud monitoring services
- IT support after a data breach
Commercial umbrella insurance
Umbrella insurance boosts coverage on your general liability insurance, commercial auto insurance, and employer's liability insurance when the underlying policy reaches its limit.
BEST FOR
- Customer lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
Commercial property insurance
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.
BEST FOR
- Fire
- Theft and vandalism
- Weather damage
Looking for different coverage? See more policies.
How to get insurance for your Illinois business
When you are ready to get insurance for your Illinois business, you can complete Insureon's easy online insurance application to get quotes from top-rated carriers.
Which business insurance policies are required in Illinois?
State laws can affect which business insurance coverage you need. These policies are required everywhere in Illinois, from Chicago to Springfield.
Workers' compensation insurance
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.
Commercial auto insurance
All business-owned vehicles in Illinois must be covered by commercial auto insurance. This policy covers the cost of accidents in work vehicles.
Illinois' commercial auto insurance requirements are:
- $25,000 per person bodily injury liability
- $50,000 per accident bodily injury liability
- $20,000 per accident property damage liability
- $25,000 per person uninsured motorist coverage
- $50,000 per accident uninsured motorist coverage
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 (BOP).
How much does small business insurance cost in IL?
Commercial insurance can be affordable for small business owners. Average costs in Illinois are:
General liability: $39 per month
Workers' comp: $38 per month
Professional liability/E&O: $60 per month
Factors that influence business insurance costs include:
- Your industry and risks
- Business operations
- Number of employees
- Policy limits and deductibles
Other common questions about Illinois business insurance
How do I get a certificate of insurance for my business?
Insureon's licensed agents can help you find policies that fulfill Illinois's requirements and protect against financial loss. Once you've purchased insurance with us, you can download a certificate of insurance by logging into your account.
Can my company be held liable for a data security breach?
Yes – that's why cyber insurance is so crucial. Hackers are three times more likely to target small businesses, as they often have fewer resources to combat a threat.
Illinois's 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.
Does my industry affect state insurance requirements?
Yes, your state may have special requirements for business insurance and bonds for your industry. You may also need a license depending on the work you do.
Contractors often need to carry general liability insurance or surety bonds to perform certain types of work. Having the right insurance and bonds helps you comply with state licensing requirements.
Real estate agents and brokers and other professionals who offer advice or services sometimes need errors and omissions insurance (E&O) to get licensed in their state.
Cannabis businesses in Illinois need to carry a $50,000 surety bond for each location to operate legally.
Note that cities and counties may have their own laws, in addition to state laws.
How can I save money on Illinois business insurance?
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 providers 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.
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