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Business Insurance in Illinois
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Recommended insurance policies for small businesses in Illinois
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
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
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
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
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
Looking for different coverage? See more policies.
Illinois business insurance requirements
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?
Business liability and property insurance can be affordable for Illinois small business owners. Factors that affect your premiums include:
- The type of business and its risks
- Business operations and revenue
- Number of employees
- Types of insurance purchased
- Coverage options, such as policy limits
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Find the right policies and get your certificate of insurance
Insureon's licensed agents can help you find policies that fulfill Illinois' requirements and your business insurance needs. Once you've purchased insurance with us, you can download a certificate of insurance by logging into your account.
In Illinois, insurance agencies, agents, and brokers are licensed by the Illinois Department of Insurance. Insureon is licensed in Illinois as BIN Insurance Holdings LLC (NPN 15752926) for property and casualty insurance (license number 100289220).
To verify our licensure in Illinois, use the National Association of Insurance Commissioners Lookup Search. Select Illinois, licensee, and business entity, then enter our NPN or license number.