Chicago ranks in the top 10 largest cities for small business growth. Protect your small Chicago business with these types of insurance.
A general liability policy protects Chicago businesses from lawsuits related to customer accidents, defamation, and copyright infringement. Commercial leases often require this coverage.
This policy covers the cost of lawsuits related to mistakes and oversights, such as a recommendation made by a consultant that causes a client to lose money. It's also called errors and omissions insurance (E&O).
Cyber liability insurance covers costs related to data breaches and cyberattacks. Every Chicago business that handles credit cards or other personal information should carry this coverage.
A BOP bundles general liability coverage and commercial property insurance together at a discount. It's the policy most often recommended for small businesses in Chicago.
Workers’ comp is required for all Chicago businesses that have employees. It also covers medical bills for sole proprietors who suffer a work-related injury, which personal health insurance may not cover.
All vehicles owned by Chicago businesses must be covered by a commercial auto policy. This policy covers auto accident injuries and property damage.
Consultants and professional services in Chicago carry this coverage to protect against legal costs from clients harmed by your advice or services. It's sometimes called professional liability insurance.
This policy covers the cost of repair or replacement of your building's physical structure and its contents, such as inventory, computers, and furniture. Bundle it with general liability coverage in a BOP for a discount.
An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.
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State and local laws can determine the type of coverage you need. These policies help you comply with Illinois business insurance requirements.
The state of Illinois workers’ compensation law requires this coverage for all businesses with employees. That includes both full-time and part-time employees.
Businesses must either purchase a policy through an insurance company or get permission to self-insure their company.
Workers' compensation pays for medical expenses from job-related injuries and illnesses. It also provides disability benefits for injured Chicago workers.
Illinois state law requires commercial auto insurance for all vehicles that are owned by a business. This insurance policy pays for medical bills, legal costs, and property damage after an auto accident.
Chicago businesses must meet the state's requirements for auto liability coverage, which are:
Keep in mind that this is the minimum you're required to carry. It's worth considering higher limits, given the potential cost of a lawsuit. Trucking companies also may need more coverage to comply with regulations.
If you need business insurance coverage for a personal, rented, or leased vehicle, you may want to consider hired and non-owned auto insurance (HNOA) instead.
Sometimes you need to get insured quickly to sign a contract or other agreement. With Insureon, you can get same-day insurance in three easy steps:
Our licensed insurance agents will help you get coverage for your small Chicago business that matches your risks and your budget. Most businesses can get their certificate of insurance within a few hours of applying for quotes.
Your business could be held responsible for a data breach, which is why cyber insurance is so important. Small businesses are a common target of cyberattacks, since they often have fewer security measures in place.
Illinois' data breach laws require Chicago businesses to notify any residents whose personal information is exposed in a data breach. Your business could also end up paying for a data breach investigation, a PR campaign, and other costs related to a breach or cyberattack.
Cyber insurance covers these costs and provides resources so you can get back to business fast.
Yes, Chicago may have special requirements for business insurance and bonds, depending on the type of work you do. Additionally, every business operating in Chicago needs to have a city of Chicago business license.
Here are a few examples of businesses that might need extra protection:
When running a business in Chicago, you need to be aware of laws and regulations for Illinois, Cook County, and the city of Chicago.
Though Chicago's small business growth is among the fastest in the nation, the rewards aren't spread evenly among small business owners, especially women and people of color. Here's a list of local grants and resources to help you get started:
Keep in mind that many lenders will require you to first obtain business insurance, which is yet another reason to insure your investment.
Small business owners can save money on insurance by comparing quotes from different insurance companies. With Insureon, you can get free quotes from top-rated providers by filling out one easy application.
There are a few other ways to save, such as:
Learn more about how to find cheap business insurance.