Small Business Insurance Illinois

Many small businesses in Illinois purchase Illinois general liability insurance. If someone other than an employee accuses you of injuring them or damaging their property, this coverage can help pay for medical expenses and to repair or replace the items.

For example, a cleaning company in Aurora uses a polish that damages the countertops in an apartment complex. The cleaner’s general liability insurance could help cover the cost to replace the countertops.

Construction and cleaning companies in Illinois can also protect essential business gear with tools and equipment insurance. This optional add-on coverage can help reimburse you for equipment that is damaged, lost or stolen.

Illinois requires nearly all businesses with employees to purchase workers’ compensation coverage. This type of insurance can help pay medical bills and lost wages after employees are injured in the workplace.

For instance, a personal trainer at a Springfield gym dislocates a vertebrae while instructing a client and needs to spend four weeks recovering. Illinois workers’ compensation could help cover the trainer’s medical bills and pay for lost wages while they get better.

If your business owns vehicles, you’ll want commercial auto insurance in Illinois. That’s because your personal auto insurance won’t provide coverage if you have an accident when driving a company car.

An example: The owner of a contracting business in Chicago is driving home from a job and totals a company truck on an icy road. Commercial auto insurance could help the contractor purchase a new vehicle, as well as help cover medical bills if they have bodily injury.

Hired and non-owned auto insurance is an optional add-on to commercial auto coverage. It’s designed to help pay for accident damages if you ask employees to rent vehicles or drive their own cars for business.

Commercial property insurance in Illinois can help protect you if your business property is damaged or destroyed after a covered event, such as a water, fire or wind event.

For example, a grease fire at a Bolingbrook family-style restaurant damages the cooking station. Commercial property coverage could help pay to repair the grill and replace kitchen gear that got fried.

It’s important to read your policy documents carefully to make sure there aren’t exclusions for your business. Some locations might not cover flood or hurricane damage.

Even the most cautious business owner could be accused of professional negligence, work errors or missed deadlines that caused financial harm.

This is where professional liability, also known as E&O insurance or omissions insurance, comes into play. It can help cover legal costs and pay for damages if you’re forced to defend your business against such claims.

For example, a client accuses a small architectural firm in Champaign of misplacing important blueprints. If the client sues for financial losses due to project delays, professional liability could help the architects pay attorney fees, court costs and cover damages for which they’re held liable.