General Contractor Insurance in Illinois

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Do Illinois general contractors need insurance?

The Prairie State has a flourishing construction industry. There are over 92,380 sole traders working in the field and many of them are licensed as general contractors. Insurance for contractors for Illinois tradespeople helps protect many of these small-scale businesses.

Construction sites can be hazardous locations to work in. An accident could lead to an expensive liability problem for small-sized businesses. Contractor insurance in Illinois protects your business from accidents, delays or other issues.

Insurance for contractors is a simple term for different types of coverage a general contractor could think about.

  • General Liability
  • Business Owner’s Policy
  • Workers’ Compensation

Learn how BizInsure can help you find the right contractor insurance for your Illinois company.

Who may need contractor insurance in Illinois?

Many contractors buy insurance policies to help protect their business and personal finances. General Liability coverage and other kinds of policies can serve as a security net for your company and you.

Certain types of insurance may be required for specific customers (and this is usually written in business contracts). Workers’ Compensation insurance is mandatory in Illinois for most businesses that have at least one employee.

Choose your profession below to find out more about your insurance options and get a personalized insurance quote.

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What are the most common insurance policies for contractors in Illinois?

Illinois tradespeople consider several types of insurance for contractors. These insurance policies can help you mitigate the common risks that general contracting companies face.

General Liability Insurance

A construction site is a place where anything can happen. An act that seems innocent, like placing your toolbox in the wrong location, could cause a major problem for your business if you injure anyone.

Also referred to as Commercial General Liability (CGL) or “slip and fall coverage”, General Liability insurance can protect your business against bodily injury or property damage lawsuits from outside parties. Illinois Contractors General Liability insurance can help protect your bank account by covering your legal costs, as well as the cost of fixing the situation (up to the limits of the policy).

Business Owner’s Policy

When you are in the construction business, things don’t always run smoothly. Broken equipment, incomplete projects and other problems can make it difficult to meet the deadlines you set.

A Business Owner’s Policy (BOP) is a combination of policies, combining covers such as General Liability insurance and business personal property coverage, to help protect small businesses from costly interruptions to service. BOPs can be customized to meet the requirements of your company. This can be a convenient and cost-effective way to protect yourself against many common risks that general contractors face.

Workers’ Compensation Insurance

If you depend on employees to help manage your company, it’s your responsibility to look after their health and well-being while they are at work.

Workers’ Compensation insurance protects your company and its employees. If any of your employees get injured at work or are ill, this type of insurance will cover their medical bills. It will also cover some of their lost income if they’re unable to work because of the injury, as well as rehabilitation or physical therapy to transition the employee back into the workplace.

Illinois’ law requires most businesses to carry Workers’ Compensation coverage with very limited exceptions. However, employers in hazardous occupations, such as construction or a business operating at construction sites, must have Workers’ Compensation insurance even if they are sole proprietors.

What does contractor’s liability insurance cover in Illinois?

Insurance for contractors can shield your business and you from a wide range of risk. Based on the kind of insurance you choose, your business may be protected against:

  • Third-party injury and property damage claim (General Liability insurance for Illinois contractors)
  • Unexpected business interruptions (Business Owner’s Policy)
  • Equipment breakdown (Business Owner’s Policy)
  • Workers are injured or become ill at work (Workers’ Compensation)

How much does Illinois contractors insurance cost?

If you’re starting an enterprise that contracts, you may have no idea how much contractor insurance for contractors in Illinois costs.

The cost of business insurance varies because insurers take many aspects into consideration when determining a business’ cost. The price of your insurance could depend on:

  • Choose the right type of Insurance
  • Your annual revenue (size of business)
  • How many people will be covered by the policy
  • Your claims history
  • You can choose the amount of coverage you want to purchase

How to get the right insurance for contractors in Illinois?

Protecting your contracting business is easy by using BizInsure.

In as little as 10 minutes, you’ll be able to look over a variety of quotes and select the one that best suits your budget and needs. You’ll be covered instantly, and policy documents will be delivered straight into your email.

Need assistance? Our licensed agents are ready to help.

Compare quotes to determine the most suitable insurance for your Illinois general contractor’s business.

* This information is a general guide only and does not take into account your objectives, financial situation or needs. Always check with your local licensing board when getting or renewing your [profession] license to ensure you are meeting their current licensing requirements.
As with any insurance, coverage will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this guide is general only and should not be relied upon as advice. The number of quotes provided varies between products, occupations and other underwriting factors determined by the insurers.
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