/ BLOG

What Types of Insurance Do Business Need in Illinois?

Nov 19, 2020 · 4 minutes to read

Chicago Illinois SkyscrapersThere are nearly 1.2 million small businesses operating in Illinois. If you’re one of them, you will need certain types of insurance policies to cover damages, lawsuits, and your worker’s injuries and illnesses. This doesn’t reflect on your business practices; however, it is just good planning for the inevitabilities of running a business.

So here are the business insurance policies that you should consider if you’re running a business in Illinois.

Worker’s Compensation Insurance

This is the one insurance that you’re required to get when you operate in Illinois. It is the insurance that you get for your workers and the injuries or illnesses that they may sustain.

Worker’s compensation needs to take effect as soon as you’ve hired your first employee. It underscores the responsibility you have towards the wellbeing and safety of your employees.

The policy provides coverage for all sorts of medical expenses and lawsuits that are related to workplace injuries and illnesses.

If an employee sues a company for the injuries or illnesses contracted, worker’s comp also covers any settlements or judgments and attorney fees and court costs.

General Liability Insurance

General liability insurance basically covers incidents that can occur to any member of the public when a business operates. For instance, if there are unfortunate customer or client injuries due to a business’ operation, it protects the business from lawsuits. It also helps the business qualify for contracts and leases because other businesses may require you to hold general liability insurance before they give you a contract job.

For injuries or customer property damage, the insurance can help to pay for the compensation as well as related legal defense costs. It’s not mandated by law in Illinois, but it can be expected by your clients, or your commercial lease landlord.

The insurance comes in handy even when a customer suffers a slip and fall at the company headquarters or premises. Something as simple as that can turn ugly, the client may sue. General liability insurance protects your business against that risk.

Professional Liability Insurance

Professional liability insurance is a policy that is encouraged for businesses that provide expertise or a specialized service. If clients come to your business for your expertise or your skill, you should consider getting professional liability insurance.

Professional liability insurance, also known as Errors and Omissions Insurance (e&o). This relates to insurance for unintentional or negligent errors or omissions that result in financial or physical damage. Basically, professional liability insurance protects you against lawsuits from clients that suffered damage due to an oversight or error.

Cyber Liability Insurance

Today, no company can stay afloat if it doesn’t have an online presence. Most companies work with some form of online communications; there is no way of getting around it. However, all companies that have data on the internet or on online servers are threatened by cyber attacks or phishing attempts.

Cyber liability insurance basically protects you against the financial damages that you’re in danger of. If your business is intrinsically linked with data collection or with data processing, you are greatly encouraged to get this.

Think about it this way, the average cost of a data breach can cost small businesses tens of thousands of dollars. Each year, that climbs little by little. Couple that with the fact that 61% of all cyber attacks hit small businesses.

On top of that, regulatory authorities can blacklist your company as insecure if data breaches keep occurring. Finally, you can also lose out on customers and clients due to issues with your servers and your services as a result. Cyber liability does pay the costs and shields your company from the fines that this will incur.

Business Owner’s Policy

Business owner’s policy usually bundles general liability insurance, business income insurance and equipment insurance.

There are millions of small businesses in Illinois. Even if you’re a niche business that caters to a very selective market, the competition will be hard. It is a good idea to have a safety net to deal with all that rather than hope for the best.

So, you should look at all these business insurances and choose the ones that are suitable for your business.

Get Free Online Quotes and get coverage instantly

The coverage you need for your business.

Business insurance is divided into different policies. We offer 4 types so it's easy to design the coverage that fits your business.

Professional Liability Insurance

Get a quote

General Liability Insurance

Get a quote

Business Owner’s Policy (BOP)

Get a quote

Workers Compensation Insurance

Get a quote

Let's find

The coverage you need for your business

Professional Liability Insurance

Get a quote

General Liability Insurance

Get a quote

Business Owner’s Policy (BOP)

Get a quote

Workers Compensation Insurance

Get a quote

Responsive and professionalCompetitive price. I highly recommend Bizlnsure as an insurance provider
Zynab B.
1710433556
Your service is easy to renew as needed and your company informs the client in advance for renewal.
Henry B.
1710352389
It has been a pleasure doing business with Biz Insure Llc.Their representatives are very courteous, helpful and customer service oriented.
Shonta I.
1710297732
Quick and easy....
Tammy K.
1710172643
I follow the instructions & would prefer to paid every month. I did not have the options to pay every month.
Alamo H.
1709935830
Thank you, Amy, for making my experience enjoyable and funny. Thank you so much for your kindness!!!
George J.
1709840615
I'm pleased with the business quote I received from Bizinsure LLC. Thank You!
Shanda J.
1709586997
Very satisfied with the online experience
Nicole h
1709238653
Been a happy customer for years! Easiest company to receive a quote and get insured. No hassles! Easy payment! Finance plans, if needed!
jodi H.
1709226367
Love it
Hanna R.
1708272180
Every year, BizInsure is my go to for general and professional liability insurance! Thenrates are unbeatable.
Calandra K.
1708044666
The agent was quick and efficient in generating a quote for my needs.
Theresa F.
1707895796
I enjoy working BizInsure they always answer all my questions and make sure i have the correct coverage for my business.
Prompt and professional service from Biz Insure. Thanks Leslie and Liza!
Bev G.
1707524454
Very easy to sign up for insurance.
Great company
Brown G.
1706896003
Fast and efficient!
Kim C.
1706746693
عالی
alireza J.
1706727364
It was great being able to get a policy that suits my company's need in less than 30 minutes. They were vey thorough. Very competitively priced.
Lynette C.
1706621476
I worked with Andrea for another start up business. She was very knowledgeable and help me pick the correct policy. Amazed at how quickly the process went.
Representative was very kind, helpful, and educated me well. I appreciated today's prompt service with confirmation that I was satisfied with what was provided to me.
Tina P.
1706224051
Great company for.your low cost business insurance needs.
constantin T.
1706156911
Staff was very fessional and friendly. I was able to get a quote and move forward within 20 minutes.
Pebbles S.
1706126428
Wonderful
Complete C.
1705788054
MUY BUENO
Super easy process.
Ashley G.
1704830227
It’s very easy to understand and at a very reasonable price.
Mary M.
1703780096
Professionalism, Quality, Responsive and budget friendly
B D
1703029371
Great rates, easy to understand and select appropriate coverage, can get in a jiffy
Brie C.
1702775397
I have been a customer of BizInsure for a few years now and I love it. There customer service is awesome and the prices are affordable.
Danyale W.
1702132165
Quick easy experience! The rep was knowledgeable & pleasant. Customer care was awesome to respond and clarify my concerns.
Kathy Ann A.
1702059151
bizinsurance makes purchasing Business Insurance...SIMPLE!
Andrea W.
1701380391
Great quality of Service ,faster and convenience way to pay at most. Thank you for your Service to my Healthcare Facility .
Quick and easy!!!!
Terry
1701319042
Great service! Easy process and very informative representative. Andrea was great and very patience with our process. I would recommend using them!!
Terrance R.
1700848536
Always and easy process. Thanks!
Gerald S.
1700244544
Renewal was quick and easy online
Angelita K.
1699752900
js_loader
Google Rating
4.7
Based on 254 reviews
×
js_loader