Frequently Asked Questions About
Commercial General Liability Insurance
How much does small business insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number. (read more)
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it. (read more)
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Illinois Commercial Property Insurance
Illinois Commercial Property Insurance. If you own a business, a big part of being a responsible business owner is protecting your business with IL commercial property insurance. This type of insurance protects your business from liability due to a variety of different potential losses. Most businesses that experience a sudden catastrophe or loss find that it is difficult or even impossible to recover. Whether it's an earthquake, a major storm, a fire, vandalism, theft, or other event, perils are all round you as a business owner, and mitigating them with commercial property insurance makes sense.
The U.S. business sector faces billions of dollars in losses each year. Fire alone causes as much as $2.6 billion in property loss for businesses each year. Around four in ten businesses, when forced by a natural disaster or other major event to shutter their doors never open them again. Of those that are able to continue, around one in four closes up shop within the year. This is why Illinois commercial property insurance is so important.
Illinois commercial property insurance protects your buildings and business belongings from theft, damage and loss with rates as low as $77/mo. Get a fast quote and your certificate of insurance now.
Property Insurance to Keep Your Company Safe from Perils
While no insurance product can steer the winds away from your business or prevent a customer from slipping in your reception area and becoming injured, a Illinois commercial property insurance policy can help to reduce the financial fallout of a claim against you or destruction or loss of your business' property. By tailoring a policy that meets your needs, you reduce the risk of the perils faced by your business, so you can have peace of mind that if Mother Nature or a disgruntled client come calling, you're ready for them.
Keep in mind that not all of the coverages discussed below are available in all states, your commercial agent can help you determine which are and which your business needs to assure its safe passage from peril.
- Recovery aid after losses. The amount of time it takes your company to rebound after a loss is important. Minimizing the loss of operation time is a crucial part of continuity, retaining customers, and ensuring your share of the market in your niche. The right Illinois commercial property insurance can do just that for you.
- Replacing items lost. Lost equipment, damaged equipment, material goods, and inventory must be replaced quickly. Insurance can help.
- Extraordinary costs of recovery and lost business income. If your business experiences down time following a loss, this cuts into your bottom line. With the right Illinois commercial property insurance policy in effect, these sorts of expenses are covered.
- Protection from multiple perils. If your business is at risk for many perils at once, then a commercial property policy that covers multiple potential threats is essential, whether the threats are from fire, wind, vandals, or unhappy customers.
- Commercial property coverage. Minimizing the disruption caused by vandals and thieves is a lot easier if you have adequate Illinois commercial property insurance.
Other Ways to Mitigate Business Risks
While it is easy to buy insurance, there are other ways to augment your Illinois commercial property insurance to reduce the number of claims against your business. The cost of purchasing your insurance is largely based on the risks you face. To reduce your rate, you can use the following best practices:
- Ensure site safety. Keep to a regimen of ensuring the safety of your site. Spot any risks and take steps to correct them.
- Shore up data security. If your computer is an integral part of your business, be sure to safeguard the security of customer's data. Store back-ups of data off site, lessening the chance of the data being breached.
- Lessen the risk of smoke and fire damage with a sprinkler system.
- Protect your business from disruption with an electrical generator.
- Screen employees fully before hiring to reduce the risk of possible problems with theft.
Ensuring these areas are taken care of goes a long way toward ensuring your business gets top rates and that insurers extend the Illinois commercial property insurance policies to your business that best reflect your individual needs.
Work with an business agent who specializes in Illinois commercial property insurance to ensure that you get the best possible advice on the policy coverage types that you must maintain for your business and the right level of policy limits to cover any potential threat faced by your business.
Illinois Economic Data & Business Insurance Requirements
For moguls who are thinking about conducting business-related affairs in Illinois, it's important to have an understanding of the state's economic outlook. It's also a wise idea to familiarize yourself with the regulations regarding IL commercial insurance.
Here we provide some insight regarding the data that pertains to economy of Illinois. We also provide a brief overview about the types of commercial insurance coverage business owners are required to invest in, or should invest in, even if it isn't mandatory.
Business Economic Trends In The State Of Illinois
According to several reports that compile the economic data for each of the 50 states and compare that information to the national average, Illinois isn't in the best position. While there has been some improvement, the gains have only been slight. Income and employment rates have risen, and the housing market has increases; however, the gains in these areas have been minimal, especially when compared to the gains that other states have experienced.
While the unemployment rate has improved, falling to 4.8 percent in 2017 after it was stuck at a rate of almost 6 percent in 2016 and 2015, it appears that in reality, the IL labor force and employment gains are contradicting. In 2019, tens of thousands of people fell out of the state's labor force.
Looking to the future, it is predicted that while the employment rate in Illinois will grow, the rate at which it will grow will be much lower than the national average. Currently the projected annual job growth of the state is .5 percent. Following are some of the largest industries in IL.
- Service Industries
Illinois Commercial Insurance Regulations
The Illinois Department of Insurance regulates insurance in IL. Businesses are required to carry workers compensation insurance. Workers comp is mandatory for any business that employs either an hourly or a salaried workforce, even if that workforce is just one person. Organizations are also required to carry IL commercial auto insurance if they use vehicles for any business-related reasons, such as deliveries, transport, or client visits.
General liability insurance is not required, nor is commercial property insurance; however, it is a wise idea for companies to invest in this type of coverage, as it will safeguard from lawsuits or losses that their properties could sustain.
Additional Resources For Commercial Property Insurance
Read up on small business commercial property insurance, including how business property insurance protects your company's building's and/or their contents from damage, destruction, theft and vandalism.
- Apartment Building
- Business Interruption
- Commercial Flood Insurance
- Commercial Property
- Condo Association
- Equipment Breakdown Protection Insurance
- Homeowners Association Insurance
- Inland Marine
- Mobile Home Park
- Non-Residential Building Operators
- Shopping Center & Strip Mall
- Vacant Land
- Vacant Property
Rental property owners, real estate developers and property managers should keep an accurate survey of each property they own or that is in their care. This survey should include inventories of furnishings and equipment at those properties. These documents establish the extent of their insurable interest, facilitate the arrangement and placement of insurance and minimize controversy and confusion if a loss occurs.
Insurance coverage on property, general liability and professional or errors and omissions liability should be arranged and placed for every real estate and rental property risk.
The main goal of any commercial property insurance program is to protect the insured's real and business personal property. Buildings and their contents property usually represents a significant portion of its total assets, regardless of the size of the business. A commercial property program can provide the coverage you need if a loss should occur.
The ISO Commercial Property Building and Personal Property Coverage Form is an insurance industry standard that provides this needed coverage. As a result, it should always be reviewed and used as a benchmark for comparison when evaluating any commercial property coverage form.
This policy treats business personal property as more than just the contents of a building. When there is a limit of insurance on the declarations, property can be covered if inside the building or structure or within 100 feet of the building or premises and either in the open, or even in or on a vehicle.
There are many endorsements available to tailor the ISO Commercial Property Coverage Forms. Some are mandatory for all policies while others are mandatory for specific classifications and types of business. Others are optional and permit a standard form to be customized to meet a specific risk's coverage needs. Endorsements broaden, restrict, delete, modify, or add coverage.
These policies can provide the following additional coverages for small specific limits of insurance: debris removal, preservation of property, fire department service charge, pollutant clean up and removal, increased cost of construction and electronic data.
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Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.