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 Executive Career Life Coaching Insurance
Illinois Executive Career Life Coaching Insurance. As a life, career or executive coach, you understand the power of peace of mind. Business insurance is essential to protecting your livelihood so you can focus on helping others improve their life and careers.
With Illinois executive career life coaching insurance coverage, you can rest easy knowing you're protected from a grievance or a lawsuit related to your professional services..
Illinois executive career life coaching insurance protects your business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Differentiating Between Career, Executive & Life Coaches
Knowing the differences between these types of coaching can help in selecting the right policy:
- In life coaching the emphasis is more strongly directed toward the well-being of the individual.
- A career coach is someone who helps people develop certain skills that are vital for their career including setting goals and career planning.
- Executive coaching caters for business executives to help them meet organizational objectives. These have a responsibility to the shareholders, the people working under them and to the organization itself. Executive coaching is more focused on specific measurable outcomes that impact the business as a whole.
Types Of Executive Career Life Coaching Insurance Policies
Following are some of the most common Illinois executive career life coaching insurance policies:
Professional Liability Insurance - This is a form of liability insurance, also know as errors and omissions (E and O), helps protect IL life, career and executive coaches when providing professional coaching advice and services. The insurance covers the cost of defending a negligence claim made against you and any damages awarded in such a civil lawsuit.
The coverage is provided for alleged failure to provide services either by error or omission resulting in a client suffering a financial loss. For instance, if a client came to a realization in a session with you that he didn't like his job, told his boss and was fired, your professional liability policy would cover you if he came back and sued you for losing his job. Some organizations may require you to have this Illinois executive career life coaching insurance coverage before you can coach their executives.
Professional Liability Insurance fills these likely gaps that are leaving your career exposed:
- It covers suits filed after you have terminated your employment.
- Its limits are high enough to protect you and all your co-workers.
- This coverage includes lost wage reimbursement or licensing board hearing reimbursement.
- This coverage extends outside of the workplace, such as when you engage in volunteer, moonlighting or self-employed activities.
Commercial Property Insurance - What would your coaching practice be without your owned or leased building and your personal property? For most businesses, not much. Whether it's your office, your office equipment or your inventory, your practice has property that needs to be protected. It would be a serious hardship to start over if something like a fire or a major theft happened to your office. That's why having business property insurance you can count on is so important.
Cyber Liability Insurance - This protects your practice from the costs associated with a cyber-attack. A cyber-attack is when hackers break into your network to steal information or money from your practice. Hackers may be looking for personal information like SSNs that will allow them to steal the identities of employees, customers, and other people your practice has in its records.
Loss Of Reputation Insurance - This IL executive career life coaching insurance applies when you innocently suffer a loss to your practice and good name after a lawsuit, complaint or other action by any third party. You may require the services of public relations professionals to help repair the damage caused by such situations. This cover will pay for their services.
Umbrella insurance - As a life, career or executive coach, sometimes you need umbrella liability insurance to extend the limits of your general and other liability policies. One of the perks of adding an umbrella policy to your underlying policies is that you only have to pay a single premium for the extra business protection - even if you use it to extend the limits of more than one Illinois executive career life coaching insurance policy.
Information Privacy Insurance - People today are very conscious of their privacy. Most are aware of the protection they receive under various laws. This coverage reimburses you for costs to notify clients of a breach of confidential personal information in compliance with privacy protection laws. It also covers fines and penalties that you become legally obligated to pay as a result of a covered proceeding.
Claims Made vs. Occurrence Coverage - When you purchase your Illinois executive career life coaching insurance policy, you need to decide between two types of coverage. One is called a claims-made policy and the other is known as an occurrence policy:
- A claims-made policy only covers claims if the claims-made policy is active
- An occurrence policy covers events that happened when the original policy was in force, even if the occurrence policy is no longer active.
Occurrence policies are move favorable because this policy will respond to claims that come in - even after the policy has been canceled - as long as the incident occurred during the period in which coverage was in force.
IL Executive Career Life Coaching Insurance
As a coach, a vital component of your success is protecting your most valuable professional assets: your reputation and your financial security. A single claim, justified or not, can take significant time away from your practice and cost thousands of dollars in court and legal fees. Whether you work in an agency or in private practice being adequately insured will give you the financial security you need to protect yourself against a claim.
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 Professional Services Insurance
Get informed about small business professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.
- Answering Service
- Attorney Lawyer
- Business Consulting
- Corporate Wellness
- Court Reporter
- Debt Collection Agency
- Detective Agency
- Electrical Engineering
- Environmental Consultant
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Services
- Financial Planner
- HR Consultant
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
- Project Management
- Temporary Staffing
- Tax Preparer
Let's face reality. People today are claims conscious, resulting in a significant share of malpractice lawsuits against professionals.
Liability resulting from the rendering of or the failure to render professional services is excluded in most liability coverage forms. This means that a policy covering a account's or lawyers' office will cover liability arising out of the maintenance or use of the premises, but specifically exclude liability arising out of the rendering of a professional service or the omission of such a service.
In addition to the professions in which actual physical or mental injury may be caused to clients, certain other professions are exposed to claims for malpractice.
Claims may be brought against lawyers, accountants, architects, and similar professional persons for errors or omissions in their professional capacity. Errors & Omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence.
Professional liability policies are made available to such risks, and these policies provide essentially the same protection as is afforded under the physicians, surgeons or dentists professional liability policy.
Request a free Illinois Executive Career Life Coaching insurance quote in Addison, Algonquin, Alton, Arlington Heights, Aurora, Bartlett, Batavia, Belleville, Belvidere, Berwyn, Bloomingdale, Bloomington, Blue Island, Bolingbrook, Buffalo Grove, Burbank, Calumet, Carbondale, Carol Stream, Carpentersville, Champaign, Charleston, Chicago Heights, Chicago, Cicero town, Collinsville, Crest Hill, Crystal Lake, Danville, Darien, DeKalb, Decatur, Des Plaines, Dolton, Downers Grove, East Moline, East Peoria, East St. Louis, Edwardsville, Elgin, Elk Grove, Elmhurst, Elmwood Park, Evanston, Freeport, Galesburg, Geneva, Glen Ellyn, Glendale Heights, Glenview, Granite, Grayslake, Gurnee, Hanover Park, Harvey, Highland Park, Hoffman Estates, Homer Glen, Huntley, Joliet, Kankakee, Lake in the Hills, Lansing, Libertyville, Lisle, Lockport, Lombard, Loves Park, Machesney Park, Maywood, McHenry, Melrose Park, Moline, Morton Grove, Mount Prospect, Mundelein, Naperville, New Lenox, Niles, Normal town, North Chicago, Northbrook, O'Fallon, Oak Forest, Oak Lawn, Oak Park, Orland Park, Oswego, Palatine, Park Forest, Park Ridge, Pekin, Peoria, Plainfield, Quincy, Rock Island, Rockford, Rolling Meadows, Romeoville, Roselle, Round Lake Beach, Schaumburg, Skokie, South Elgin, South Holland, Springfield, St. Charles, Streamwood, Tinley Park, Urbana, Vernon Hills, Villa Park, Waukegan, West Chicago, Westmont, Wheaton, Wheeling, Wilmette, Woodridge, Woodstock, Zion and all other cities in IL - The Prairie State.
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