Illinois Wig Store Insurance (Quotes, Cost & Coverage)

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Frequently Asked Questions About
Commercial General Liability Insurance

How much does commercial 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.

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.

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.

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Illinois Wig Store Insurance

IL Wig Store Insurance

Illinois Wig Store Insurance. Wig stores sell wigs, toupees, hair extensions, hairpieces, and hair care accessories. Their customers range from theater performers to older adults with thinning hair to those recovering from an illnesses related hair loss.

As an entrepreneur operating a wig boutique, you face some risks. These include employee or customer injuries, crimes like theft or shoplifting, or basic business risks such as property damage. Illinois wig store insurance is the best way to protect your shop against these risks.

Illinois wig store insurance protects your boutique from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.

Types Of Wig Store Insurance

To be safe, a wig store should be covered by the following Illinois wig store insurance insurance policies. Each of these insurance policies covers a different type of risk, depending on different circumstances of your shop:

General Liability - This is the first Illinois wig store insurance policy to purchase. It covers personal injury, property damage, products liability, and completed operations. While it may be a rare instance, if one of your clients trips over a wig stand and hurts herself, the general liability policy would cover the medical costs. Likewise, if you make a custom hairpiece for a client that later causes them hair loss or irritation, they can sue you.

If s customer sues you, the policy will pay legal costs on your behalf for the claims made against you. Also, the general liability policy covers products liability for any loss or damage caused by the products you sell if you select that option on your policy.

Business Owners Property (BOP) - To obtain multiple insurance coverages in a single policy, purchase a business owner's policy. This includes your choice of coverages in a package, including business income protection, electronic data, property and contents, general liability, equipment breakdown, and more. In other words, a BOP policy bundles major coverages that are necessary to protect you from the risks while operating your IL wig store.

Workers' Compensation - The law in most states demands that all non-owner employees should be covered by workers comp. The IL workers' comp policy is crucial as it covers all work-related illness or injuries. Your wig store poses risks to your employees, such as back injuries from loading heavy boxes, repetitive motion injuries and cutting their hands when handling box cutters. These injuries are covered by worker's compensation insurance including all medical and recovery costs.

Business Property - Unexpected events like wind, fire, and extreme weather can cause significant damage to your business contents and property. With a wig shop, you are at higher risk for fire due to flammable hair pieces and how quickly they can be destroyed in a fire. A Illinois wig store insurance property policy protects your business assets from this kind of losses.

IL Commercial Auto - If you use a vehicle for running your business, such as picking up new merchandise for the store, delivering custom-ordered wigs, or running to the office supplies store or bank, it's wise to be covered by a business auto insurance. It is a commercial insurance policy for your vehicle when it is used for business purposes. If you get an accident while making a delivery to a customer, the damage to yourself, your car, and the others involved will be covered

Umbrella - The Illinois wig store insurance policies for your wig store have coverage limits. The commercial umbrella liability insurance is used to increase your liability limits for all your risks under one policy to protect your wig business for claims exceeding your primary policy limits.

Cyber Liability - A cyber liability insurance policy is essential if your wig store also operates as an e-commerce store that sells hairpieces online. A cyber liability policy is different from crime insurance as it only covers cyber crimes like theft of financial or personal information through web transactions. Cyber liability insurance policy also covers crimes against you, such as paying for merchandise with stolen cards, hacked PayPal accounts or other types of fraudulent activity.

Commercial Crime - Although you have taken proper security measures against shoplifting or theft crimes, it does not mean it will never occur in your wig shop. Crimes such as theft from employees, shoplifting of wigs, and vandalism of merchandise can happen right under your nose.

To protect your boutique from losses resulting from these crimes, purchase a crime insurance policy for your store. Whether you sell toupees, wigs, or hair extensions, you are open to many risks. While you cannot prevent certain events, you can protect your business from a financial struggle with Illinois wig store insurance.

IL Wig Store Insurance

Getting Illinois wig store insurance quotes can be a bit tricky because there are not as many companies offering this type of insurance. The best place to start is the internet. A quick search will get you a handful of IL brokers you can contact. You may get an online quote, but in this case, it is best to contact them directly in person or by phone.

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.

Made In Illinois

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 2018, 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.

  • Agriculture
  • Exports
  • Manufacturing
  • Mining
  • 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 Retail Insurance

Read valuable small business retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.


Retail Insurance

The businessowners policy was designed with retail exposures and operations in mind. For this reason alone, it should always be the first type of package coverage to consider. However, for those risks not eligible for the business owners policy program, the commercial package policy (CPP) is a practical and convenient way to combine a number of coverages into one policy.

Retail businesses generate income through interaction with customers. This interaction is also how a customer can sustain an injury and then sue the retailer for damages. Hazards, exposures and operations both on premises and off are important and must be covered, but liability the retailer may incur because of the merchandise sold must also be considered and insurance protection arranged.

Inventory or stock is the major property exposure for most retail operations. Because stock values tend to fluctuate or have significant peaks at certain times of the year, value reporting or peak season valuation options should be considered. Business income coverage, including business income from dependent properties coverage, may mean the difference between a retail operation staying in business or being forced into bankruptcy following a loss.

When the insured occupies a non-owned building, insurance coverage must be arranged for the insured’s interest in extensive improvements and betterments made to the premises.

Most retail businesses offer endless opportunities for a variety of criminal activities. For this reason, the coverages needed must be carefully evaluated. Holdup and robbery losses may be the most obvious concerns but employee theft, fraud and counterfeit money losses are also serious issues that cannot be dismissed.

Retail businesses are gaining greater exposure to international issues because of the growth in sales via the internet. As these sales increase, the added exposures faced by these retailers must be evaluated. While their operating horizons are expanding so are their potential loss exposures.


Request a free Illinois Wig Store 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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