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.
Mobile Home Park Owner Insurance Illinois
Mobile Home Park Owner Insurance Illinois. If you own a manufactured or mobile home park, then you must protect your business. With the rapid growth in this industry, you must ensure your business is covered from the different risks and liabilities you face. Having insurance for your mobile home park business prevents you from devastating financial loss in the event of a lawsuit. In this post, we'll discuss the different types of mobile home park owner insurance Illinois you can consider getting to protect your business.
Mobile home parks or courts provide lot space for mobile home residents. Some may rent lots and hook-ups to utility services on either a long-term or an overnight basis. Others offer mobile home transport services, tie-down services, repair services, skirting services, or sales or rental of owned mobile home units.
Mobile home parks or courts can have buildings for laundry or recreation. They may have a swimming pool, retail convenience or grocery store, tennis courts, playground or other recreational facilities. Some parks occupied on a seasonal basis permit mobile homes or campers to be left on premises for storage in the off-season.
Mobile home park owner insurance Illinois protects your property from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.
Why Insurance Is Important For Mobile Home Park Owners?
Renting land to IL manufactured home owners, mobile homes or traditional trailers means you must have insurance almost identical to that of a landlord. The people who own homes in your park must protect their property with insurance. Your responsibility is to cover the areas that make a home park, a place for people to live in.
Finding mobile home park owner insurance Illinois at the typical insurance company might prove difficult when owning a mobile home park. Most insurance companies rather not take on the risk of insuring a home park. Luckily some insurance companies specialize in this type of insurance. Working with an insurance company like this can help you to put together a package to sufficiently cover your mobile home park. An experienced insurance agent can help you to figure out what you need for your business to keep it protected.
Keeping Your IL Mobile Home Park Business Property Safe
Being the owner of a home park does not make you responsible for covering the homes or the contents of the homes that rent from you. Although this is the case, there are other parts of your business you want to be sure are covered. Some of these include:
- Underground utility lines and utility pedestals
- Electrical distribution equipment
- Central office buildings and their contents
- Roads and walkways
- Appliances on property
- Homes on your property that you lease out as a part of your business
Protect Your Manufactured Home Park With The Right Liability Insurance
When you own a IL mobile home park, there are many liability risks you face. For this very reason, you must have protection. Owning a home park means at any given time there could be lots of people on your premises which put you at an even higher risk of liability lawsuits. If a person is injured while on your property, you could face the financial costs that come with it.
The good news is with commercial property liability insurance included in your premise liability coverage you are covered from most risks. With this coverage, you're covered from legal fees, court costs, medical treatment and other financial damage that happens because of negligence on your property. Here are other types of mobile home park owner insurance Illinois coverages you can include in your business insurance portfolio for maximum protection:
Auto Liability Insurance: Having this coverage for your business covers the vehicles you use for business operations. If your employees use their vehicles to conduct errands for your company, then you may need to get for-hire or non-owned coverage to keep your employees safe. If a vehicle used for your business causes damage to a third party or their property you are covered with auto liability insurance.
Employee Practices Liability Insurance: This insurance, protects you if an employee or a former employee sues your business for wrongful termination or perceived discrimination. Any costs as a result of this type of lawsuit are covered when you have this insurance.
Workers Compensation: In most states, you must have this insurance for your business if you have an non-owner employees. With this insurance you are protected if an employee is injured while on the job. If an employee is injured and has to go to the hospital, then they will be covered if you have this insurance as a part of your business' insurance portfolio.
IL Mobile Home Park Owner's Risks & Exposures
Premises liability exposures can be high due to the number of mobile home residents and guests visiting the property. Water purity is a particular concern if the park is responsible for the water supply. To prevent slips, trips, or falls, all premises must be well maintained with floor coverings in good condition.
Security is rapidly becoming the responsibility of the owner or operator of the premises. There should be adequate interior and exterior lighting. Parking lots, sidewalks, and access roads need to be in good repair, with snow and ice removed, and generally level and free of exposure to slip and fall. If the operation owns and rents mobile homes, all units should meet life safety codes and be in compliance with codes on smoke and fire detection, fire extinguishers, and carbon monoxide detectors. If there is a community building, laundry, playground, or other amenities, they must be properly maintained and limited to tenant use only.
If the facility is located near water, such as a lake, warning signs should be posted. Personal injury losses may occur due to alleged wrongful eviction, invasion of privacy, or discrimination. Clear guidelines for tenant acceptability are important.
Property exposure consists of the rental office and other community buildings such as laundry and recreational activity buildings. Housekeeping is critical if there is a central laundry area. Washers and dryers must be properly maintained. There may be owned rental mobile homes. These must be in good condition with heating and wiring up to date. There should be a smoke/fire detector in each owned unit.
If alarms are battery-powered, there must be documented records of periodic maintenance. Since mobile homes are particularly vulnerable to windstorm loss, all owned units should be securely tied down. Items provided by the building owner, such as kitchen or laundry appliances, may be stolen by tenants or outsiders. Seasonal parks with unoccupied mobile homes and campers must have procedures to guarantee regular checks on the units.
Workers compensation exposure hazards are normally service, janitorial, or maintenance-related. Back pain, hernias, sprains, and strains from lifting and working from awkward positions are common injuries. Interaction with tenants can be difficult. Employees should be trained in dealing with difficult situations. Animals owned by tenants can bite, scratch, or kick workers. Employees connecting, disconnecting, or transporting mobile homes can be injured by falling objects, contact with electrical wiring, or in automobile accidents.
Crime exposure is from employee dishonesty and money and securities. Background checks should be conducted on all employees. Rents are generally collected the first of the month, and there may be large amounts of cash on hand due to the high risk of accepting bad checks. Deposits should be made promptly with appropriate security provided. Receipts must be given when rent is paid, and the money received must be reconciled with the receipts given. Ordering and disbursements should be handled by separate individuals. If units are owned, locks should be rekeyed when there is a change in a tenant.
Inland marine exposure includes accounts receivables for rents due, computers and valuable papers and records for (leases, mortgages, and tenant's information). Contractors' equipment coverage may be needed for items used to maintain and repair the property. All data should be duplicated and kept off site for easy replication following a loss.
Commercial auto exposure is generally limited to hired & non-owned for employees running errands. If there are owned vehicles, such as those used for servicing, any driver must have a valid driver's license and acceptable MVR. Routine maintenance on owned vehicles should be documented. In the event the insured assists in the transport of mobile homes, special permits and licenses may be required. Any such driver must have special training and follow the criteria for this type of transport.
IL Mobile Home Park Insurance
Protecting your business is important. Failing to protect your business puts you at risk. If you are the owner of a mobile home park business, then you must protect your business with the right insurance. The next step is getting in contact with an experienced insurance agent to determine the insurance needs of 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.