Small businesses employ 2.5 million people in Illinois, which is nearly half of the state’s workforce.1
Whether they’re small construction firms in Chicago or professional services offices in Oak Park, Illinois business insurance can protect their workers and their livelihoods.
Small business insurance in Illinois can be purchased in customized packages to provide coverage for different types of risks that your company may encounter, including:
NEXT is 100% dedicated to small business and insures more than 1,300 types of small businesses and self-employed workers. We make it easy for you to get the right coverage at the right price and purchase your policy online in less than 10 minutes.*
There are several types of business insurance coverage, which are also called policies or insurance products. Each can help your business stay safe in a different kind of situation.
For example, if you’re an Rockford-based fast-casual restaurant that delivers, you might need a general liability policy to help cover damages if you’re accused of injuring someone or destroying property, and commercial auto insurance to help pay for potential accidents in your company vehicles.
Whereas, if you’re a small accounting firm in Carbondale, you might choose to purchase professional liability insurance to protect against claims of professional negligence that cause financial losses, and commercial property coverage to help pay to repair or replace your business equipment if your office is damaged.
Both of these businesses may also need workers’ compensation insurance to help cover medical costs and lost wages when employees are injured on the job.
Most insurance companies sell Illinois business insurance in customized packages built around your needs. You can select the types of policies you want and often will receive discounts for bundling two or more policies.
Many small businesses in Illinois purchase Illinois general liability insurance. If someone other than an employee accuses you of injuring them or damaging their property, this coverage can help pay for medical expenses and to repair or replace the items.
For example, a cleaning company in Aurora uses a polish that damages the countertops in an apartment complex. The cleaner’s general liability insurance could help cover the cost to replace the countertops.
Construction and cleaning companies in Illinois can also protect essential business gear with tools and equipment insurance. This optional add-on coverage can help reimburse you for equipment that is damaged, lost or stolen.
Illinois requires nearly all businesses with employees to purchase workers’ compensation coverage. This type of insurance can help pay medical bills and lost wages after employees are injured in the workplace.
For instance, a personal trainer at a Springfield gym dislocates a vertebrae while instructing a client and needs to spend four weeks recovering. Illinois workers’ compensation could help cover the trainer’s medical bills and pay for lost wages while they get better.
If your business owns vehicles, you’ll want commercial auto insurance in Illinois. That’s because your personal auto insurance won’t provide coverage if you have an accident when driving a company car.
An example: The owner of a contracting business in Chicago is driving home from a job and totals a company truck on an icy road. Commercial auto insurance could help the contractor purchase a new vehicle, as well as help cover medical bills if they have bodily injury.
Hired and non-owned auto insurance is an optional add-on to commercial auto coverage. It’s designed to help pay for accident damages if you ask employees to rent vehicles or drive their own cars for business.
Commercial property insurance in Illinois can help protect you if your business property is damaged or destroyed after a covered event, such as a water, fire or wind event.
For example, a grease fire at a Bolingbrook family-style restaurant damages the cooking station. Commercial property coverage could help pay to repair the grill and replace kitchen gear that got fried.
It’s important to read your policy documents carefully to make sure there aren’t exclusions for your business. Some locations might not cover flood or hurricane damage.
Even the most cautious business owner could be accused of professional negligence, work errors or missed deadlines that caused financial harm.
This is where professional liability, also known as E&O insurance or omissions insurance, comes into play. It can help cover legal costs and pay for damages if you’re forced to defend your business against such claims.
For example, a client accuses a small architectural firm in Champaign of misplacing important blueprints. If the client sues for financial losses due to project delays, professional liability could help the architects pay attorney fees, court costs and cover damages for which they’re held liable.
Your business insurance needs will determine how much you’ll pay for coverage in Illinois. Here are some of the factors that will influence the price of your monthly business insurance premiums:
Businesses in some industries have more everyday risks than others. For example, construction professions are considered more high-risk than retail businesses, so they should budget more for coverage.
In general, the more types of coverage you need, the more you’ll pay for your business insurance package. Most small companies in Illinois need more than one type of policy to stay safe in different situations.
Workers’ compensation insurance is based on your number of employees and their job functions. Be sure to provide your actual headcount to receive the most accurate insurance quote.
The best way to explore coverage options and find out how much you’ll pay for a business insurance policy is to get a free instant quote from NEXT.
You can also use our insurance calculators for a general estimate of insurance costs in Illinois:
We offer a fast and easy way for small business owners to get a business insurance quote online, purchase coverage and instantly share a certificate of insurance. The entire process usually takes less than 10 minutes.
You can also chat with our U.S.–based NEXT licensed insurance agents if you need help or have questions.
Learn more about insurance options in the states where you work.