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Illinois Business Insurance

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Business insurance in Illinois

Small businesses employ 1.2 million people in Illinois, almost half of the state’s workers.1

Almost all of these companies and self-employed workers need custom business insurance packages to protect their investments and livelihoods.

The types of small business insurance you need in Illinois depends on the risks associated with your profession, which include:

  • Physical injuries to other people or employees
  • Damages to someone else’s property
  • Accusations of professional mistakes
  • Work-related auto accidents

Next Insurance helps more than 1,000 types of small businesses and self-employed workers easily get the coverage they need online at the best price. We specialize in small business insurance, so we can easily help you find a custom insurance package that is right for you.

Continue reading to find out about the most important types of small business insurance in Illinois or start a free instant quote to review options for your business.

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How Next can help you with business insurance in Illinois

We offer a quick and simple way for you to get business insurance quotes online, purchase coverage and share your certificate of insurance. The entire process typically takes just a few minutes.

You can decide to pay monthly or annually, and cancel your coverage at any time. Our team of licensed, U.S.-based advisors can help you if you have any questions. 

Start an instant quote today.

We’ve got tailored policies for thousands of professions

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Business insurance coverage and requirements in Illinois

Some of the factors that determine the insurance coverage and policy limits you need include:

  • Your industry
  • The number of people you employ
  • Risks your business regularly encounters. Carpentry firms face more day-to-day physical injury risks than accountants.

Businesses in Illinois usually purchase several types of insurance policies as a package. Common coverage options include:

 

General Liability insurance 

Many small businesses in Illinois purchase general liability insurance. If you are accused of injuring another person or damaging their property, general liability coverage helps pay for medical bills and repair or replacement costs for property. 

For instance, an employee of a cleaning company at an apartment complex in Aurora uses a cleaning solution that damages a unit’s countertops. The cleaner’s general liability insurance would cover the cost to replace the countertops up to the policy limit.

Construction and cleaning companies in Illinois can also protect essential business gear with tools and equipment insurance. This coverage will help reimburse you for equipment that is damaged, lost or stolen.

If you need to file a general liability claim with your insurance company, how much you have to pay out of pocket will depend on your policy limits and deductible.

 

Professional Liability (E&O) insurance 

Even the most cautious business owners could face accusations of professional negligence, work errors or missing deadlines that cause financial harm. 

Professional liability (or E&O insurance) helps cover costs and damages if you are forced to defend yourself from similar accusations.

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 coverage helps pay the architects’ attorney fees, court costs and any damages if he is held liable.

 

Workers’ Compensation insurance

Illinois requires businesses with employees to purchase workers’ compensation coverage, which helps pay for medical bills and lost wages. 

Sole proprietors, business partners and owners of limited liability corporations (LLCs) have the option to waive workers’ compensation coverage in Illinois,2 but many still purchase workers’ comp so they are financially protected if they get hurt on the job. 

For instance, a self-employed personal trainer in Springfield dislocates a vertebrae while instructing a client and needs to spend four weeks recovering. Workers’ compensation covers the trainer’s medical bills and helps pay for lost wages.

 

Commercial Auto insurance

If you own vehicles that are titled to your business, you must carry commercial auto insurance in Illinois. Your personal auto insurance probably won’t help if you have an accident when driving a company car.

Illinois requires businesses to carry a minimum of $50,000 in commercial auto liability insurance.3 If your company owns multiple vehicles and employees regularly drive them, you might consider carrying more than the minimum coverage to avoid out-of-pocket expenses.

An example: The owner of a house cleaning business in Chicago is driving home from a job on an icy road in West Loop and totals a company car. Commercial auto insurance would help the cleaning company purchase a new vehicle up to the policy’s limits.

Small businesses might sometimes ask employees to drive their own cars for a job or rent vehicles. Hired and non-owned auto insurance is a form of commercial auto coverage that helps pay for accident damages in these instances. You can add it as an upgrade to commercial auto insurance from Next Insurance.

How much does business insurance in Illinois cost?

Small businesses and self-employed workers in Illinois typically pay about $47 for their business insurance package. But costs will vary based on factors like:

Your industry. Businesses in some industries have more risks than others. If you own a construction business, expect to spend around $69 per month for coverage since you work in an industry that is considered high-risk compared with other businesses. By comparison, small retailers in Illinois can expect to pay about $25.

Your coverage limits. Including one type of coverage in your insurance package or choosing minimum limits means you won’t pay as much each month. However, if an accident happens, you’ll probably pay more out of pocket for damages.

The number of employees at your business. Workers’ comp insurers payroll as one of the factors to determine pricing. Make sure you provide an accurate estimate when you get a quote.

Start a free quote with Next Insurance today to how much business insurance will cost for your business in just a few minutes.

 

More resources for Illinois small businesses and self-employed workers

Check out these links if you would like to learn more about starting a business in Illinois:

Article sources: 

  1. U.S. Small Business Association’s official Illinois webpage
  2. Illinois’ Workers’ Compensation Commission
  3. Office of the Illinois Secretary of State