Jump ahead to learn:
- What could be covered by Commercial Property insurance in Illinois?
- Is Commercial Property insurance required in Illinois?
- How much is Commercial Property insurance in Illinois?
- How ERGO NEXT Commercial Property insurance can help protect Illinois business owners
What could be covered by Illinois Commercial Property insurance?
Commercial property insurance in Illinois could help to protect the goods and gear you need to run your business.
Commercial property coverage typically has three parts:
- Business personal property coverage (also called BPP insurance), which could help cover the contents of your business space, such as equipment, inventory, furniture, flooring and fixtures.
- Building coverage, which could help protect the building structure itself, including things like HVAC systems, sprinkler systems or structural damage from a fallen tree.
- Business income insurance coverage, also called business interruption insurance, could help cover lost income if your business is forced to close for repairs after an unexpected covered event, such as a fire or vandalism.
Commercial property insurance coverage can usually help business owners with:
- Building structural damage
- Inventory damage
- Damaged furniture and fixtures
- Stolen business goods and gear
- Equipment breakdowns
- Business income interruptions
Building structural damage
Whether your business rents or owns a building, commercial property insurance can help cover repair costs after a covered event. If high winds knock a tree onto the roof of your Chicago clothing store, commercial property insurance could help with the costs.
Inventory damage
If your store’s inventory is damaged, commercial property insurance could help you replace it.
Damaged furniture and fixtures
Commercial property insurance could help with the cost of repairing or replacing business furniture and permanent fixtures at your place of business, such as:
- Display cases and retail shelving
- Lighting
- Windows
- Flooring
- Outdoor signage
- Office furniture
Stolen business goods and gear
Replacing stolen business equipment can be expensive. If someone steals tools from your construction company’s warehouse in Peoria, commercial property insurance could help cover the cost of replacement.
Equipment breakdowns
An equipment breakdown can disrupt your operations and affect revenue. If a power surge damages the electrical panel at your Rockford contracting business, commercial property insurance could help cover repairs.
Business income interruptions
Commercial property insurance could help replace lost business income while you rebuild after a covered event. If fire damages your sporting goods store in Aurora, commercial property insurance could help replace lost business income while you rebuild.
Is Commercial Property insurance required in Illinois?
Commercial property insurance is often needed for small business owners in Illinois.
It’s common for landlords here to require commercial property insurance to lease a business space, for example.
Lenders may also require commercial property insurance when you buy business real estate or equipment with a business loan.
Even where it’s not required, commercial property insurance could help Illinois small business owners by providing protection against the risks of fire, natural disasters, theft and damage.
