Commercial Insurance
If you are a business owner in Illinois, it means putting dedication, hard work, and commitment to ensure your business venture becomes successful. While that is vital, commercial insurance from Preferred Group Insurance Agency Inc. can help nurture your business to the heights you aspire. But since understanding the nitty-gritty of commercial insurance can be challenging, here is a handy rundown to help you understand this coverage better.
Is commercial insurance mandatory in Illinois?
Most small business owners first want to understand the state-required insurance coverages even before looking into anything else. Well, Illinois requires businesses to include the below coverages in their business insurance:
- Workers’ comp insurance: If you have more than one employee, you must purchase workers’ comp insurance. This coverage pays for employees’ medical costs, partial wages, and funeral costs following illnesses or work-related injuries.
- Commercial auto insurance: It’s required for all vehicles used to run business operations. Even if you use your vehicle to run business errands, you need commercial auto insurance to protect your driver and the car when accidents occur.
Optional commercial insurance coverages in Illinois
You are likely to land in the below optional commercial insurance options when shopping for coverage in Illinois:
- Commercial property insurance protects your business premises, including assets like inventory, furniture, and computer electronics.
- General liability to cover your business against advertising injury, bodily injury, and property damage.
- Business owner’s policy (BOP) combines general liability and property insurance for affordability.
- Cyber liability insurance to protect you against cyberattacks.
- Umbrella insurance acts as extra liability protection when your typical coverage runs out.
- Flood insurance if your business is located in a flood-risk area.
How often should you review your commercial insurance policy?
Unlike other investments, commercial insurance isn’t a “buy and forget” thing. You should review it annually when renewing your insurance policy. Additionally, the below should signal you to review your commercial insurance policy:
- Changes in the workforce
- Additions of new locations
- New products or services
- Downsizing or increased growth
- Changes in vehicle use
Are you shopping for commercial insurance in Illinois? Please contact Preferred Group Insurance Agency Inc. for an affordable quote.
