Featuring over 1.2 million businesses, Illinois is an excellent state for conducting business. But before starting a business here, it’s prudent to understand the nitty-gritty of commercial insurance. RetireMax Insurance from Orland Park, IL can share insights about business insurance.
Mandatory business insurance in Illinois
If you own a business in Prairie State, you need to carry the below commercial insurance options to avoid civil and criminal penalties.
- Commercial auto insurance: It’s required for all vehicles used for commercial purposes. It covers your driver and vehicle when an accident occurs. However, if you use a personal vehicle to carry out business operations, your auto insurance won’t cover damages when involved in an accident.
- Workers’ compensation insurance: Whether it’s seasonal, part-time, or full-time employment, Illinois requires you to purchase workers’ comp insurance if you have more than one or more employees in your business.
Optional commercial insurance
While the state doesn’t require businesses to carry these commercial insurance coverages, they are critical for the business. These are:
- Business liability insurance: Protects the business against advertisement injury, property damage, and bodily injury liabilities caused to third parties.
- Commercial property insurance: Protects your building and equipment from damage against fire, theft, hail, vandalism, and so forth.
- Business owners insurance: Combines commercial property insurance and business liability insurance to make it affordable and simple for businesses.
- Cyber insurance: Because of increasing internet use, cyberattacks are becoming increasingly common, resulting in data breaches and other unspeakable damages. Cyber insurance covers client notification costs, legal costs, and data recovery costs after a malicious online attack.
- Professional liability insurance: Protects professional businesses from alleged negligence and missed deadlines.
- Business income insurance: Compensates for lost income as a result of disruptions emanating from a covered risk.
Commercial insurance near me
Are you looking for commercial insurance for your Orland Park, IL business? Please contact RetireMax Insurance today for a quote.
