Commercial Insurance

Is Commercial Insurance Required in Illinois?

In the state, every business that has even one part-time employee needs to have workers compensation insurance. Business partners and sole proprietors can also purchase workers compensation insurance for themselves, but they aren’t required to. For any company that is using vehicles for business purposes, such as equipment transportation, deliveries, or client visits, they must have commercial auto insurance. Professionals that run their business out of a rented space may need to have general liability insurance or property insurance before they sign a lease. This may also be required if you own the building your business operates in. Any establishments that serve alcohol can be held responsible for injuries and damage that is caused by intoxicated individuals because of dram shop laws. Liquor liability insurance can help small businesses that sell alcohol in the state because it covers the cost of medical expenses or property damage that is caused by an individual who becomes intoxicated while at your establishment.

What Kind of Insurance Should Your Business Have in Illinois?

Regardless of the size of your business, a general liability policy will protect you from a number of things that can harm small business, such as a slip and fall accident. Professionals, such as lawyers or experts, should have professional liability insurance, which can also be called errors and omissions insurance. Cyber liability insurance can protect you if your business has a security breach and personal information is exposed. In the state, businesses could be required to notify affected customers, which can be costly to any business. If your business works with sensitive information, you should consider this type of insurance. A business owner’s policy can combine general liability with property insurance at a lower rate for those who have less than 100 employees and who work in a low-risk industry. If you are unsure what type of insurance your business should have, an agent at Presidential Insurance Agency can help.

Contact Presidential Insurance Agency to get a quote on commercial insurance.