Illinois Business Insurance

business insurance illinois

Illinois business owners face one of the highest employee lawsuit risks in the U.S. If you want to protect your company from claims, property damage expenses, cyberattacks, contract disputes, and all the other risks that come with ownership, you need robust coverage. At Insurance Navy, we offer the lowest rates for business insurance in Illinois, with 25 locations around the state staffed by knowledgeable, friendly, and licensed agents who are prepared to support you by building your custom policy.

Protect Your Business From Liabilities With Robust, Affordable Coverage

Your business and its assets face risks every day. Any customers who get hurt on your property can file a personal injury lawsuit against your company. Similar actions might arise with employee injuries.

Your company could also be sued for various legal violations, such as contractual disputes, product liability claims, data leaks, fraud accusations, and more. Beyond lawsuits, your assets face direct risks every day from Illinois weather patterns. Your property could suffer damage from tornadoes, fires, hail, wind, and even theft or vandalism.

Trying to avoid financial losses from lawsuits, property damage, reputational harm, downtime, and accident damages isn’t easy. Business insurance acts as your safety net, protecting you from recovering costs on your own from these unforeseen accidents. With proper coverage, your insurance company steps in to cover things like medical expenses, profit losses, equipment costs, and more related to the accident so you can recover.

This can provide key protection against:

  • Employment-related claims
  • Employee injury lawsuits
  • Customer property damage
  • Contractual disputes
  • Product liability claims
  • Lawsuits arising from customer injuries
  • Damage by vandalism or theft
  • Weather damage
  • Company vehicle accidents
  • Fraud claims or cyberattacks
  • And more

Common Types of Business Insurance

You can build your business insurance in Illinois to be as robust or limited as you prefer. The inclusions you add to your policy depend on your industry, size, and preferences. Here are some common types of coverages that local companies choose:

General Liability and Professional Liability Coverage

General liability policies are the most standard baseline level of coverage, protecting your company from property damage and injury claims made against your organization. For example, if someone sues your business for bodily injury on your property, your policy can cover their medical bills and associated costs up to your specified maximum.

You may also choose to purchase a professional liability policy, which protects your professional services from negligence claims. For example, if you’re a financial advisor or attorney, a client could sue you for giving negligent advice. With professional liability insurance coverage, your policy pays for your legal fees and similar losses (up to your maximum).

Workers’ Compensation

Workers’ compensation kicks in when an employee gets hurt on the job. Illinois requires employers with one or more employees to carry workers’ compensation insurance, which protects injured workers from paying for their own medical treatment. In 2023, employers reported over 100,000 non-fatal workplace injuries in the state, displaying just how vital this form of commercial insurance is.

Cyber Liability Insurance

Cyber policies protect you from digital threats, like cyberattacks, phishing, and data breaches. Nearly all industries are at risk of digital attacks, with small businesses being three times more likely to be targeted. In the event of a data breach or other cyberattack, this policy pays for your data recovery, investigative services, legal representation, and other related expenses.

Property Protection

Commercial property insurance protects your company’s physical dwelling and any structures residing on the land. This policy kicks in if your building is damaged by severe weather, fires, vandalism, theft, or other similar events. The extent depends on the policy you choose, as not every plan will cover things like flood and hurricane damage.

Your policy can also cover your company’s valuable equipment, inventory, furniture, electronics, and anything else inside the building. You’ll set a coverage maximum to reflect the total replacement cost of your structure and business items.

Business Owners Policy

A business owners policy (BOP) combines property and liability coverage into one plan, with the main goal of protecting you, the owner. This is a cost-effective bundle for small or medium-sized company owners who rent or own a physical property and need a basic policy. You can still add “riders” on top of this plan for more robust protection, depending on your organization’s needs.

Commercial Auto Insurance

Commercial auto insurance works similarly to personal auto policies but for businesses. If your company owns and operates commercial vehicles, this policy protects against damage or injuries relating to their use.

You cannot use your personal plan for your commercial drivers, so you must purchase an additional plan. This policy is legally required for all Illinois businesses that operate vehicles.

Umbrella Policies

Umbrella policies provide an extra layer of protection on top of your existing liability policies and auto coverage, kicking in when you exceed your maximums. For example, if your general liability policy has a maximum of $500,000 and you’re sued for $750,000, your umbrella plan can cover the difference. Umbrella policies generally have much higher maximums to protect you from these severe events.

Is Business Insurance in Illinois Legally Required?

Yes, Illinois requires all employers to carry workers’ compensation insurance. If your company operates a vehicle, you also must carry an auto policy following the state’s minimum liability requirements.

While commercial liability coverage may not be required by the state, it is one of the most recommended options. This protects your assets and finances in a lawsuit, which is far more common than many owners realize.

What Is the Cost of Business Insurance in Illinois?

The cost of business insurance in Illinois depends on numerous factors, including the type of policies you include in your plan. For basic liability coverage, costs average around $30 per month, while workers’ compensation plans typically cost about $45 per month.

Factors Influencing Costs

Insurers carefully consider everything from your company’s size and location to its industry when calculating your rate. Let’s look at each influential factor impacting pricing so you can better understand the quotes you receive:

  • Coverage type: The type of coverage added to your plan directly influences how much you’ll need to pay. Adding riders like professional liability coverage or an umbrella policy will increase your monthly premiums.
  • Industry: Some industries inherently face increased premiums because they fall into the “high-risk business” category, meaning they have an increased chance of filing a claim. For example, construction companies face exceptionally high worker injury risks, so they typically must pay more for workers’ compensation plans.
  • Company age: More established companies generally enjoy lower premiums. Age can also be a factor when insuring young drivers.
  • Claims history: If you have any previous claims, you’ll likely face higher rates. The insurer may even check the claims history on your building and in your area.
  • Policy limits and deductibles: High policy maximums typically equate to increased monthly premiums. Your deductible (which is how much you must pay out of pocket before coverage kicks in) also impacts rates. A low deductible equates to increased monthly payments.
  • Physical location and details: The insurer will consider your property’s location and associated risks, like crime rates or proximity to flood zones.
  • Organization size: The number of employees you staff correlates to potential claim payout requirements and frequency. Large enterprises face much higher rates than small stores.

How To Get Low Rates and Secure a Certificate of Insurance (COI)

The best way to get low rates for your plan is by comparing quotes and applying for discounts. You can also bundle products to qualify for reduced rates. For example, you may be able to bundle your commercial auto and liability coverage for discounted premiums.

Once your coverage kicks in, you can request your certificate of insurance to display at your facility. This document verifies your coverage and summarizes all of your key policy details.

Secure Affordable Business Coverage Today With Insurance Navy

At Insurance Navy, we offer the lowest rates for business insurance in Illinois and the best service in the state. Our licensed and knowledgeable agents can walk you through the application process to help you tailor your policy to your company’s exact needs. We have over 25 locations throughout the state, providing superior support anytime you need us.

Get instant proof of coverage today by starting your claim online. Get your free quote by filling out our online application or by calling Insurance Navy at (888) 949-6289.

Insurance Coverage FAQs

Read through our answers to frequently asked questions below so you can feel confident creating the right policy for your company’s needs.

How Much Does Business Insurance Typically Cost in Illinois?

The price of Illinois business insurance depends on the coverage you choose. For a basic liability plan, the average pricing is around $30 per month. You can start your free quote today with Insurance Navy online to see how much policies will cost for your company.

What Business Insurance Does Illinois Require?

Illinois requires businesses to carry workers’ compensation coverage. You also need an auto policy following state requirements if your company uses any vehicles.

What Is the Best Type of Insurance for a Small Business?

The best type for a small company is generally a BOP, which includes liability and property coverage. If you purchase this alongside workers’ compensation and any other add-ons necessary for your business, you should enjoy comprehensive protection. Our agents can help you determine the right needs for your company.

Do LLCs Need Business Insurance?

Yes, LLCs still need coverage. While the limited liability structure protects the owner’s personal assets, these companies still need financial protection against employee injuries, lawsuits, downtime, and more. Get your rate for business insurance in Illinois today by applying online with Insurance Navy.