Frequently Asked Questions


What is business insurance?

Business insurance is a contract  between a business owner and an insurance company that protects from financial losses.

How important is business insurance?

Business insurance is extremely important, especially to protect business owners form personal liability.

How much business insurance do I need?

The amount of business insurance needed depends on the type of business. For example, a free-lance writer will need different coverage than a plumber.

Are business insurance premiums tax deductible?

Insurance premiums are tax deductible since the Internal Revenue Service (IRS) allows businesses to deduct business-related expenses.

Is business insurance required by law?

Only workers’ compensation insurance is required by the state of Illinois.

What does business insurance cover?

Business insurance coverages vary by policy.

Can you cancel business insurance?

Business owners may cancel their business insurance at any time. However, this may cause premiums to increase if the business owner decides to get coverage in the future. Adjusting an insurance policy may be a better alternative to canceling a policy.

What is business interruption insurance?

Business interruption insurance covers the loss of income due to a disaster that forces a business to close down for a short period.

Do you have a question about business insurance that was not answered? Our agents and customer service representatives are here to help. Call us today at 1-888-949-6289 or visit your nearest Insurance Navy location. For your convenience, Insurance Navy is open from 8 a.m. to 9 p.m. CST, 7 days a week.

*Please review your own policy carefully for details on business insurance coverages. Coverages vary by contract.