Insurance Navy offers small business insurance coverage, partnering with top carriers like Progressive Commercial, Next Insurance, EMPLOYERS, and Hiscox.
Our Business Owners Policy (BOP) combines general liability with commercial property coverage, which comes out to be around $500 to $3,000 a year for Illinois businesses. Although the price can vary a lot depending on the type of industry and size of payroll.
What is Small Business Insurance?
Small business insurance helps cover the costs of liability claims, property damage and income loss when disaster hits. In Illinois, you've got to carry workers compensation through the Illinois Workers' Comp Commission.
General liability coverage usually starts at a million dollars per incident and two million aggregate. Insurance Navy is handy for getting those all-important certificates of insurance (COIs) out the door the same day for contractors who are bidding on jobs or sealing the deal on commercial leases.
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Types of Business Insurance
Insurance Navy writes the following types of business liability through our large network of carriers.
General Liability Business Insurance
General liability insurance steps in when your business causes damage to a third party. Whether its physically, financially, or via a malicious ad campaign. That typically means it's there to help you out in the event of a $1 million per incident claim, up to a $2 million total cap.
General liability policy covers claims in these areas:
Bodily injury
Property damage
Medical payments
Advertising injuries
Reputational harm, such as libel and defamation
Damage to rentals
For example, if a customer slips and falls on your store’s premises, general liability will help with their medical costs. Medical costs can add up quickly, so medical payment coverage is essential to any business liability insurance policy.
Legal expenses can also be included with a general liability policy if your business is sued following an incident.
Commercial Property Business Insurance
Commercial property insurance coverage helps to protect the building your business operates out of. It also covers any business property surrounding the area and its contents. Some items protected under commercial property policy include fencing, furniture, and equipment.
This policy covers your building from hazards like storm damage and burst pipes. Commercial property policies will help rebuild, repair, or replace the damaged property, equipment, and structures.
It pays out two ways: replacement cost or actual cash value.
Replacement cost coverage will pay for the cost to fix or replace your business’s property and equipment as new without factoring in any depreciation.
Actual cash value reimburses your company for the damaged property or equipment based on its depreciated value.
Commercial Auto Insurance for Small Business
Commercial auto insurance is crucial if your business relies on traveling from one place to another to generate income. You need a commercial auto policy if you regularly utilize any vehicle, including cars, trucks, or vans. It will save you from paying for damage or injuries you cause on the job.
Commercial auto policies includes the following forms of coverage:
Liability insurance
Liability car insurance policies cover any bodily injuries and property damage caused in an accident you are at fault for, including medical payments. It will never cover any injuries or damage to your property or vehicles. Check your state’s requirements for this type of liability coverage for your commercial vehicles.
Collision insurance coverage
Collision insurance policies pay for damage to your vehicle following an accident.
Comprehensive insurance coverage
Comprehensive insurance policies cover damage your vehicle sustains in a non-collision-related incident, like theft or extreme weather.
Uninsured and underinsured motorist insurance coverage
Auto insurance is mandatory in nearly every state, but some drivers still drive without it. If you are in an accident with such a driver, uninsured and underinsured motorist coverage will help pay for your expenses.
Business Interruption Insurance
Business interruption insurance, also called business income insurance, helps cover lost income and other necessary operating expenses like employees' wages. It helps while your business is forced to close temporarily or must undergo a relocation due to a tragedy.
Business interruption coverage works with your property policy. It covers business owners in the event of a fire, vandalism, and extreme weather.
Some policy exclusions from your insurer include being forced to close due to the outbreak of viruses or diseases and flood or earthquake damage.
Workers' Compensation Insurance
Under Illinois law, you've got to have workers' comp for your entire workforce, no matter how many employees you've got. Texas is a bit different, allowing employers to opt out but then requiring you to give your employees written notice. Workers comp really does everything including medical expenses, lost wages (usually 2/3 of their average weekly wage) and even death benefits if an employee is fatally hurt on the job.
When you need to purchase this coverage, it can vary by state, but generally, the moment you hire your first employee, you should have workers' compensation insurance.
Additional Insurance For Your Small Business
Depending on what business you're in though, a standard BOP (Business Owners Policy) might not be enough.
Cyber Liability Insurance
Cyber insurance, sometimes called data breach insurance, protects your business if you are the victim of an electronic threat. This can be useful following a data breach, cyberattack, or identity theft.
It is a wise purchase for any business that electronically stores sensitive account information like credit card numbers, checking account numbers, social security numbers, and contact information.
Cyber liability is standard for e-commerce, healthcare practices handling HIPAA data, and any business processing credit card transactions under PCI-DSS requirements.
Crime Insurance
Commercial crime insurance can pick up where commercial property insurance leaves off. This policy covers crime-related events that can affect your business.
Some common incidents it provides coverage for include:
Employee dishonesty or theft acts
Burglary and robberies of your inventory
Computer fraud
Theft of money and securities
Forgery
Retailers with inventory, businesses handling cash, and companies with multiple employees handling finances typically add crime coverage.
Employment Practices Liability Insurance
Employment practices liability insurance (EPLI) policies protect you and your business against third-party claims if your employees sue you for discrimination, sexual harassment, slander, libel, and wrongful termination.
EPLI covers defense costs and settlements even for frivolous claims. Businesses with 10+ employees or high turnover rates typically carry this coverage.
Errors And Omissions Insurance
Errors and omissions (E&O) policies, also known as professional liability insurance, protect your business against claims of negligence or misconduct regarding day-to-day operations.
Errors and omissions insurance is typically used by attorneys, consultants, accountants, and other professional service providers because their profession is advising people. Financial or indirect loss can come as a result of their work.
For example, you are an accountant and file your client’s paperwork incorrectly, leading to them in financial trouble. An Errors and Omissions policy can help with any lawsuits and defense costs your client brings.
Excess and Surplus Lines Insurance
Excess and surplus (E&S) lines cover businesses that standard carriers decline due to higher risk profiles. Insurance Navy places E&S policies for cannabis dispensaries, firearms dealers, nightclubs, and contractors working in high-liability trades like demolition or asbestos abatement. Lloyd's of London and specialty carriers like Markel and Kinsale underwrite these policies.
Liquor Liability Insurance
This type of policy only applies to businesses that handle liquor. Liquor liability coverage protects firms that make, sell, or serve alcohol. This can include businesses like restaurants, taverns, and caterers. It helps cover your company if an intoxicated person causes bodily injuries or property damage as a result of the alcoholic beverage you have served them.
Liquor liability policies will help cover legal costs, settlements, repair bills, and medical expenses.
Inland Marine Insurance
Inland marine insurance covers your property and inventory when it is in transit. This policy typically covers products traveling both over waters and on land. Contractors, caters, and photographers usually carry inland marine coverage for their equipment that is valued above their BOP off premises coverage limits.
Your property insurance policy may exclude such valuables. Inland marine insurance covers goods such as computers and artwork.
How Much Does Business Insurance Cost?
Just how much it'll cost your business to get insured varies wildly. It depends on how risky your business is (your NAICS code), how much turnover you've got each year and how many employees you've got on the payroll.
Insurance Navy's business quote ranges are listed below.
General liability on its own: anywhere from $400 to $1200 a year for pretty low-risk businesses like consultants or retail shops, $1500 to $3500 for contractors
Business Owners Policy (BOP): a combination of liability and property coverage - $1200 to $3500 a year
Workers compensation: depends on payroll and job type. Office workers might pay about 25 cents per $100 of payroll. Higher risk jobs like roofers might be looking at $15 or more per $100
Commercial auto: Varies from $1800 to $5000 a year per vehicle, depending on driver records and the kind of vehicle it is
Some types of business policies we provide:
Customize Your Small Business Insurance Policy
Insurance Navy offers bundles for specific industries, too. Restaurant owners can get three coverages with one policy with general liability, liquor liability and workers comp.
Contractors usually need general liability, commercial auto and inland marine to cover the costs of tools on the job. Retail stores are often on the same ticket with a BOP, along with crime insurance.
Contact an agent at 888-949-6289 for a free quote. Provide your business type, annual revenue, employee count, and any specific coverage requirements. Same-day COIs available.
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*This product may not be available in every state; please call an insurance agent for more information.