Specialized Coverage


Insurance providers offer specialized coverages separately so business owners are free to pick what coverages they need based on their company. By doing so, business owners also save money on unnecessary insurance coverage.

Depending on the business, several specialized coverages may be needed in order to fully protect a company. Understanding specialized coverages and what they protect against can help business owners select the right type of coverage for their business.

Workers Compensation Insurance

Under Illinois law, employers are obligated to provide workers’ compensation insurance for everyone who is hired or is employed in the state, regardless of the size of the company. However, business owners and partners, corporate office and owners of an LLC may exempt themselves from workers’ comp.

A workers’ compensation policy covers:

  • Lost wages
  • Medical expenses
  • Rehabilitation expenses

Errors and Omissions Insurance

Errors and omissions or professional liability insurance protects businesses from mistakes or advice a company gives that result in a lawsuit. An Errors and Omissions policy will pay for damages that a company is found legally liable for, up to policy limits. If a company is sued and is found not liable, errors and omissions insurance will still pay for the defense costs.

Product liability insurance

Product liability insurance protects a business from personal injury or property damage lawsuits caused by a defective product.

Business owner’s policy (BOP)

A business owner’s policy combines specialized coverages based on a company’s needs. This is a great way to save on business insurance. Bundling services costs less than purchasing separate specialized coverage policies.

Do you need more information about business insurance? 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.