Illinois Business Insurance
Why Get Business Insurance in Illinois
For the majority of Illinois business owners, the continuing growth and success of their companies depend on understanding their products and knowing how to compete in the marketplace. This usually is accomplished with a solid business plan and untold hours of planning and hard work. A smart business owner also knows that unexpected events, such as lawsuits or weather-related disasters, can occur suddenly and without warning. This is why it is so important to protect your hard-earned investment with comprehensive business insurance.
Worker’s Compensation in Illinois
Illinois law requires business owners who employ one part-time or full-time worker to purchase a worker’s compensation policy. There are some exceptions to this rule. However, more than 91% of employees in the state of Illinois are estimated to be covered by this segment of Illinois business insurance. The law states that business owners must provide the mandated worker’s compensation coverage from the time an employee is hired. If a business owner fails to comply with this law, the company may be penalized a minimum of $10,000 and an additional daily $500 fine for each day of noncompliance. Corporate officers can be held liable personally as well for these fines.
Coverage for Illinois Business Insurance
Protecting your business and its assets begins with having a comprehensive business liability insurance policy in place. As a responsible business owner, you owe this to your employees and to yourself. This means making sure that the routine operations of your business run smoothly. Unfortunately, you can never be sure when an accident or other potential financial threat might happen. Lawsuits or other damage claims can have a huge impact on your company’s finances and may even interrupt or completely shut down your business operations. So it makes smart business sense to avoid these worst-case scenarios by purchasing comprehensive liability insurance.
Furthermore, Illinois business liability insurance allows business owners to add coverage that is not a part of the basic default policy. The basic coverage includes property damage, physical injury and advertising injury. Other coverage options which you may want to consider are:
- Professional Liability – also referred to as errors & omissions. This insurance will pay damages to third parties due to the negligence or wrongdoing on the part of a business.
- Employment Practices Liability – shields companies against employees’ claims for wrongful termination, discrimination or harassment.
Finding the right coverage at a reasonable cost doesn’t have to be a time-consuming experience. You can easily talk with several different insurance carriers online and compare prices and rates. In this way, you can tailor a business liability insurance policy which meets your specific needs and budget.
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