Business & Commercial Insurance

Business insurance can be a financial safeguard for entrepreneurs and established businesses. It can offer financial security by mitigating unforeseen risks and liabilities that could otherwise jeopardize their operations. In essence, business insurance isn’t merely a wise investment; it’s indispensable for any enterprise aiming to thrive in today’s dynamic and unpredictable marketplace.

What Does Business Insurance Cover?

Business insurance can include the following coverage:

• General liability insurance can handle expenses related to bodily injury, property damage and personal injury claims against your business. It’s essential for protecting your company from legal and financial risks.
• Property insurance can financially safeguard business assets (e.g., buildings, equipment, inventory) from damage due to incidents like fire, theft or severe weather.
• Business interruption insurance can help offset lost income and operational costs during business disruptions (e.g., fire, severe weather).
• Workers’ compensation insurance can cover medical expenses and lost wages for employees injured or ill while performing their duties.
• Professional liability insurance can offer financial protection for service-based businesses from claims alleging negligence or substandard work.
• Commercial auto insurance can financially shield vehicles used for business purposes (company cars, delivery trucks) from accidents and damage.

What Insurance Is Required for a Business in Illinois?

In Illinois, business owners may need to meet the following insurance requirements:

• Workers’ compensation—Employers typically must offer workers’ compensation insurance. It can help cover medical bills for work-related injuries or illnesses and may offer disability benefits for employees while they’re unable to work. Some exceptions apply, but carrying workers' compensation is still advisable.
• Commercial auto insurance—In Illinois, a business that owns vehicles is required to carry commercial auto insurance.

Remember that other coverages, while not mandatory, may still be vital for your business’s success.

How Much Does Business Insurance Cost?

The following factors can influence the cost of business insurance policies:

• Type of business
• Size of the business
• Location
• Coverage limits and deductibles
• Claims history
• Industry risks
• Employee safety measures
• Business assets
• Professional experience

Contact Epic One Insurance Group today to discuss your business insurance needs. We can tailor a policy to your specific operations.