A small business employs less than 300 people. However, as of 2013, in Illinois, small businesses provided jobs for 2.4 million people, accounting for 46.4 percent of private sector jobs. Sutkay Insurance Group can help your company find the right insurance for your business and employees in Illinois. To get you started, here is some basic information about commercial liability insurance in the state.
About Commercial Liability Insurance for Illinois Businesses
Commercial liability insurance safeguards your business against financial loss due to injury or damage claims caused by you or an employee. It covers:
- Bodily Injury: physical damage experienced by a non-employee at your business or injuries at a worksite cause by you or an employee
- Property Damage: damage to someone's property caused by you or an employee
- Personal Injury: slander, libel, invasion of property or privacy, copyright infringement, false arrest or wrongful eviction
- Advertising Injury: Losses experienced due to advertising
- Legal Defense and Judgments: Covers your defense costs for real and frivolous lawsuits
Illinois Minimum Business Insurance Requirements
Commercial Liability Insurance is not mandatory for businesses operating in Illinois. However, the state has a reputation for lawsuit abuse, so you'll want to consult with your insurance agent on whether you need it for your business.
The following business insurance is mandatory in Illinois:
- Workers Compensation: The state requires businesses employing one or more people to carry workers compensation insurance. Sole proprietors are exempt from this rule.
- Disability: Illinois requires businesses to provide employee disability income for off-the-job injury or illness for as long as six months.
- Although all Illinois drivers must carry the minimum required automobile insurance, business owners using their vehicle for business purposes should consider a commercial auto insurance policy.
Optional Coverage Available
Ask your Sutkay Insurance Group agent about commercial insurance options, including employee disability insurance, product liability, professional liability, errors and omissions, and commercial property insurance. Call today to make an appointment for a free consultation and quote.