Experts break down commercial insurance costs, coverages, companies, and more.
Written by Meg Stefanac
Financial blogger and business owner, Meg Stefanac, has more than 15 years experience working in the financial services industry and enjoys helping individuals make solid financial decisions. Meg has extensive experience writing about insurance and finances and is a key contributor to TrustedChoice.com.
Updated октября 13, 2021 
Save on Business Insurance
Our independent agents shop around to find you the best coverage.
Chicago, IL, is home to more than a quarter of a million businesses. From large companies like Boeing to sole proprietorships run out of people’s homes, each business plays an important role in the local economy. Business insurance helps these companies stay profitable in times of trouble.
Independent agents make shopping for business insurance easy. A local agent can help you identify all the risks your company faces and can find the best and most affordable insurance products to cover against each of them. Find an insurance agent in Chicago learn more.
Coverage costs can vary significantly from one Chicago business to the next. That is because they are calculated based on several factors such as the following.
The only way to find out how much a policy package will cost for your business is by determining which types of coverage you want and obtaining customized quotes for each. Independent agents can save you time and money by doing this on your behalf.
Businesses of all sizes can end up on the wrong end of a liability lawsuit. This can be very expensive for your company, even if the courts ultimately rule in its favor. Having the right liability insurance coverage is necessary for your business to be shielded from large financial losses.
Business liability insurance products are designed to cover expenses like court costs, legal fees, settlements and judgements if your company is sued for a covered event. Here are some of the many liability insurance policies that you may want to consider.
This is not a complete list of all liability insurance products available to your business. A good insurance agent will be able to identify all of your company’s liability exposures and can recommend the right policies to mitigate them.
Commercial property insurance is a standard part of every business insurance policy. It is designed to cover repair or replacement costs if your company-owned property is damaged or destroyed by a covered event.
Businesses in Chicago are most likely to experience property damage caused by the following.
Fortunately, each of these hazards is covered by commercial property insurance.
In order for your businesses property to be fully covered, you may need to supplement your commercial property insurance with additional policies such as the following.
You will want to be certain that all of your business property is suitably covered and that your company's coverage limits are high enough to enable it to fully rebuild, repair, or replace if needed.
Save on Business Insurance
Our independent agents shop around to find you the best coverage.
Damage to your business-owned property isn’t the only expensive risk your business may face if it is impacted by a catastrophic event like a structure fire. There is also the possibility that it will need to close down for several weeks while repairs are made.
Business interruption insurance protects against this risk. It provides a continuation of income during the times that your company is forced to temporarily shut down following a covered event.
This coverage, which is often included as a standard part of your business insurance policy, makes it possible for your company to continue paying regular expenses like loan payments, bills, rent, and payroll until it is able to resume regular business operations.
With very few exceptions, if you have at least one employee in Illinois, you are required by state law to carry workers’ compensation insurance.
Workers’ compensation insurance is designed to cover medical treatments, follow-up care, medications, disability pay, and other related expenses if your workers are injured on the job or if they are diagnosed with an occupational illness due to exposure to toxins at the workplace.
Costs for workers’ compensation insurance are based mainly on the types of jobs your workers do and how much they are paid. The more dangerous the job, the higher the cost for coverage will be.
When you offer employee benefits like paid vacation time, sick time, an employer-matched retirement savings plan, health insurance, and life insurance, it is easier to attract and retain some of the area’s best workers.
If you are looking for health and life insurance products for your employees, you will find that there are many different policies and options available to choose from. For instance, healthcare policies have varying copays, deductibles, prescription plans, and levels of coverage.
You may therefore find it beneficial to have the guidance and advice of an experienced insurance professional. A good insurance agent can explain the pros and cons of each of your various choices and can help you find suitable coverage at a reasonable price.
There is no such thing as a one-size-fits-all business insurance policy. With a wide variety of products and options at your disposal, you can put together a solid commercial insurance policy package that is custom-built for your business.
Independent insurance agents can help you choose the right policies and options to meet your company’s specific coverage needs. Because they are independent, these agents can work with several of the best business insurance companies in Chicago to find you good coverage at a great price.
Set up an obligation-free consultation with an insurance agent near you to get more information and to start comparing customized business insurance quotes.
