What commercial insurance is required in Illinois

Business owners know better than anyone how risky owning a business is. So many things can go wrong and result in a loss of income.  Commercial insurance is designed to lessen the risks businesses face or at least to lessen the consequences of covered hazards. Most states require certain commercial coverage for businesses and Illinois is no exception. Having an insurance agent you trust can make sure that you comply with the law. In Gurnee, IL that is Statewide Insurance Solutions. Our team of insurance professionals will work with you to create the perfect commercial insurance package. 

Required in Illinois:

Workers’ compensation

In the state of Illinois if you have even one part-time employee you are required to cover them with workers’ compensation. There are a few exceptions but in general, you must provide this valuable converge. The penalty for not doing it is the potential of a $500 per day fine, with a minimum fine of $10,000. The state has collected $7,000,000 to date so they are serious about this employee protection. 

Commercial auto insurance

If your business owns or leases vehicles for business use, commercial auto insurance is a necessity. This protects your business from the liability that goes along with an accident and can help to repair or replace the vehicles necessary for your business.

Not required but a good idea

Commercial property insurance

This coverage protects your business location. It covers not only the physical building but the things you need to do business like your furniture, machinery, office equipment, and inventory. 

Commercial liability insurance

Liability is your biggest risk as a business and making sure you have liability insurance can make the difference between being forced to close and staying in business. 

Contact Statewide Insurance Solutions in Gurnee, IL for any questions you may have about commercial insurance coverage.