Insurance for Small Business Owners in Illinois

Do You Need Small Business Insurance in Illinois?

Are you the owner of a small business in Illinois? If so, you are not alone! Illinois boasts the sixth-highest percentage of small businesses by state. According to the Small Business Advocacy Council: *

  • 1.2 million small businesses operate in Illinois.
  • These businesses employ 2.5 million people or 45.1% of the state’s private workforce.
  • Firms employing fewer than 20 employees experienced the largest increase in job creation.

All companies that call Illinois home must think about purchasing business insurance. For better or for worse, Illinois has strict business regulations and levies steep financial penalties for noncompliance. Are you aware of the state’s small business insurance requirements?

Required Business Insurance Coverage in Illinois

  1. Workers’ Compensation Insurance.

    Illinois requires that every business carry Workers’ Compensation insurance—regardless of the number of employees or their employment status (full- or part-time). Workers’ comp typically covers medical expenses related to injuries or illnesses that happen while employees are on the job.

  2. Commercial Auto Insurance.

    Illinois businesses that own vehicles must be covered by commercial auto insurance that includes—at minimum—bodily injury liability ($25,000 per person/$50,000 per accident), property damage liability ($20,000 per accident) and uninsured motorist coverage ($25,000 per person/$50,000 per accident).

Recommended Business Insurance Coverage in Illinois

The following types of insurances are recommended for small businesses:
  1. Small Business Owner’s Insurance.

    This type of policy merges property insurance and general liability insurance into a single, cost-effective package. A business owner's policy typically covers buildings, machinery and equipment, and business personal property as well as liability for bodily injury, personal and advertising claims, and medical expenses.

  2. General Liability Insurance.

    A general liability insurance policy covers customer injuries at your business, damage to customer property, and slander or libel lawsuits. Many commercial leases require that small business owners purchase this type of policy. A general liability policy generally covers concerns with third-party injuries and property damage.

  3. Professional Liability Insurance.

    A professional liability insurance policy, covering professionals whose work is based on their expertise, includes work mistakes and errors, missed deadlines, incomplete work and professional negligence lawsuits. It is often referred to as “errors and omissions insurance.”

  4. Cyber Liability Insurance.

    A cyber liability policy helps businesses recover from cyberattacks and data breaches. It pays client notification expenses, fraud monitoring costs, legal fees that arise from data breach lawsuits and other related expenses.

Our Small Business Insurance Company Is Here to Help

B2Z understands that insurance can be confusing, so we set out to make it understandable and easy to purchase.
  1. Q
    Does B2Z offer small business coverage in Illinois?
  2. Q
    How do I get a quote for small business insurance in Illinois?

    It’s simple! Click on the Get Your Quote button and answer a few questions.