Bloomington Business Insurance

The Complete Bloomington, IL Business Insurance Guide

Find the right business insurance policy for you.

Located in McLean County, Bloomington is the 12th most populated city in Illinois. This city serves as an important crossroad for transportation, with three major interstates intersecting in Bloomington. This charming city is the perfect place to launch a small business and watch it thrive. In previous years, there were 1,169,961 small businesses in Illinois, providing employment to 2,417,374 people. Of course, owning a business also carries serious risks. Recently, loss payouts to Illinois businesses totaled $13,306,216. If you are a business owner in Bloomington, IL, it is a wise choice to invest in reliable business insurance to protect your assets.

If you are a business owner, let our Independent Insurance Agents help you put together an affordable Bloomington business insurance plan that works for your specific situation. They can help you find the right policy that offers protection against the most common threats you will face. Our agents can provide help when you are navigating the challenging process of shopping for business insurance in Bloomington.

Liability lawsuits are a common occurrence. According to a recent Travelers Business Risk Summary, 60% of small-business owners ranked medical cost inflation as their highest concern and more than 30% said they felt the least prepared to handle this issue. Liability lawsuits can financially devastate a small business. Make sure you are covered by adding liability coverage to your comprehensive Bloomington business insurance plan.

  • Product Liability: According to a national study, 71% of product liability awards and 53% of medical malpractice awards by the courts amounted to $1 million or more. It takes one customer claiming to have been injured to land you in the middle of an expensive lawsuit. As a business owner, you need to let our agents help you find the best product liability coverage to protect your business.
  • Errors & Omissions/Professional Liability: If your company offers a service rather than a product, you could still be at risk for a liability lawsuit. Professional liability insurance is a must-have option for these types of businesses. If you are a consultant and you accidentally give some bad advice, professional liability helps pay the expensive legal fees if a lawsuit is brought against you. You can’t afford to be without E&O liability insurance.

Business Interruption Insurance for Bloomington Businesses

  • Gross domestic product in recent years: 2.2%
  • Illinois gross state product in recent years: 0.9%
  • The recent GSP was 1.3% less than the recent GDP

Bloomington is considered to be at high risk for tornadoes. Business owners are at risk of major damage when the next big storm hits the area. Major damage to your business could affect your revenue and could possibly cause you to close your doors permanently due to the massive financial loss. If you find yourself in this bad situation, business interruption insurance offers the protection you need. This coverage helps compensate for all the losses you take while you are unable to operate. It could be the only thing to save you from going out of business.

Property Insurance for Bloomington Businesses

  • Number of natural disasters in recent years: 119
  • Only 61% of losses from natural disasters were covered
  • Total uncovered property damage in recent years: $9.7 billion
  • Illinois was #3 in the U.S. for insured catastrophe losses in recent years

Bloomington residents and business owners see an average of three tornadoes each year. These storms can prove devastating for businesses. When they rip through the city, they often leave behind massive property damage, so make sure you have an airtight comprehensive commercial property insurance policy in place before bad weather hits. That way, you have the peace of mind that your business is safe despite the weather.

Workers' Compensation for Bloomington Businesses

Workers' compensation is now legally required of businesses in most states before they hire a single employee. In any case, it is the responsible thing to do as a business owner. If an employee is injured on the job, you will be held personally liable for any medical bills or lost wages without a workman’s comp policy in place. This coverage steps in and pays for medical bills and lost wages and also provides protection against any legal action that your employee might launch.

Employee Coverages for Bloomington Businesses

  • Total recent spending on premiums in Illinois: $2,923,024
  • Ranked 46th for highest premiums in the U.S.
  • Annual cost of health care for small businesses in recent years: $5,872/person or $16,928/family

Finding affordable health care and life insurance is one of the most frustrating challenges for new business owners. Premiums seem to climb higher each year, and affordable coverage is difficult to find. Luckily, our agents can provide you with quotes on multiple policies and point you toward the most budget-friendly employee coverage options on the market. With help from an experienced agent, you can select a plan that offers maximum benefits for your employees, without sacrificing your annual budget in the process.

Cyber Crime Insurance for Bloomington Businesses

  • 12,317 identity theft complaints in Illinois in recent years
  • Ranked 12th highest for identity theft complaints in the U.S.

Cyber crime is a growing threat nationwide, but unfortunately, it is something that most business owners don’t think about until they become the victim of a hacker. The state of Illinois ranks high when compared with the national statistics of identify theft. Small businesses can easily become the targets of cyber crime and find themselves facing a serious data breach. Only 22% of small businesses have a response plan in place to deal with cyber crime and data breaches. Call an agent so we can help you find a cyber crime policy that will protect your small business in Bloomington.

New and seasoned business owners alike can find it difficult to navigate the challenging world of business insurance. Don’t give up hope; our Independent Insurance Agents can help. Our friendly agents will walk you through the process, step by step, to ensure that you build the best comprehensive business insurance plan for your specific situation. They will take into account all the different risk factors your business will face and make sure you are covered for any situation you might face. 

Contact an agent today to get your free rate quote on Bloomington commercial insurance.

Share this page on Twitter Share this page on Facebook Share this page on LinkedIn