Champaign Business Insurance

The Complete Champaign, IL Business Insurance Guide

Find the right business insurance policy for you.

Champaign, IL is a charming city that is located 135 miles south of Chicago. It is known as the education hub of the state of Illinois and provides a thriving atmosphere for small businesses. If you are looking for a great place to launch a small business, this city offers it all. 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 reached $13,306,216. As a business owner, you will want to protect your assets and investments by having the best comprehensive Champaign business insurance plan.

As a new business owner, you can be overwhelmed trying to find reliable business insurance. Let our agents help. Independent Insurance Agents work hard to ensure a pleasant experience when searching for business insurance. They will help you find the right coverage that protects you against everything your business may face.

Liability is a risk that all small businesses face. Liability lawsuits can financially ruin a company, especially a new one. 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. Make sure you don’t cut corners in the area of general liability coverage.

  • 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. If your business manufactures a physical product, you could be at risk for a product liability lawsuit. It takes only one defective product or one disgruntled customer to land you in the middle of expensive litigation. Take the time to invest in a product liability policy so you can avoid this bad situation. This coverage helps pay legal fees and any court-ordered payouts.
  • Errors & Omissions/Professional Liability: Contractors, consultants and other professionals who offer services are still at risk for liability lawsuits. It takes only one bad piece of advice or an error in judgment to land you in the middle of an expensive lawsuit. Protect your business by adding professional liability coverage to your Champaign commercial insurance policy. E&O liability insurance helps pay any legal fees that you have and any court-ordered payouts. This could be the single piece of protection that keeps your business afloat.

Business Interruption Insurance for Champaign 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

Champaign’s harsh winter weather poses a serious threat to small businesses. Mother Nature is unpredictable and can cause massive property damage. After a large blizzard, the snow will melt and could cause serious damage, such as roof collapse and flooding. You will suddenly be unable to conduct any business, which will lead to massive revenue loss. Business interruption insurance steps in and pays your bills and gives you time to recover for the unexpected interruption. This policy could be the very protection that keeps you from closing the doors permanently. Contact an independent insurance agent today to add this coverage to your business policy.

Property Insurance for Champaign 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

Each year, natural disasters rip through cities, leaving behind massive property damage to homes and businesses. In Champaign, residents see an average of three storms each year. In the winter, harsh cold conditions also pose a big threat to property. Make sure you are prepared when the next big storm hits by adding property coverage to your Champaign, IL business insurance plan.

Workers' Compensation for Champaign Businesses

Across the nation, it is illegal to hire a single employee without having a workman’s compensation policy in place. Despite the law, it is the responsible thing to do as a business owner. If an employee is injured or made ill on the job, you will be held responsible as the business owner. Workman’s compensation offers protection by paying for medical bills, lost wages and any other legal fees you may incur.

Employee Coverages for Champaign Businesses

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

It is growing increasingly difficult for small-business owners to find affordable health care to offer their employees. Health care premiums are on the rise with no end in sight. Don’t give up hope yet, 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 the help of our agents, you can easily find the right coverage for your small business and all your employees.

Cyber Crime Insurance for Champaign Businesses

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

All over the nation, cyber crime is a growing threat. Technology is changing constantly, and this makes the threat even worse. Illinois ranks as one of the top states in the nation for identity theft. Only 22% of small businesses have a response plan in place to deal with cyber crime and data breaches. The best way to protect your business is to add cyber crime coverage to your commercial insurance policy.

Business owners often put many hours of hard work into starting and maintaining a business. When it comes to finding reliable insurance, let our Independent Insurance agents do the heavy lifting for you. They can find multiple quotes on many different policies and present them to you in one convenient place. Whether you are concerned about protecting yourself against product liability or finding all your employees affordable insurance, our agents can help. 

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

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