Chicago Business Insurance

How to Find the Best Business Insurance in Chicago, Illinois

Experts break down commercial insurance costs, coverages, companies, and more.

Cityscape image of Chicago downtown at sunrise. Find Chicago, Illinois business insurance.

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.

How Much Does Business Insurance Cost in Chicago, IL?

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 type of business you own
  • Your expected annual revenues
  • The number of workers you employ
  • The liability risks your business is exposed to
  • The value of your company’s assets
  • The types of coverage you want to include in your business policy package

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.

What Kinds of Liability Coverage Does Chicago Business Insurance Provide?

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.

  • Premises liability insurance: This covers third-party injuries, illnesses, and property damage caused by accidents on your business premises.
  • Product liability insurance: This covers third-party injuries, illnesses, and property damage caused by a product your company produces or sells.
  • Employment practices liability insurance: This covers against accusations of illegal employment practices like discrimination wrongful termination.
  • Cyber liability insurance: This covers your company’s financial obligations to affected individuals if criminals hack into your business’s computer network and access their personal or financial data.
  • Liquor liability insurance: This covers businesses that sell or serve alcoholic beverages in the event that an intoxicated patron goes on to cause injuries or property damage to others.
  • Pollution liability insurance: This covers business that produce, use, or sell toxic substances. It can pay for cleanup costs and damage if an accident or disaster at your place of business leads to these substances polluting the land, air, or water.

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.

What Kinds of Property Coverage Does Chicago Business Insurance Offer?

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.

  • Accidental fires and explosions
  • Property crimes like theft and vandalism
  • Severe weather events like thunderstorms, windstorms, hail, heavy snows, ice accumulation, and freezing temperatures

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.

  • Flood insurance: This is important because floods are not covered by commercial property insurance. Fortunately, businesses can obtain a commercial flood insurance policy that provides up to $500,000 in structural coverage and $500,000 in contents coverage through the National Flood Insurance Program (NFIP).
  • Inland marine insurance: This can cover your company’s expensive portable property whenever it is being transported over land or is located away from your place of business, like at a job site.
  • Bailee’s insurance: This can cover your customers’ property whenever it is in your business’s custody, care, or control, such as if you are performing alteration, maintenance, or repair work on it.

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.

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How Does Business Interruption Insurance Protect Companies in Chicago?

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.

Do Businesses in Chicago Need Workers’ Compensation Insurance?

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.

What about Insurance Products for Employee Benefits Packages?

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.

Why Work with an Independent Insurance Agent in Chicago, IL?

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.

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