Decatur Business Insurance

Your Complete Guide to Decatur, IL Business Insurance

Find the right business insurance policy for you.

Business owners going through insurance paperwork together in their coffee shop

There are over 1.1 million businesses operating in Illinois, with over 5,000 in Decatur. The city of Decatur has a diverse economy with top industries including healthcare, hospitality services, and construction. Decatur business owners need a comprehensive business insurance program to protect their assets when something goes wrong. Since every business has unique risks, it’s important to understand all of your exposures and find tailored insurance policies to cover them. A local independent insurance agent can help you assess your risks, compare policies and quotes, and make an informed decision.

Liability Insurance for Small Businesses in Decatur, IL

Businesses of all shapes and sizes are commonly accused of negligence. Unfortunately, claims that your business has caused harm to an individual or another business might be one of the most financially devastating events you encounter. One lawsuit or unexpected event can force you to declare bankruptcy and close your doors for good. 

Liability insurance is one of the most important ways in which you can protect your business assets from lawsuits. Commercial general liability insurance, or CGL, is the most basic form of business liability insurance. It can protect your business from costs related to bodily injury and property damage claims. It pays for medical expenses, legal costs, and settlements or judgments. Your CGL policy even covers costs related to personal injury claims such as libel and slander. 

To protect your business from certain specific types of liability claims that are excluded from CGL coverage, you might need to purchase additional liability policies. Talk to your independent insurance agent about why you might need employment practices liability insurance, environmental liability insurance, or professional liability insurance to complete your business liability insurance protection.

Cyber Liability Insurance for Decatur Businesses

If a data breach or some other cyber incident negatively affect your customers or business partners, your business could be responsible for paying damages to all of the affected parties. If you are sued, you’ll have to pay legal fees, court-ordered judgments or settlements, and any other court-mandated costs. Your general liability insurance may not appropriately cover the costs associated with an electronic data breach.

  • Number of identity theft complaints in Illinois per year: 12,317
  • Ranked 12th highest for identity theft complaints in the US
  • Only 22% of US businesses have a cyber/data breach response plan

Cyber liability insurance covers a variety of expenses related to a data breach. While cyber liability policies continue to evolve because of the ever-changing nature of the threats, most cyber liability insurance policies protect your business assets by covering your legal defense costs, as well as any settlements and judgments that you are ordered to pay. Cyber liability insurance also helps businesses repair their reputations and damage to their brands in these situations by providing coverage for PR and other related expenses. Be sure to ask an independent agent about how cyber liability insurance can help you protect your business. 

Property Insurance for Small Businesses in Decatur, IL

Your commercial property can be damaged in a variety of ways, from fires and floods to severe storms, break-ins, and vandalism. 

  • Number of federally declared disasters in Illinois since 1953: 60
  • Most common reasons for declared disasters in Illinois: Severe Storms and Floods

Whether you own your building or lease your office space, you need some type of protection for your business property. Commercial property insurance covers damage to a building and its contents (computers, office equipment, and furniture, supplies, fixtures, etc.) if it is damaged by a weather event, fire, theft, vandalism, and other covered perils. 

An independent insurance agent can help you determine if you need more than just a basic commercial property policy. If your Illinois commercial property is in an area that is prone to flooding, you are likely to need flood insurance designed for businesses. Flood insurance is available from the National Flood Insurance Program (NFIP), and your local insurance agent can help you purchase coverage.

Business Interruption Insurance for Decatur Businesses

What would happen if your business could not operate for an extended period because of a fire, severe storm, or some other disaster? Your commercial property insurance covers the cost of physical damage to structures, equipment, inventory, and material goods in the event of a loss. But you need business interruption insurance to reimburse you for lost revenues when your business is unable to operate after a disaster.

Business interruption coverage, or business income coverage, protects your earnings if your business is unable to operate because of damage after a fire, hail, wind, equipment breakdown, or some other covered event. If you are forced to close your doors for an extended period in order to make repairs, this coverage pays for rent, employee salaries, lost income, relocation fees, and more. An independent insurance agent can help you assess your risks and help you get the coverage you need. 

Workers’ Compensation Insurance for Decatur, IL Businesses

Workers’ compensation insurance is required for most employers in Illinois. It provides benefits that cover medical costs and lost wages for workers who are injured on the job. It also protects employers from being held liable for injuries that occur during the normal course of operations. The Illinois Workers’ Compensation Act requires employers to purchase workers’ compensation insurance that provides benefits to injured workers regardless of fault. 

Illinois law requires employers to provide workers' compensation insurance for almost everyone who is hired or whose employment is localized in Illinois. If you have just one employee, even if that person is a part-time employee, you must purchase Illinois workers’ compensation insurance. Sole proprietors, business partners, corporate officers, and members of limited liability companies may exempt themselves from Illinois workers’ compensation coverage. There are several tricky exemptions to the Illinois workers’ compensation requirements. It’s important to consult with a knowledgeable local professional who can help you learn about how the statute applies to your business. 

Employee Benefits for Small Businesses in Illinois

Employee benefits—such as group health insurance, group life insurance, short- and long-term disability insurance, and more—serve a critical purpose for your employees and can often mean the difference between a satisfied workforce and one that is unhealthy and disengaged. Many employees see their benefits as an important part of their overall compensation plan. Offering a comprehensive set of employee benefits, including group insurance plans, vacation and sick time, wellness programs, and other perks can help you attract and retain top talent, as well as encourage wellness and healthy living.

  • Average amount spent per year on healthcare coverage by Illinois businesses: $2,923,024
  • Ranked 6th for highest medical insurance costs in the US
  • Average annual cost of health care in Illinois: $5,872/person or $16,928/family

There are many different employee benefits options available, and not every business needs the same types of plans or programs. A local independent insurance agent can help you find suitable coverage at a competitive price. 

Why Work with an Independent Agent in Decatur? 

There are many business insurance products and options available to protect your Decatur business. You probably have a lot of questions, and a local independent insurance agent can help. An independent agent can work with insurance companies that specialize in the type of work you do. And your agent can help you assess your risks and get quotes from multiple, highly rated insurance companies. 

Find a local agent now to get started. 


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https://www.census.gov/quickfacts

https://www.fema.gov/disasters

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https://www.nfib.com/content/legal-compliance/legal/workers-compensation-laws-state-by-state-comparison-57181

https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/alter-benefits-attract-retain.aspxz

https://www.business.org/hr/benefits/top-reasons-to-offer-employee-benefits

http://www.city-data.com