As one of the fastest-growing cities in Illinois, Elgin is a great spot to open a new business. In a growing city like Elgin, it can be easy to watch your business expand right before your eyes. As you become more established, it’s important to make sure that your insurance coverage grows with you. It can be easy to get stuck in a routine and become complacent with your insurance, but disaster strikes when you least expect it. Make sure you’re always prepared by working with an independent insurance agent in our network.
Your agent will not only work to help you establish Elgin, IL business insurance when you open your doors, but will also help you assess your needs as you grow. Our agents allow you to feel more confident about your insurance coverage because you have more choices and more help making the right decision for your business’ future. Choose an insurance agent who’s on your side. Contact an independent agent with our network for all of your business insurance needs.
- Property Insurance
- Liability Insurance
These two components are the building blocks of a standard business insurance policy. Each business has certain liability risks, such as restaurants that serve alcohol, taxi companies that drive passengers on the roadways, and hospitals that treat patients. Each business typically also has a facility of some kind, whether it is a home office, a retail space, or a repair garage that is frequented by customers or vendors, or could be damaged by a vandal, natural disaster, or fire.
Keep in mind that you’ll have different needs for these two basic tenants of business insurance depending on the size of your company, where you’re located, and how much your company is worth. Make sure you ask an agent about the specific kinds of coverage you’ll need to keep your business safe in the long and short term.
When to Upgrade Your Elgin Business Insurance
For some business owners, it can be hard to know exactly when you need to upgrade your insurance. A good rule of thumb is: Whenever you increase the value of your business, it’s likely you need more insurance coverage. For example, if you are doing renovations on your restaurant, be sure to contact your insurance company first. You will probably need more coverage before you even see the finished product. Construction brings extra risk, and your current liability coverage may not be enough if someone gets hurt on the work site. After renovation, the value of your property will go up, so you will need more coverage to protect it.
Additionally, a growing business will often need more help from more employees. As you begin to build a solid workforce, it’s time to upgrade your Elgin business insurance. Some business owners fear an upgrade because of cost, but there are many ways you can save on your insurance if you know where to look. Luckily, with an agent on your side, you will always receive the best Elgin commercial insurance quotes, and your agent is a knowledgeable professional who can help you find deals and discounts that will help your bottom line.
Optional Elgin Business Insurance Upgrades
Sometimes upgrading your insurance will simply mean buying more coverage, but other times, you will need to search for a completely different policy. Your policy options include:
- Business Income Insurance: This policy will replace your income in the event of a disaster, making it easier to get back on your feet after a disaster.
- Equipment Breakdown Coverage: Property insurance will cover your equipment if it’s ruined in a freak accident or natural disaster, but might not cover misuse or normal breakdown. If you are investing in high dollar equipment, this policy will cover internal causes of loss.
- Workers Compensation: Once you employ a certain number of people, you will be required to purchase workers compensation for employees. This will ensure you can’t be sued if an employee is injured at work. It will also cover your employee’s medical bills and lost income.
- Key Person Insurance: If your business depends on a partnership, consider this policy. It’s a form of life insurance meant for business founders, and in the case of death or disability, the business receives the claim benefit.
Make the Ultimate Upgrade: A Trusted Choice Independent Agent
It’s easy to know when to upgrade your policy when you work with a member agent in our network. Your agent will assess your needs on a regular basis and has the ability to compare multiple new policies and provide the best Elgin commercial insurance quotes.
Contact a local independent agent today for personalized assistance with your Elgin business insurance needs.