Last year, small business insurance companies in Illinois paid out nearly $17 billion in commercial claims. The 1.2 million small businesses across Illinois can significantly benefit from proper protection. That means a business insurance policy.
An independent insurance agent in Northbrook, IL can help your business get the protection it deserves with a comprehensive business insurance policy. They'll help you find the coverage that fits your unique business. But first up, here's a closer look at business insurance in Northbrook, IL.
How Much Does Business Insurance Cost in Northbrook, IL?
Business insurance premiums are based on your business's type, size, number of employees, and more, including:
- Annual payroll
- Annual revenue
- Coverage needs
- Specific exposures
Without knowing specifics about your business, it's challenging to offer an estimated annual premium. However, an independent insurance agent in Northbrook, IL can easily provide you with several quotes for your coverage.
Is Business Insurance Required in Northbrook, IL?
If a business in Northbrook, IL has at least one employee, it must by law carry workers' compensation. Even if your employee is part-time, this coverage is still mandatory to protect your crew against workplace incidents or job duties that result in injury, illness, or even death. Having this coverage also makes your business exempt from related employee lawsuits.
Employers who fail to provide workers' comp in Illinois can be fined, at minimum, $10,000 and face even harsher penalties. But this is the only type of business insurance required by state law for companies in Illinois. An independent insurance agent in Northbrook, IL can help ensure you're equipped with all the coverage you need.
What Does Business Insurance Cover in Northbrook, IL?
Business insurance policies, like businesses themselves, come in all shapes and sizes. But you're likely to start your policy with at least the following:
- Commercial auto insurance: Covers company vehicles against collisions, fire, theft, etc.
- General liability insurance: Covers customer and other third-party claims of bodily injury or property damage by your business.
- Cyber liability insurance: Covers data breaches and other incidents that can expose or tamper with sensitive data like customer payment information and employee records.
You might also need the following for your business:
- Premises liability insurance: Covers customer and other third-party bodily injury claims or personal property damage claims on your business's premises.
- Pollution liability insurance: Covers claims of environmental pollution by your business and related cleanup costs.
- Employment practices liability insurance: Covers claims filed against your business by your employees for discrimination in the workplace, harassment, and more.
Your Northbrook, IL independent insurance agent will help you build a business insurance policy covering your company's unique exposures.
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What Does Small Business Liability Insurance Cover in Northbrook, IL?
Protection against lawsuits starts with having small business liability insurance. Your company can get sued by customers and others for bodily injury or personal property damage, and whether you're found liable or not, you'd still have to cover attorney and court fees. Small business liability insurance can reimburse you for these costs as well as settlement fees if you're ordered to pay.
Without this protection, your business could even face bankruptcy if it got hit with a hefty lawsuit. So even though this insurance isn't required by law, if you feel you need to secure this coverage, an independent insurance agent in Northbrook, IL can help. They can further explain why it's relevant for your company, no matter its size.
Are There Any Small Business Health Insurance Plans in Northbrook, IL?
Small business health insurance plans are available for companies in Northbrook, IL through the Small Business Health Options Program (SHOP). Through SHOP, coverages are available at the following average premiums:
Lowest premiums for SHOP health insurance plans in each "metal" category
Your business might also qualify for tax credits on coverage. You can browse available small business health insurance plans online or with the help of your Northbrook, IL independent insurance agent.
What Are the Best Small Business Insurance Companies in Northbrook, IL?
Small business insurance is offered by many different carriers in Northbrook, IL. However, we'd highly recommend starting with these top companies.
|Best Small Business Insurance Companies in Northbrook, IL
Why Work with an Independent Insurance Agent in Northbrook, IL?
There's 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 business insurance package that's custom-built for your company.
Independent insurance agents can help you choose the right policies and options to meet your company’s specific coverage needs. Because they're independent, these agents can work with several of the best business insurance companies in Illinois to find you the right coverage at a great price.