Orland Business Insurance

Your Complete Guide to Orland Park, IL Business Insurance

Find the right business insurance policy for you.

Business owners going through insurance paperwork together in their coffee shop

Orland Park, Illinois is a suburb located 25 miles southeast of Chicago. There are over 5,600 businesses operating in Orland Park, including many in the healthcare, finance, professional services, and construction industries. If you’re an Orland Park business owner, you’ll want to protect your assets with a comprehensive business insurance plan. A local independent insurance agent can help you identify the unique risks your company faces and can recommend the commercial insurance products you need to cover them. 

Liability Insurance for Small Businesses in Orland Park, IL 

One of the most important components of any business insurance plan is commercial liability insurance. When you purchase a commercial general liability (CGL) policy, you gain protection from lawsuits and claims of negligence. These types of lawsuits happen when your business is responsible for damages or injuries to third parties. Even if the claims against you are unfounded, you still have to defend yourself. Any legal defense can be extremely expensive. But with a CGL policy, you can recover. It will reimburse you for court costs, attorney fees, and even any settlements or judgments that you are required to pay to an injured party. A CGL policy has two major coverage components:

  • Premises liability insurance: Covers third-party damage, injuries, or illnesses that occur due to an accident on your business property.
  • Product liability insurance: Covers third-party damage, injuries, or illnesses caused by a defect in a product your company produces, sells or promotes.

CGL policies cover a lot, but not everything. Certain types of liability claims are specifically excluded from general liability coverage. But you can customize your overall business liability insurance coverage to include tailored coverage like employment practices liability insurance, environmental liability insurance, or professional liability insurance. An independent agent can help you determine which commercial liability products are right for your Orland Park business. 

Cyber Liability Insurance for Orland Park Businesses

Any business that handles electronic data—especially personally identifiable information about its customers—is susceptible to cyber threats. Electronic data can be breached in many ways, from stolen laptops and other portable devices to rogue employees, theft of digital assets, human error, and more. 

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

If your business is sued because of a data breach or other cybercrime, you’re responsible for paying legal fees, court-ordered judgments or settlements, and any other court-related costs. You’ll also need to notify your customers of the breach, provide them with credit monitoring services, and undertake extensive public relations efforts to repair your public image. Cyber liability insurance protects your business assets by helping you pay for many of these expenses. Cyber liability coverage can be added to a business owners policy (BOP) or commercial general liability policy, or it can be a stand-alone solution. 

Property Insurance for Small Businesses in Orland Park, IL

Commercial property insurance is another basic building block of a comprehensive commercial insurance program. It covers your company’s physical assets, including buildings and office space, merchandise, inventory, tools, machinery, computers, office furnishings, and more when physical damage occurs due to fires, severe weather, theft, vandalism, and other covered causes of loss. 

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

Major disasters like tornadoes or severe storms can cause extensive damage to your business property. Talk to your agent about the appropriate coverage limits for your unique business, so you can make repairs or rebuild without taking a major financial hit. Be sure to talk to your agent about your need for flood insurance for your Illinois business, too. Flood insurance is only available through the National Flood Insurance Program (NFIP), but your local independent agent can help you purchase the coverage you need for your unique circumstances.

Business Interruption Insurance for Orland Park Businesses

Tornadoes, severe storms, and other unforeseen events can easily damage your building, your suppliers’ buildings, local utilities and more, leaving you unable to operate for an extended period. A major fire can destroy your entire operation, and even a small fire can create widespread damage and force you to close in order to rebuild.

If you couldn't afford ongoing expenses during the time you needed to make repairs, would you be forced to close for good? Business income insurance, or business interruption insurance, reimburses you for lost revenues when your business is unable to operate after a disaster. It pays for certain ongoing expenses and allows your company to stay afloat until you are able to reopen. Business interruption insurance is usually a part of your commercial property policy or a business owners policy (BOP). An independent insurance agent can help you assess your risks and get the coverage you need. 

Workers’ Compensation Insurance for Orland Park, IL Businesses

Workers’ compensation insurance makes it possible for workers to pay their medical bills and be compensated for lost wages if they are injured at work. 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 Orland Park

Employee benefits, in general, are linked to a decrease in employee absenteeism and improved morale, often making the investment in employee benefits well worth the cost for most employers. What's more, a good employee benefits plan that includes health insurance, life insurance, vacation and sick time, and more can help you attract and retain top talent in your organization.

  • 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 health and life insurance policy types and options available for you to choose from. A local independent agent can help you find suitable coverage at a competitive price. 

Why Work with an Independent Agent in Orland Park? 

There is no such thing as a one-size-fits-all business insurance policy. The wide variety of insurance products and options available to business owners allows you to cover your assets against the unique risks you face. Independent insurance agents can help you find the right policy for your needs and budget. These agents can work with multiple insurance companies, so you can compare competitive quotes and make an informed choice.  

Contact a local agent to get started. 


Share this page on Twitter Share this page on Facebook Share this page on LinkedIn

©2020, Consumer Agent Portal, LLC. All rights reserved.

https://www.census.gov/quickfacts

https://www.fema.gov/disasters

http://www.naic.org/prod_serv/AUT-PB-14.pdf

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