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Illinois Insurance Blog

3 Reasons Commercial Insurance is Necessary For Your Business

Commercial insurance may seem like something only certain businesses need, but the reality is that every business can benefit from a good commercial insurance policy. Commercial insurance is absolutely essential for any serious business that wants to protect its employees, customers, and property. At STARS Insurance, serving the Deerfield, IL area, we’re proud to help business owners navigate the world of commercial insurance until they find a policy that’s right for their needs.

3 Reasons Commercial Insurance is Necessary For Your Business

1) Commercial insurance protects your customers

If you have a Business Owner’s Policy, your business insurance can also help cover your customers in the event of injury, property damage, product liability, etc.

2) Commercial insurance protects your workers

Worker’s compensation insurance is required by most states and provides benefits like medical care, missed wages, and even funeral benefits.

3) Commercial insurance protects your business

Commercial insurance offers great coverage for things like damage done to business property as a result of theft or vandalism, safeguards against damage caused by fires, explosions, burst pipes, etc., as well as coverage for injuries sustained in the normal course of business. Commercial auto insurance also ensures your business will be protected in the event of an accident involving a company vehicle.

Give Us A Call

Contact us at STARS Insurance today, and we’ll be glad to help you find the right commercial insurance policies for your business and budget. We’re proud to serve the Deerfield, IL area, and we are always willing to help business owners set up their insurance policies so they can focus on growing their business and looking after their families. You deserve to see success with your business, and success starts with a strong foundation and the protection of a good insurance policy.

How to Know If You Should Have Business Interruption Insurance

When you own a business, you know how important it is to pay attention to your finances and the various property you own. You don’t want any of it to be at risk. Business interruption insurance coverage is just one part of this, and it’s not a necessity, but you might consider it to be worthwhile. Discuss with an agent from STARS Insurance of the Buffalo Grove, IL area if this would be ideal to have for your company. 

Why Have Business Interruption Insurance? 

One of the major benefits of having business interruption coverage is that it protects your business if it’s impacted by a disaster or some other type of loss. When you have this insurance and need to shut down for a while, it will protect you from lost earnings. This may be just what you need to keep your business from going under entirely. 

How Much Coverage Do You Need? 

The amount of coverage you should have depends heavily on the type of business you have since different companies will have different coverage considerations. For instance, a small business will have needs that differ from a larger retail operation. It would help to sit down and have a talk with an independent agent.

Before you do this, think of certain things that relate to your company such as if the building is well-protected, if you have a sprinkler system that’s up-to-date and working, and if there’s a location close by that’s available for you to use when you can’t use your current location and how long it would take to move operations to this space. This will give you a solid idea about whether you’re prepared for when a disaster strikes. 

Business interruption insurance may not be necessary, though by now you can see why it probably is a good thing for your company to have. Contact us at STARS Insurance of the greater Buffalo Grove, IL area. 

What Should You Know About Commercial Insurance?

The purpose of commercial insurance, that is also known as business insurance, is to protect a business and investments from property damage, bodily injury claims, cyberattacks, and other liabilities, Therefore, if you are a business owner and you care about your business and employees, it is a smart decision to get commercial insurance. If you are currently shopping for business insurance, here is a list of things you should know: 

What Is Covered By Standard Commercial Insurance?

Generally, business insurance protects businesses and assets from standard risks and liabilities, including property theft and damage, client lawsuits, customer and employee injury, and other unexpected events. Even though commercial insurance cannot protect you from everything, it can become a lifesaver in expensive situations. 

What Are The Types Of Commercial Insurance?

There are several types of business insurance, including:

  • Errors and omissions insurance (also known as professional liability insurance)
  • A business owner’s policy (BOP)
  • Cyber liability insurance
  • General liability insurance
  • Fidelity bonds
  • Workers’ compensation insurance
  • Commercial auto insurance

What Are The Factors That Have An Impact On The Cost Of Commercial Insurance?

The cost of your business insurance is determined by certain factors, such as the type of your business, number of employees you have, location, and prior claims history. 

STARS Insurance – Our Mission Is To Help You Protect Your Business

If you operate your business in Buffalo Grove, IL or any other nearby town in Illinois and you are currently shopping for commercial insurance, STARS Insurance is an insurance company you can trust. We serve clients in Buffalo Grove, IL and other surrounding areas. We will help you find an insurance policy you need based on your budget limits and individual needs. If you have any questions, or you need more information, do not hesitate to call us  – our agents are always ready to help.

Who Should Invest in Commercial Insurance?

In order to truly answer the question of who should invest in commercial insurance, it’s necessary to understand what commercial insurance is, and what it does. Commercial insurance works just like most insurance in that it creates a safety net or protection from unforeseen events that may affect your business and your profitability. It can also protect business owners from personal liability. 

So…Who Needs this Type of Insurance?

In short, commercial insurance can benefit any business owner who wants to protect their business from lawsuits, property damage, theft, and injuries, to name a few. Most business owners can benefit from this type of insurance. Particularly if they own and operate a business that puts them in contact with the public or requires travel. However, commercial insurance isn’t limited to business owners who have these types of activities as a normal part of their operations. In short, any business owner who wants some protection and peace of mind from personal liability and financial losses that can come from a wide variety of different situations should invest in commercial insurance. 

What Does Commercial Insurance Entail? How Does it Work?

Commercial insurance can provide protection and peace of mind from a wide variety of different situations and circumstances. Best yet, business owners can purchase different types of coverage to suit their business. In other words, there are different types of coverage that fall under the title of commercial insurance. Our team at STARS insurance takes pride in guiding business owners when it comes to selecting the best coverage for their business. Commercial insurance includes coverage for injury claims, cyber-attacks, general liability, property damage, and workers’ compensation. However, there are other forms of coverage as well. As with any insurance policy, you buy the type of coverage or protection that will protect you and your business from potential harm. Businesses differ in terms of what’s needed. One business may need more of one type of coverage than another. As a result, business owners can invest in the type of coverage that will benefit their businesses the most. Navigating commercial insurance can be a little confusing, however. Give us a call. We’re here to answer your questions and help you to select the best commercial insurance coverage for your business. 

How can commercial insurance protect your inventory?

At STARS Insurance serving Buffalo Grove, IL, we want you to understand how insurance can best protect your business. Each type of insurance policy protects your business in a different way.

Many people think of property insurance as protecting their building or their office equipment, but it also protects your inventory whether you own a retail shop or manufacturing firm inventory protections. When any named peril in the insurance policy occurs, such as fire, the coverage applies to any inventory stored in the building that incurred damage.

Similar to what you do at your home when you insure it, you need to make a written list of your inventory. For a small business, you might be able to fit this on a single sheet of paper. Larger businesses should print out the inventory on hand at the time of insuring and develop an average sheet that shows what they typically have on hand. This provides the insurance agency with the knowledge of what to base the coverage upon.

Your property insurance policy covers the structure you own as your office or storage, etc., and your business equipment and inventory inside it. When you provide the inventory averages, you let the agent know how much to write the policy. When a named peril occurs, you have the right amount of coverage to handle the loss.

Learn more about how commercial property insurance protects you by calling or visiting STARS Insurance today. We serve all of the greater Buffalo Grove, IL area. If you own a business in a neighboring community, you can still count on us for insurance. Contact us today to find out how we can help you keep your business safer.