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Four misconceptions about commercial insurance

At STARS Insurance, we’re here to meet the insurance needs of business owners in Deerfield, IL. If you own a business, you need to be aware of common misconceptions that might cause you to make insurance mistakes. 

Here are four common misconceptions about commercial insurance: 

Smaller or new businesses don’t need commercial insurance coverage

You need to insure your business even if it hasn’t been around that long. You also need to insure your business even if it hasn’t grown to a very large size. All companies need insurance coverage because all companies face liability risks. 

Every company has the same commercial insurance needs.

The commercial insurance needs that your company faces depend on a variety of factors such as your industry and business practices.

Don’t think that your company’s insurance needs are the same as any other company’s insurance needs. It’s very important for commercial insurance policies to be customized to the needs of the insured company. 

Commercial liability coverage always covers employee injuries. 

If you want to be sure that employee injuries are covered, you need to invest in workers compensation coverage. This type of coverage might not be included in a standard commercial insurance policy unless the policyholder requests to have it included. 

Most companies don’t need cyber insurance.

Cyber insurance might be more important than you think. Cyber insurance protects sensitive customer data while also securing your company’s own information. That’s why you shouldn’t neglect this type of coverage without looking into its many benefits.

We Are Here To Help

If you’re interested in commercial insurance for your business in Deerfield, IL, we’re here to come to your assistance at STARS Insurance. Get in touch with us today for a policy quote. 

Types of Commercial Insurance

As a business owner in Deerfield, IL, or the surrounding areas, you understand the importance of insurance coverage to protect your company’s assets. However, with so many different types of commercial insurance available, it can take a lot of valuable time to determine which policies suit your specific needs.

Our experts at STARS Insurance have put together this guide to give you an overview of the different types of commercial insurance. This way, you can make an informed decision about what type of policies you need.

Types of Commercial Insurance

Property Insurance

The purpose of property insurance is to guard your business against physical property damage, loss, or theft. This coverage typically includes your building, inventory, equipment, and other assets. If your business is damaged by a natural disaster like a fire or severe weather, property insurance can help you pay for repairs and replacement costs. Additionally, property insurance can cover losses due to theft or vandalism.

Liability Insurance

Liability insurance protects your business from legal claims filed against you by any third party. There are different kinds of liability policies out there designed to suit a variety of business types. For instance, general liability insurance covers claims related to bodily injury or property damage on your business’s premises. Professional liability insurance, on the other hand, covers claims made against you for professional mistakes or negligence. 

Worker’s Compensation Coverage

Finally, worker’s comp is designed to benefit employees who are injured on the job or become ill due to their work environment. In Illinois, worker’s compensation insurance is mandatory for most employers, regardless of the business size. This coverage can help pay for medical expenses, lost wages, as well as rehabilitation costs. 

Reach Out To Us

At STARS Insurance, we offer comprehensive coverage options to business owners in the Deerfield, IL area to help you protect your business and your employees. Contact us today to learn more about how we can help you protect your business.

Does commercial insurance cover employee theft?

We all like to think that we can trust our employees Deerfield, IL. But the unfortunate reality is that employee theft happens. So, what happens if one of your employees decides to help themselves to some of your inventory? Commercial insurance policies vary, so it’s important to check with STARS Insurance to know your specific coverage.

Types of Coverage

There are two types of commercial insurance policies that could potentially cover employee theft: property insurance and crime insurance.

Commercial Property Insurance

Businesses that carry property insurance are typically only covered if the thief breaks into the premises to commit the theft. In other words, if an employee simply walks out of the door with your merchandise without forcing their way in, then property insurance likely won’t cover the loss. That’s where crime insurance comes in.

Commercial Crime Insurance

Businesses that have crime insurance are typically covered regardless of how the thief gained access to the property. So, if an employee simply walks out the door with your merchandise, chances are that you’ll be covered. However, it’s important to keep in mind that there are typically limits on how much crime insurance will pay out.

Another thing to keep in mind is that most crime insurance policies have deductibles—just like auto or homeowners’ insurance policies.

Contact Us Today

Employee theft is a risk that all businesses face — even in Deerfield, IL. The good news is that if you have commercial insurance, you may be covered if one of your workers does decide to help themselves to some of your merchandise. However, it’s important to check your policy carefully. Contact STARS Insurance to talk with an experienced agent to make sure that you have the right coverage in place for your unique business needs.

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.