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Commercial Insurance in Illinois
If you run a business here in Buffalo Grove, IL, no matter how small, you're not alone. According to the 2010 SBA Illinois Small Business Profile, Illinois is home to 255,769 small employers, accounting for over 48% of the state's jobs in the private sector. Another 874,500 businesses are one-man operations. To protect workers, the state mandates that employers purchase commercial insurance policies. Commercial insurance spans a variety of markets as well. From restaurant insurance to health care professional coverage, there is a long line of policies that can help you in any situation.
State Mandated Commercial Insurance
No matter whether you have one employee or 500 working for you, state law requires you to purchase the following types of commercial insurance policies.
- Worker's compensation to cover injuries occurring on the job.
- Disability insurance to compensate employees for illnesses or injuries that keep them out of work. Most policies pay for up to six months, starting on the seventh day of their ongoing injury or illness
- Commercial vehicle insurance for company cars or trucks.
An industry that may be neglected often when it comes to insurance is trucking coverage. We offer solutions for your trucking needs that include motor cargo coverage, trailer interchange, non-trucking liability, physical damage, and much more. The rates will depend on USDOT authority and your operating radius.
What About Commercial Liability Insurance?
Many of our clients at STARS Insurance are new business owners who come to us to find out what specific types and amounts of insurance they need. When we explain the above to them, invariably they ask, “But what about liability insurance.” And our answer surprises them, Illinois does not require businesses to purchase liability insurance. However, we impress upon them that this does not mean they do not need it. Our state is known for lawsuit abuse that goes on within its jurisdictions. The Illinois Lawsuit Abuse Watch website ranks us the number one state for its litigious climate and goes on to state that in 2005, businesses in the state, whether involved in a legitimate or frivolous lawsuit, spent an average of $5,000 to settle it. In the case of some new businesses, this ate up to 10% of the owner's annual income. So, any business owner who owns property or has other assets is wise to invest in enough commercial liability insurance to protect it should a customer be injured on his premises, or a company employee damages his home while engaged in company business.
If you're thinking of starting a small business, STARS Insurance in Buffalo Grove, IL can help you decide how commercial insurance is called for in your situation. Please don't hesitate to give us a call.