Choose The Hartford for All Your Chicago Business Insurance Needs
Illinois has over 1.2 million small businesses making up 98.2% of Illinois Businesses.1 Chicago has been recognized as one of the fastest-growing cities for technology as the state’s economy continues to grow at a steady rate, jumping from 0.8% in 2013 to 2.9% in 2014 and an additional 1.6% in 2015.2 With small businesses making up a large part of the state’s economy, it is essential that these businesses consider small business insurance requirements in Illinois. Each state has varying insurance requirements for business owners to adhere to; consider acquiring coverage above and beyond the minimum standards to ensure that your business and employees are adequately protected in the event of an accident or issue. The Hartford has offered Chicago business insurance for over one hundred years, read on to learn more about how we can help protect your business.
Types of Illinois Small Business Insurance Offered
Illinois Business Owner’s Policy
A Business Owners Policy (BOP) is convenient for small business owners because it combines business liability insurance and business property insurance into one policy. The Hartford can provide coverage for claims resulting from bodily injury, property damage, and advertising injury. A BOP is unique because business owners can customize it to meet the distinct needs of their business by adding on optional coverages like professional liability coverage and data breach coverage. A BOP with The Hartford includes:
- Commercial Property Insurance – protects your businesses property like inventory, equipment, furniture, etc. in case of damages caused by a covered accident or disaster.
- General Liability Insurance – protects your business if you get sued by a customer because you or your employee damaged their property or caused them harm.
- Business Income Insurance – replaces the income your business would lose if you had to halt operations due to a covered disaster or accident.
Illinois Data Breach Insurance
In the case that your business ever experiences a cyber-attack or a data security breach, you will want Data Breach Insurance in place to cover the costs of legal fees, liability, crisis communications, and solutions to protect the identities of those whose information was stolen. The Hartford helps businesses in these situations by ensuring that immediate action is taken to help reinstate your business’s reputation. The sooner your business can be viewed as reliable and trustworthy to its customer base again, the better. Consider Data Breach Liability insurance with The Hartford to help protect your business from the following:
- Your customer’s confidential data is viewed or stolen by an unauthorized individual.
- Your business’s intellectual property or trade secrets are stolen.
- Your secure network is damaged, and you lose sensitive information.
Illinois Commercial Flood Insurance
Business property insurance policies typically do not cover flood damage, so it is important to consider getting a Commercial Flood Insurance policy for your small business. Commercial Flood Insurance from The Hartford can help cover the damages to your office, equipment, and merchandise from flood water. The federal government requires a 30-day waiting period on new flood insurance policies, be sure to purchase commercial flood insurance well before a flood is headed your way. You may need commercial flood insurance if your business is located in an area where the following could happen:
- Constant, moderate rainfall that could clog drains and gutters and flood your place of business.
- A warm spring season causes fast snow melt that overflows the rivers and dams in your area.
- You are based in a coastal city that has had hurricane warnings in the past.
Commercial Auto Insurance
Commercial Auto Insurance is critical if your business owns or leases vehicles that employees use to conduct business or if your business has employees who use their personal vehicles while on the job. A Commercial Auto Insurance policy will help cover the costs that result from an auto accident where you or your employee is involved. A commercial insurance policy will help cover the medical expenses, rehabilitation, and vehicle replacement needed for the other driver. The Hartford can protect your business from the following situations:
- An employee rear-ends the driver in front of them causing multiple car pile-ups.
- You accidentally hit another vehicle while driving to the office and total the other driver’s car.
- You or an employee drive in a snowstorm and you lose control and hit a light post, damaging city property.
Illinois Minimum Business Insurance Requirements
The state of Illinois requires all businesses to provide workers’ compensation insurance for their employees in the case of an accidental injury, death, or occupational disease.3 With 2.4 million small business employees in Illinois, which is nearly half of the state’s population of employees, workers’ compensation insurance plays an important role in helping protect Illinois’ employees, business owners and businesses.4 In the case that an employee sustains an on the job injury, it is the business owner’s responsibility to cover their medical treatment, pay for their lost wages, and assist with any rehabilitation they may need. The state of Illinois also requires that businesses have unemployment and disability insurance for employees who fit into various classifications based on the number of hours worked and amount of wages paid. Find out more about small business insurance Illinois from The Hartford.
Additional Illinois Business Insurance Links
- Commercial Auto Insurance
- Business Income Insurance
- Commercial Flood Insurance
- Commercial Property Insurance
- Commercial Umbrella Insurance
- Data Breach Insurance
- General Liability Insurance
- Surety & Fidelity Bonds
- Home-Based Business Insurance
- Employment Practices Liability
Get a quote on Small Business Insurance for your business today.