Illinois Business Insurance
Customized protection for your Illinois business
As an Illinois business owner, you should consider several types of business insurance to guard against risks related to your daily operations, business property and employees. Without it, you might have to deal with the consequences of costly lawsuits and recovery costs on your own.
Illinois reported 136,400 non-fatal workplace injuries in 2018, with nearly 81% of them from private sector businesses, according to the Bureau of Labor Statistics. An employee missing work, even for a short amount of time, could cause your operations to suffer and jeopardize your cashflow.
Shop for workers’ comp, general liability and other coverages through the Progressive Advantage® Business Program. We’ll help you customize a policy that meets your unique needs.
Types of business insurance in IL
This is the most common business insurance coverage and nearly all businesses in Illinois should have it. It protects against third-party bodily injury and property damage, as well as personal and advertising injury.
This coverage protects against damage to your vehicles and trailers, as well as injuries or property damage related to their use. Your personal auto policy doesn’t cover vehicles while they’re being used for business reasons.
Businesses in Illinois are required to have worker’s comp insurance if they have one or more employees. Workers’ compensation insurance helps pay for expenses related to employees becoming injured or ill while working for you.
Business Owners Policy (BOP)
A BOP combines property and liability coverage into one easy-to-manage policy. It’s a great option for small to medium-sized businesses who rent or own commercial property such as a storefront, warehouse or office building.
Illinois businesses that offer professional services should consider this coverage. It protects businesses from claims of professional negligence, both actual or alleged, and helps pay for defense costs. It’s also known as errors and omissions insurance (E&O).
Cyber insurance protects against electronic threats like data breaches and cyber attacks. It can cover for investigative services, data recovery, and legal expenses. Businesses that store or manage customer data like credit card information typically need this coverage.
How much does business insurance in Illinois cost?
The cost of business insurance in Illinois depends on several rating factors including your business’s coverage needs, location and size. For example, a business in Chicago can expect a different rate than a business in Bloomington.
The most influential factor is your profession. General contractors oversee multiple projects and manage various types of contractors. A handyman, on the other hand, usually works one job at a time and is only responsible for himself. In this scenario, the general contractor is exposed to more risk and will likely pay more for coverage.
Illinois business insurance requirements
Workers’ compensation is the only type of business insurance required by Illinois state law. Business owners who employ one or more employees are required to carry workers’ comp coverage through the state’s insurance fund or through a private insurance carrier.
While Illinois doesn’t require you to have other business coverages, such as general liability or a BOP, many prospective clients do. They often include specific coverage and limit requirements in their contracts, and they won’t allow someone to work for them if those requirements aren’t met.
Resources for Illinois small business owners:
- Handbook on Workers’ Compensation & Occupational Diseases (Illinois Workers’ Compensation Commission)
- Workers’ Compensation FAQs (Illinois Workers’ Compensation Commission)
- 2020 Illinois Small Business Profile (US Small Business Administration)
- 2018 Illinois Workplace Injury Data (US Bureau of Labor Statistics)
Illinois professions we insure
We help small business owners from a wide variety of industries, including these common professions:
- Cleaning services
- Dry cleaners
Browse more examples of professions we insure.
Commercial Experts – We’re the #1 Commercial Auto Insurer in America*. You can trust our team of specially trained, in-house agents with all of your business insurance needs. They’ll help you build a custom business insurance policy that matches the needs of your Illinois business.
Convenience – There’s several ways to get a quote, whether you need a single Illinois policy or a combination of business insurance coverages. Simply start a quote online or call us to speak directly with an agent.
Adaptable – We can help you secure coverage at any stage of your business’s development with the flexibility to adjust your policy as your business changes. Our agents will work with you to find protection that meets both your needs and budget.
Business insurance for all Illinois cities
We can customize business insurance in all Illinois cities, including, but not limited to:
*No. 1 commercial auto insurer from SNL Financial’s 2019 national written premium data.