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    Illinois Business Owner's Policy

    Illinois Business Owner's Policy

    Many of Illinois' 1.2 million small businesses require commercial auto insurance for work vehicles. Personal auto policies typically do not cover vehicles used for business purposes because they are more liable than personal vehicles.

    In 2018, the Illinois Department of Transportation (IDOT) reported over 319,000 motor vehicle crashes, with over 21% resulting in non-fatal injuries. Such incidents frequently result in costly lawsuits and financial hardships that are difficult to overcome in the absence of adequate insurance.

    Over 700,000 small business owners in the United States rely on us to protect their commercial vehicles. Each receives a policy tailored to their specific needs, whether they own a single delivery van in Springfield or several catering trucks in Chicago.

    Read on to know more about what the right business owner's policy requires, covers, and offers your business for long-term growth.

    Requirements For Business Owner's Policy In Illinois

    Businesses are required to have certain types of insurance, including professional liability insurance and omissions insurance, to name a few. The most critical would be Worker's Compensation Insurance, which is required in almost every state in the U.S. 

    In some states, you must have a certain number of employees before you are required to carry this type of insurance, but in Illinois, you must have workers' compensation if you employ at least one person, either full-time or part-time.

    This helps protect the people you employ from work-related injury and other unforeseen business arrangements. Business property insurance empowers business owners to protect their people and their business without jeopardizing their long-term business plans to scale. 

    What Does Business Owner's Policy Cover In Illinois?

    Unlike getting a personal insurance policy with your insurance company, the Illinois business owners policy combines liability, property, and business income insurance into a single policy. This type of insurance protects a small business not just from property damage but from a variety of issues that may arise, such as:

    • Theft
    • Fire
    • Vandalism
    • Property Damage  
    • Bodily injury 

    Other Insurance Types

    Knowing the different types of insurance and their coverages is important in getting the right policy for you if you want to cover your bases and get your business properly insured. Here are some of the most common types of insurance, how they work, and what they cover:

    Quick Statistics On Business Owner’s Policy And Business Insurance

    • In 2018, only 54% of small enterprises received business insurance as essential protection. Although that is better than half, it decreased from 61 % in 2014.
    • Only 24% of small and medium-sized firms made their most recent purchase of commercial insurance online. 48% of respondents considering transfer providers said they would like to purchase a business owner's policy online instead. 
    • In Illinois, there were 1.2 million small businesses registered as of 2019, and they collectively received payments from commercial insurance claims totaling more than $16998 439,000.
    • Compared to 69 % in 2014, just 47% of small business owners purchased workers' compensation and insurance coverage in 2018.

    Frequently Asked Questions About Business Owner’s Policy In Illinois

    1. What exactly does a business owner's policy cover?

    A business owners policy (BOP) often offers protection to business owners from liability, risk, property damage, and business interruption. While insurance companies' coverage options differ, businesses frequently have the option to tack on extra protection against crime, item spoilage, forgery, fidelity, and other risks.

    2. Is commercial auto insurance mandated in Illinois?

    No, Illinois does not directly require people to have commercial auto insurance. Illinois, like the majority of states, mandates that owners and operators of motor vehicles maintain sufficient liability insurance. 

    However, "sufficient" limitations for some classes of cars, including those used to pick up people, go much beyond what is typically covered by a personal vehicle insurance policy.

    3. How can I be certain that my Illinois business insurance is enough?

    It's crucial to get down and talk about your business' standard operating procedures with a registered commercial insurance firm so that you can jointly choose the appropriate coverage. To obtain workers compensation insurance coverage for your business owners policy, ensure you find the right professional services to help you cover all your bases.

    Small and large businesses need reliable and comprehensive coverage for their owners' policies to remain competitive. Finding the right insurance policy and getting professional service can make all the difference for business owners. 

    To learn more about commercial auto insurance policies for your business in Illinois, read through our blogs at Assured Standard and grasp what smart long-term business solutions could look like for you.

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    Assured Standard will protect your business with the right insurance, depending on your needs. Now more than ever, it’s crucial to have the right general liability insurance experts on your side. Protecting the future of your business starts today.
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