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.
Businesses are required to have certain types of insurance, some of which include 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 enables and empowers business owners to protect their people and their business without jeopardizing their long-term business plans to scale.
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:
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:
Reliable and comprehensive coverage for business owner's policies to remain competitive in small and large enterprises. Finding the right insurance policy and getting professional services for business owners, with the right insurance company, can make a huge difference.
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.