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    Illinois General Liability Insurance

    Illinois General Liability Insurance

    General liability insurance is required by the state of Illinois for the majority of business owners. The purpose of IL GL coverage is to protect business owners from direct or indirect damages to third parties. Your liability insurance helps pay for losses resulting from the activities of your company or its workers. 

    Requirements For General Liability Insurance In Illinois

    Certain insurance coverages are obligatory for business owners in Illinois. Employers are required to carry workers' compensation insurance. In addition, the state mandates that firms provide unemployment and disability insurance for some employees based on how much they work and are compensated.

    If you're requested to provide proof that you have specific forms of insurance, you'll need a certificate of insurance (COI). As a policyholder, you can easily and quickly obtain a COI online. You can also receive a certificate of insurance after obtaining a quote and policy.

    What General Liability Insurance Covers In Illinois

    Commercial liability insurance (also known as business liability insurance and commercial general liability insurance) safeguards your Illinois business against financial loss resulting from claims of injury or damage caused by you or your workers to third parties. Typically, a policy covers:

    Bodily InjuryPhysical damage to a non-employee at your business premises and injuries caused by you or staff at a client's residence or place of business
    Property DamageYou or an employee committed property damage to another individual
    Personal InjuryActs such as libel, copyright infringement, slander, invasion of property or privacy, unlawful eviction, and false arrest that cause harm to a person's reputation or rights 
    Advertising Injury Losses resulting from your advertising
    Legal Defense and JudgmentsExpenses to defend against legitimate and frivolous lawsuits and judgments, up to the coverage limit. Note that this does not often include punitive damages for negligence or intentional misbehavior

    Other Mandatory Insurance For Your Small Business In Illinois

    Small Business In Illinois
    • Employers with at least one employee, whether full-time or part-time, are required to have workers' compensation insurance in Illinois. There is no requirement for sole owners to carry workers’ compensation. There may be other exemptions available.
    • Starting on the seventh day of an employee's illness or accident, Illinois requires employers to provide disability coverage to provide income for up to six months in the case of a non-work-related illness or injury.
    • Illinois mandates that all drivers carry minimum automobile insurance. If you use your automobile or truck for business purposes, you should consider purchasing a commercial vehicle policy.

    Quick Small Business Statistics In Illinois

    The U.S. Small Business Administration’s Office of Advocacy shared that there were approximately 1.2 million small businesses operating in Illinois in 2021. Employees of these small businesses make up almost half of all private employees living in the state. Based on these numbers, there’s no denying that small businesses play a major role in the state’s economy.

    Below are statistics that are relevant to small business owners in Illinois:

    • Illinois is home to 1.2 million small businesses, making up 99.6% of businesses in the state
    • There are 2.5 Illinois small business employees, making up 44.8% of all private employees
    • 29,817 establishments opened between March 2019 and March 2020
    • Employment expanded by 64,146 between March 2019 and March 2020
    • Small businesses gained 346,788 jobs between March 2019 and March 2020
    • Large banks issued $3.3 billion in loans to Illinois small businesses
    • There are 169,025 SMBs in the professional, scientific, and technical services industry 
    • There are 161,385 SMBs in the transportation and warehousing industry
    • There are 120,409 SMBs operating within the construction industry
    • The health care and social assistance industry has the 5th most number of SMBs: 109,328
    • Women owned 42.2% of small businesses and made up 47.6% of employees in 2021
    • Veterans owned 4.7% of small businesses and made up 3.7% of employees in 2021
    • Hispanics owned 9.5% of small businesses and made up 16.7% of employees in 2021
    • Racial minorites owned 20.2% of small businesses and made up 25.2% of employees in 2021

    Frequently Asked Questions 

    Here are frequently asked questions regarding general liability insurance in Illinois:

    How much does general liability insurance cost in Illinois?

    The cost of general liability insurance for small businesses in Illinois typically ranges from $300 to $5,000. The final cost of coverage will depend on your specific business needs along with other factors, such as your location and years in business. Additional premiums will also cost more.

    Is general liability insurance based on business revenue?

    Your revenue plays a key role in determining the total cost of your general liability insurance policy. The higher your sales and revenue are, the higher your insurance premiums will be.

    How do I know if my liability insurance coverage is sufficient?

    Get in touch with a licensed commercial insurance agent to discuss your business processes, needs, and risks. This way, you can work together to determine a sufficient amount of coverage.

    Should I get general liability insurance or a business owner’s policy?

    If you want to save on the total cost of commercial general liability insurance and other types of business insurance, you may opt to get a comprehensive business owner’s policy (BOP).

    A BOP typically includes general liability insurance, business income insurance, and commercial property insurance. It provides financial protection from claims and lawsuits, helps replace lost income, and protects your commercial property and equipment. Discuss your options with an insurance agent to determine the most suitable coverage for your business.

    Other Insurance Types

    General liability insurance in Illinois pays for property damage and injury to customers, guests, and subcontractors. Insurance deductibles and policy limits within coverage are customizable for Illinois business owners.

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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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