There's plenty to love about the Land of Lincoln, whether you're an independent IT contractor downstate or the CEO of a major tech firm in Chicago. In fact, the dynamism and opportunity of Illinois' biggest city earned it an honorable mention in our Best Places to Live report. Check out why the Windy City makes a great place to launch your business or read on for tips on keeping costs low, wherever in the state you operate.
Cost-Saving Tips for IT Businesses in Illinois
- Tip #1: Concerned about the high cost of Workers' Compensation Insurance? Perhaps it came as a surprise that you're required to carry this policy, and now you're scrambling to make sure you're not hit with a hefty fine. Good news: as the owner of your business, you may be eligible to exclude yourself from coverage, which could lower the amount you pay in monthly premiums. A TechInsurance agent can help you determine whether your risk exposure is low enough to justify skipping Workers' Comp coverage for yourself.
- Tip #2: Do you have employees operating their own vehicles for jobs? If so, it's wise to carry Hired and Non-Owned Auto Liability Insurance. This policy can save you thousands of dollars should an employee on the clock cause an accident resulting in injuries and damaged vehicles. Because the injury happens on your company's watch, you may be held liable for hospital bills and repairs.
What's more, if you're considering purchasing a company van or truck, speak with a TechInsurance agent about Commercial Auto Insurance. This policy protects you from having to pay out of pocket for accidents involving a company-owned vehicle.
- Tip #3: At the end of the day, sometimes the policies you have in place aren't enough to protect you from the costliest lawsuits. For those situations, you want to consider carrying Umbrella Insurance.
Umbrella Insurance provides funds for policies that have reached their limit and now require supplemental funds. Without Umbrella Insurance, you have to dip into your business or personal assets to cover costs beyond your policy limits.
Get a free quote now, with no obligation.
From Springfield to Chicago, Illinois is a great state to own and operate an IT business. Between the big cities and the rural areas, there's plenty of IT consulting and network administration contracts to be won. However, working in the Midwest does come with its pitfalls. Inclement weather, varied climate, and economic concerns put small-business owners like yourself in a position to consider certain insurance policies as a safety net. Whether you're concerned with your potential for property damage, third-party lawsuits, or Workman's Comp claims, we have you covered.
Must-Have Insurance Policies for IT Firms in Decatur, Rockford, Aurora, Chicago, and Other Illinois Cities
In an economic climate doing its best to recover, small-business owners can't afford to take unnecessary hits. And because Illinois has tornado reports similar in scope to those found in Oklahoma and Kansas, you need to make sure your IT business is prepared for anything. With as many storms Illinois experiences (during both the winter and summer months) you may find yourself in a position of having to pay out of pocket for costly repairs if you don't have Property Insurance in place.
Here at TechInsurance, we can get you in touch with top-notch insurance providers so that you can have competitive quotes in your inbox within 24 hours.
Business Owner's Policies for IT Businesses in Illinois
One policy Illinois IT business owners shouldn't operate without is a Business Owner's Policy (or BOP). This policy bundles General Liability Insurance and Property Insurance into one discounted package, which protects your IT business from third-party lawsuits and property damage. The good news is that a BOP is generally more affordable than purchasing General Liability Insurance and Property Insurance separately.
A BOP protects your IT business from...
- Lawsuits involving non-employees who are injured on your worksite or theirs while you're doing work for them, or have property damaged by you or an employee. It also provides funds to combat litigation from competitors alleging advertising injury or copyright infringement.
- Damage to property caused by lightning, wind, fire, and theft. It also provides funds for damaged equipment and machinery. (In addition, you can add endorsements to cover other types of weather events that might damage your property.)
- Business Interruption Insurance, which helps you continue to pay for the expenses you can't avoid despite shutting down due to covered property damage or repairs. These includes taxes, loans, employee salaries, and more.
Errors & Omissions Insurance for IT Businesses in Illinois
Let's say your Aurora-based IT firm creates a phone application for a local dealership attempting to make it easier for customers in the area to shop for cars. However, a few months after launching the application, your client claims it's not as successful as planned. They're now blaming your business's design as the reason for their lack of sales.
If they decide to take you to court for "not delivering" on your end of the deal, even if their claim holds no water in court, you'll have to pay to combat the charges. These costs, similar to those associated with General Liability lawsuits, can be astronomical, and might include...
- Court fees.
- Docket fees.
- Lawyer's fees.
That's where Errors & Omissions Insurance (also called Professional Liability Insurance) comes in. If you're taken to court for a lawsuit alleging you were negligent in completing a contract for a client, or made some oversight or mistake, you could find yourself taking on a lawsuit. Errors and Omissions coverage helps pay the expenses listed above. For IT firms dealing with multiple contracts and many clients, E&O Insurance is an important way to prevent an honest mistake or oversight from costing your business thousands.
Don't delay – get in touch with a TechInsurance agent today for more information.
Workers' Compensation Insurance for IT Businesses in Illinois
It's common for IT businesses to convince themselves that their industry isn't dangerous enough to warrant carrying Workers' Compensation Insurance, or that their business is too small to require coverage. However, it's mandated by state law that all businesses in Illinois carry Workers' Compensation Insurance.
But even if it weren't state-mandated, Workers' Compensation Insurance would be an essential policy for your IT business. You never know when an employee may become sick or injured as a result of working for your firm, and if or when that does happen, you want to know that you're financially secure. Consider the following injuries common to IT firms...
- Carpal tunnel syndrome.
- Repetitive motion injuries.
- Knee and back injuries.
- Sudden accidents.
- Slips, trips, and falls.
Without Workers' Compensation Insurance in place, you'll have to pay out of pocket for an injured employee's hospital bills, their wages during recovery, and any fines that may be imposed by the State of Illinois for not being compliant.
Don't go another day without Workers' Compensation Insurance – give us a call today for more information.
Employment Practices Liability Insurance for IT Businesses in Illinois
As your IT business continues to grow, your potential to take on lawsuits alleging employment practices violations increases. EPL violations include those in which an employee claims they were discriminated against, harassed, or wrongfully terminated. Employment Practices Liability Insurance (EPLI) provides funds to defend yourself in court from those claims, even if they're meritless.
EPLI covers the following types of lawsuits...
- Sexual harassment.
- Breach of contract.
- Wrongful termination.
- Discrimination based on age, sex, religion, or sexual orientation.
- Other types of discrimination.
If you have even so much as a single employee, contact us today to see about carrying Employment Practices Liability Insurance for your IT firm.
STATE INSURANCE LINKS
- Don't Let General Liability Policy Exclusions Catch You by Surprise
There's a lot of peace of mind that comes from knowing your small business is insured. But it is important to understand your business's risks and what the various types of business liability insurance are intended to cover.
- Commercial Umbrella Insurance: Do I Need It?
More than just insurance "for a rainy day," umbrella insurance is so named because it acts like an umbrella, adding additional coverage amounts over certain underlying policies. Also called "excess liability insurance," umbrella liability insurance gives your company higher coverage...