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Recommended insurance policies for small businesses in Illinois
These insurance products defend Illinois small business owners against common lawsuits and other top risks.
General liability insurance
A commercial general liability policy covers common third-party risks for small businesses in Illinois, including customer property damage and injuries. Commercial leases often require this policy.
- Customer injuries at your company
- Damaged customer property
- Advertising injuries, such as copyright infringement
Errors and omissions insurance
This policy is also called E&O insurance or professional liability insurance. It protects professionals against lawsuits over mistakes, missed deadlines, and oversights.
- Work errors and oversights
- Professional negligence lawsuits
- Late or incomplete work
Professional liability insurance
This type of coverage protects Illinois businesses against lawsuits related to the quality of their professional services or advice. It's also referred to as errors and omissions insurance.
- Mistakes and oversights
- Breach of contract
- Missed deadlines
Business owner’s policy
A business owner's policy, or BOP, bundles commercial property insurance and general liability coverage at a discount. Small, low-risk businesses are usually eligible.
- Customer injuries
- Accidental damage to client property
- Damaged business property
Workers' comp insurance
Illinois state law requires workers’ compensation for businesses that have employees. Sole proprietors may also buy this coverage, as personal health insurance won’t cover work-related injuries.
- Employee medical expenses
- Disability benefits
- Workplace injury lawsuits
Cyber insurance
This policy protects Illinois small businesses against financial losses from data breaches and cyberattacks. It’s sometimes called cyber liability insurance or cybersecurity insurance.
- Data breach investigations
- Client notification expenses
- Fraud monitoring services
Commercial auto insurance
This policy is required for vehicles owned by Illinois small businesses. It helps cover financial losses from an accident, along with other types of damage.
- Injuries from an auto accident
- Legal defense costs
- Vehicle theft and vandalism
Fidelity bonds
A fidelity bond reimburses your clients in the event of employee theft. Your clients may ask you to secure a bond before they will work with your business.
- Illegal electronic funds transfer
- Forged signatures
- Theft of cash or property
Commercial umbrella insurance
An umbrella policy boosts the coverage of your general liability, commercial auto, and employer's liability insurance. It can help your small business comply with requests for higher liability limits.
- Personal injury lawsuits
- Auto accident lawsuits
- Workplace injury lawsuits
Looking for different coverage? Check out our other policies.
What are the small business insurance requirements in Illinois?
Workers' compensation insurance
The state of Illinois requires businesses with employees, even those with one part-time employee, to carry workers’ compensation coverage. This policy covers medical bills for job-related injuries and illnesses.
Most policies include employer's liability insurance, which helps pay for lawsuits related to employee injuries.
Commercial auto insurance
Vehicles owned by limited liability companies (LLCs), startups, and other businesses in Illinois must be covered by commercial auto insurance. This policy covers the cost of accidents involving company vehicles.
Illinois' requirements for auto liability insurance coverage are:
- Bodily injury liability: $25,000 per person / $50,000 per accident
- Property damage liability: $20,000 per accident
- Uninsured motorist coverage: $25,000 per person / $50,000 per accident
Trucking companies may need additional coverage.
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy.
How much does small business insurance cost in Illinois?
Commercial insurance can be affordable for small business owners with low risks. Based on policy data from TechInsurance customers in Illinois, the average premiums are:
General liability: $40 per month
Workers' compensation: $56 per month
Professional liability / E&O: $83 per month
Factors that influence the cost of business insurance include:
- Type of business
- Business operations
- Number of employees
- Location, such as Chicago or Schaumburg
- Policy limits and other coverage options
- Claims history
Why Illinois business owners choose TechInsurance
Gain financial protection
The costs from a lawsuit or data breach can overwhelm a small business. Protect against common risks with the right business insurance coverage.
Find insurance policies for your small business in Illinois
Whether you need coverage to sign a contract, rent an office, or get a license, TechInsurance can help you find the right business insurance policies. Our insurance agents are licensed in Illinois and can help you find affordable policies from top-rated insurance companies.
Get started today by filling out our easy application. You can chat with an agent about your business insurance needs and get answers to any questions. When you're ready, pay for a policy online and get a certificate of insurance (COI) immediately to show clients that your business is protected.
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