Commercial insurance, also known as business insurance, shields your business from costly risks such as theft, property damage, injuries, and lawsuits. Even small business owners can buy different commercial insurance coverages, which protect them against financial losses arising from various situations.
Acquiring a salient commercial insurance policy from a reputable insurance company in Illinois shields a business from standard risks or liabilities, including:
- Property damage.
- Unexpected events.
- Property theft and damage.
- Clients lawsuits.
- Customer or employee injury.
Commercial liability insurance is not mandatory for operating a business venture in Illinois. Accidents and lawsuits are common in Illinois; therefore, it vital to invest in sufficient commercial general liability coverage for your business in Illinois to limit your exposure. But the state of Illinois law requires that anyone who has at least one employee, whether part-time or full time, should carry workers' compensation. Purchasing commercial insurance in Illinois will cushion your business and personal assets from unexpected eventualities. Visit us at Balanoff Enterprise LLC offices and speak to our reputable agents about commercial insurance.
Types of commercial insurance coverages
- Business owner’s policy (BOP): This form of coverage is essential for small business owners. This package includes both liability and property protection and caters to legal fees if you are sued for poor business practices by a client or an employee.
- Workers compensation: This is a type of coverage that a business owner must possess. This policy provides compensation for injured employees working during the stipulated hours within your premises.
- Commercial auto insurance: If your small business operates or owns a fleet of vehicles (numbering at least ten) or your business uses a vehicle to deliver products buying commercial auto insurance is an ultimate solution. This policy pays costs related to injuries caused to your workers operating your business vehicle.
- Property insurance: This type of policy protects the building or structure where your business is located, including equipment and inventory, in case perils like theft, fire, smoke damage, vandalism, and natural catastrophes strike.
- General liability insurance: This is necessary liability insurance for all small businesses. In case you sold products to your clients, and it caused harm to him/her or their property was damaged, general liability insurance comes into play and pays for those losses.
- Professional liability insurance: It is also known as errors and omissions insurance. This type of policy caters to bodily harm or damages to your client's property, who was offered professional services and later sued you.
Are you a resident of Illinois? Feel free to call or visit our Balanoff Enterprise LLC and obtain more information about a commercial insurance policy.