Commercial Insurance in Illinois
What Kind of Commercial Insurance Do You Need?
Depending on the type of business you operate, you could need different types of insurance. In Illinois, every business with an employee, even a part-time one, must have workers compensation coverage. Having this coverage helps protect the workers in the state, along with business owners. Illinois will also require businesses to have disability and unemployment insurance for individual employees that fit into various classifications, based on wages paid and hours worked.
Commercial auto insurance is required for a company that uses vehicles for company purposes, such as equipment or client visits. It's not required by the state, but some landlords will need commercial property insurance or general liability insurance before you sign a lease. In the state, businesses that serve alcohol are required to be held responsible for injuries, so it’s necessary to have the right liquor liability insurance. Although not required, there is insurance to cover your income, if you have to stop operations due to a covered accident or disaster. An agent at Taake Insurance Agency in Columbia, IL can help you find the right coverage options for your business.
Why Do You Need Commercial Liability Insurance?
Even if it may not be required, one of the commercial insurance policies every business should have is general liability insurance. This insurance will protect your business from any third-party claims of damage to someone’s property or bodily injury. It will also cover advertising injury, defense costs, and actions of your full-time employees and temporary staff. Businesses that interact with clients, use third-party locations for any business-related activities, and have access to a client’s equipment are more at risk for these claims and should consider having some coverage. For businesses that provide services, such as doctors or lawyers, there is professional liability insurance as well. This is also called errors and omissions insurance and will help cover your practice.
Contact Taake Insurance Agency, serving Columbia, IL, to get a quote on commercial insurance for your business.