Are you a small business owner? You may have heard of commercial insurance, which protects your business, its employees, and your organization’s physical assets. Various types of commercial insurance policies exist, including general liability, commercial vehicle, workers’ compensation, umbrella, and business property. Depending upon the size and type of the business, commercial vehicles, workers’ compensation, property, and general liability policies may be required in Illinois. Speak with an insurance agency, such as Green Family Insurance Inc. to determine your needs.
Definitions & Policy Types
When you take out a commercial insurance policy, you’ll receive a certificate of insurance reflecting the amounts and types of coverages issued to your business. The certificate of insurance may list one or more of the following:
- General Liability: Protects your business against hazards such as a client slipping and falling at your location.
- Property: Protects against losses and damages to the organization’s physical property, such as buildings and equipment.
- Commercial Vehicle: Similar to personal auto insurance, this type of policy protects fleet vehicles against damage and drivers against claims resulting from accidents.
- Workers’ Compensation: Protects the business against accidents sustained by employees while on the job. This can include medical payments for injuries and loss of wages.
- Umbrella: Protects against additional liability claims that might go above and beyond existing general liability limits.
Certain types of businesses are considered at greater risk than others. Establishments that deal with alcohol, vehicles, and events are a few examples. Lower risk establishments may not need the same level of liability or property coverage. Small businesses without employees may also be exempt from taking out workers’ compensation policies.
If you’re opening up a business in Illinois, check with a licensed insurance agent to see which policies are mandatory. Contact Green Family Insurance Inc. now.