Whatever the size of your business, it still comes with a whole host of risks that need to be anticipated from the time you open your doors. Without the right coverage, you could end up on the wrong side of a lawsuit or even in bankruptcy. That’s why having small business insurance is so important.

Luckily an Illinois independent insurance agent can help you find the right type of small business insurance to protect against numerous threats. They’ll also get you equipped with this coverage long before you need to file a claim. But first, let’s take a deep dive into small business insurance in Illinois.

What Is Small Business Insurance?

Illinois small businesses need the right protection like any other business. Small businesses are often covered by a business owners policy (BOP), which provides all the core coverages needed by smaller companies. BOPs offer critical liability, property, and income protection. An Illinois independent insurance agent can help you find the right BOP insurance for your needs.

What Does Small Business Insurance Cover in Illinois?

Small businesses that generate less than $5 million in revenue qualify for BOP insurance. A BOP is a convenient package that bundles several core coverages needed by smaller businesses to operate successfully. These coverages are:

• Commercial property insurance: Protects your business’s property from many threats, including fire, vandalism, and more.
• Business income insurance: Protects your business’s income during temporary covered closures, such as during repairs due to a fire.
• Commercial general liability insurance: Protects your business against third-party lawsuits for claims of bodily injury or personal property damage by your business.

Working with an Illinois independent insurance agent is a great way to get your small business set up with all the BOP insurance it needs.

What Isn’t Covered by a Business Owners Policy in Illinois?

While BOP insurance provides a ton of critical coverage for small businesses, there are certain coverages not included in a standard policy. According to insurance expert Jeffery Green, these coverages may not be included in a BOP, but can be added on:

• Workers’ compensation: This coverage is important to protect against employee injuries and illness on the job.
• Commercial auto insurance: This coverage is important to protect your company’s vehicles from various disasters like theft and storm damage.
• Cyber liability insurance: This coverage is important for businesses of all sizes to protect against data breaches and other cyber threats.

Your Illinois independent insurance agent can help you add these coverages and more to your BOP insurance package.

Why Is Small Business Insurance Important?

When shopping for BOP insurance, it’s helpful to know exactly what risks your small business needs to be protected against. Check out some of the top threats to small businesses in Illinois below.

Top property and liability claims for small businesses

Keep these disasters in mind when shopping for BOP insurance for your small business with the help of an Illinois independent insurance agent.

Small Business Insurance vs. Business Insurance

Small businesses are often sufficiently covered by a BOP with a few coverages added on as necessary. Larger businesses, however, need more core coverages offered in their basic package. Business insurance often bundles the following coverages together, in addition to the coverages provided in a BOP:

• Commercial auto insurance: Protects company vehicles from various disasters.
• Crime insurance: Protects against losses due to various crimes, including employee theft, robbery, and forgery.
• Equipment breakdown insurance: Protects against disasters caused by the breakdown of various types of equipment in the business, including steam boilers.
• Commercial umbrella insurance: Protects the business by extending its liability coverage past the limits including in commercial general liability insurance.

An Illinois independent insurance agent can further explain the differences between small business insurance and business insurance, and recommend the policy your company needs.

Will My Line of Business Impact My Rates?

The type of business you run will certainly impact your premium rates for BOP insurance or business insurance. Businesses with riskier operations, such as construction companies, are much more expensive to insure due to the nature of their routine activities.

Larger businesses with more employees will also be costlier to insure because of the increased amount of workers’ comp necessary. An Illinois independent insurance agent can help find exact business insurance quotes for your line of business.

Here’s How an Illinois Independent Insurance Agent Can Help

Independent insurance agents are fully equipped to protect small business owners against commonly faced liabilities. Illinois independent insurance agents shop multiple carriers to find providers who specialize in small business insurance. 

They can deliver quotes from a number of different sources and help you walk through them all to find the best blend of coverage and cost.