Find the Best Business Insurance Options in Illinois
There are over 1.2 million small businesses in Illinois, which represent over 99 percent of the businesses in the state. Small businesses employ over 2.5 million people in Illinois, making small businesses essential to the state’s economy.
If you own a business in Illinois, no matter the size, how can you protect your assets from property losses and lawsuits?Business insuranceprovides the financial backup you need. Anindependent insurance agentcan help you compare business insurance quotes in Illinois.
Best Business Insurance Companies in Illinois
There are numerous insurance companies that will sell you business insurance, and the following are some of thebest business insurance companiesin Illinois. They are highly rated for their mix of valuable coverage offerings and competitive pricing.
- Liberty Mutual: Liberty Mutual is headquartered in Boston, MA, and has been offering business insurance since 1912. Today the company offers a flexible, multiline range of coverages designed to meet the needs of any business, regardless of size or industry.
- Nationwide: Nationwide provides business insurance and other popular types of insurance coverage in Illinois. The company is headquartered in Columbus, OH, and is represented by independent insurance agents in 50 states, including Illinois.
- Progressive: Progressive is based in Ohio, but offers business insurance across all 50 states, including Illinois. Illinois business owners can look to Progressive for most of their business insurance needs.
- EMC Insurance Companies: EMC is in the top 60 business insurance companies United States. The company specializes in designing well-rounded insurance programs to protect the financial assets of many types of businesses and organizations.
- West Bend: West Bend is a relationship-based company with core values that emphasize excellence, integrity, and responsibility.The company offers highly-rated business insurance in Illinois.
Anindependent insurance agentin your area can help you learn more about these and other IL business insurance companies. A local agent can help you get competitive quotes for the coverage that fits your Illinois business insurance needs.
Illinois Business Insurance Requirements
Business insurance is a package of insurance policies covering your property and liability risks. Most types of business insurance are not required in Illinois. But if your business owns any vehicles, you likely have to buycommercial vehicle insurancethat complies with the state’s financial responsibility laws.
In addition, any business in Illinois that has one employee or more is required by law to haveworkers’ compensation insurance, with few exceptions. Workers' compensation insurance helps injured workers pay for the costs of medical care and lost wages if they are injured on the job.
Yourindependent insurance agentcan help you learn more about the requirements for commercial vehicle insurance and workers’ compensation insurance in Illinois.
What Business Insurance Covers in Illinois
A typical business insurance package in Illinois will include the following types of coverage, at a minimum:
- Commercial general liability (CGL) insurance: Protects your business from lawsuits related to bodily injury and property damage claims. It pays for medical expenses, legal fees, and financial settlements or judgments. Your CGL policy even covers personal injury claims such as libel and slander.
- Commercial property insurance: This covers damage to a building and its contents if damaged by a weather event, fire, theft, vandalism, and other covered perils.
- Business interruption coverage: Protects your earnings and pays certain expenses if your business cannot operate because of damage after a fire, hail, wind, equipment breakdown, or another covered event. If you are forced to close for a while to make repairs or rebuild your business, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
- Commercial auto insurance:Protects your business-owned cars and trucks from property damage and liability claims.
- Workers’ compensation insurance: Pays for medical expenses and a portion of an employee's lost wages after a work-related injury.
Your business insurance in Illinois may include additional policies that cover your unique risks.
Liability Coverage Options for Small Businesses in Illinois
Lawsuits against businesses are common. Whether a customer trips and falls in a store or a food manufacturer is responsible for sickening hundreds with tainted products, negligence claims can quickly destroy a business.
A commercial general liability (CGL) policy is a type of small business liability insurance that offers broad protection from lawsuits. It covers the injured party's medical expenses and any property damage you are responsible for. And it covers court costs, attorney fees, and even settlements or judgments that you must pay to injured parties.
A CGL policy does not cover every kind of liability risk. There are additional small business liability policies available for times when your CGL policy isn’t sufficient.
Talk to yourindependent insurance agentabout why you might need other liability coverage options likecommercial umbrella insurance,employment practices liability insurance,cyber liability insurance,professional liability insurance, or any other customized small business liability protection.
Property Coverage Options for Small Businesses in Illinois
Property losses can originate in a variety of ways and cause tremendous harm to your business. Here are the basic business property coverage options in Illinois:
Commercial property insurance
- Protects you when your commercial property is damaged by someone else or by some type of unforeseen event.
- You need business property insurance if you own your building or have tangible business assets (furniture, computers, fixtures, inventory, materials, tools, etc.).
- Repairs or replaces damaged or destroyed commercial property after damage due to fire, vandalism, smoke, theft, severe weather, and other causes of loss.
Business interruption insurance
- Usually included as part of a commercial property policy.
- Protects your earnings if your business is unable to operate because of damage after a fire, hail, wind, equipment breakdown, or some other covered event.
- If you’re forced to close your doors for a period of time in order to make repairs, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
A localindependent insurance agentcan help you get quotes for business property insurance in Illinois.
Other Insurance Options for Small Business Owners in Illinois
Your business insurance needs likely don’t end with basic property and liability coverage. Other insurance options for small business owners in Illinois include:
- Business owners policy (BOP):A package policy that includes commercial liability insurance, commercial property insurance, and business interruption insurance.
- Workers’ compensation insurance:Typically required for any business that has employees. It pays for lost income and medical expenses for employees who are injured on the job.
- Commercial vehicle insurance:Covers your vehicles and drivers in the event of an accident or other types of vehicle damage.
- Cyber liability insurance:Provides coverage in the event of a data breach involving your business.
- Employment practices liability insurance:Protects you if an employee sues you for discriminatory employment practices.
- Floodor hurricane insurance:Your basic commercial property policy does not cover flood or hurricane damage. Talk to your agent about flood and hurricane insurance if you live in an area that is prone to these events.
- Professional liability insurance: Protects you if a client claims you have been negligent in providing professional services.
- Commercial umbrella insurance:Provides excess liability coverage above and beyond the limits of your applicable underlying commercial liability policies.
This is not an exhaustive list of your business insurance options in Illinois. Anindependent insurance agent can make sure that all of your Illinois business insurance needs are met.
Average Cost of Business Insurance in Illinois
The average cost of business insurance in Illinois varies across businesses and industries.In general, business insurance costs depend on the size of your business, the nature of your business or industry, the number of employees you have, the amount and value of your commercial property, the location of your business, and a variety of other variables.
Depending on the level of risk you face, you’ll pay more or less than average for your insurance coverage. Some companies, for example, might be more susceptible to property losses from natural disasters, severe weather, or crime because of their location. This could lead to higher-than-average business insurance costs.
Anindependent business insurance agentcan help you understand all of the risks you face and get quotes for affordable business insurance in Illinois.
National Business Insurance Stats
Number of businesses in the US:30,819,176
Burglary rate per 1,000 residents in the US:3.76
Auto theft rate per 1,000 vehicles in the US:2.29
| City | No. of businesses | Burglaries / 1,000 people | Auto thefts / 1,000 cars |
| Aurora | 12,296 | 1.16 | 0.72 |
| Bloomington | 6,558 | 2.19 | 0.95 |
| Carbondale | 1,515 | 4.478 | 1.59 |
| Champaign | 5,886 | 3.38 | 1.42 |
| Chicago | 291,007 | 3.54 | 3.36 |
| Decatur | 5,042 | 6.25 | 2.45 |
| Evanston | 8,459 | 3.94 | 0.95 |
| Fox Lake | 1,151 | 2.77 | 1.15 |
| Joliet | 9,580 | 1.73 | 1.13 |
| Mount Vernon | 1,421 | 6.89 | 1.42 |
| Naperville | 14,458 | 1.09 | 0.26 |
| Orland | 5,618 | 0.59 | 0.44 |
How Does Your Illinois City Measure Up?
Property: In addition to severe weather events, property crimes like theft and arson can lead to large business losses if you do not have the right insurance. The crime rate in Aurora can affect your coverage rates.
Commercial auto: Your commercial auto insurance rate will be based on a number of unique factors, including the number and types of vehicles you are covering and the risk of collisions in your area. Additionally, the average rate of vehicle theft can make your rate higher or lower than average.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Illinois employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary so significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the workers' comp costs for the two leading industries in Aurora, IL look like.
Retail trade industry: $1,480/year
Manufacturing industry: $2,950/year
Workers' comp base rates are based on the kind of hazards employees face while on the job. That's why the numbers above are different from one another. An employee at a manufacturing plant faces a greater risk of getting into an accident than an employee behind a service counter.
Property: In addition to severe weather events, property crimes like theft and arson can lead to large business losses if you do not have the right insurance. Make sure that you have the right kinds and amounts of coverage by reviewing your policy for accuracy.
Commercial auto: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on a number of factors, including the number and types of vehicles you are covering and the risk of collisions and vehicle theft in your city.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Illinois employers. Every workplace has unique risks and hazards for its workers, which is why workers’ compensation rates vary so significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the workers' comp costs for the two leading industries in Bloomington, IL look like.
Finance and insurance industry: $290/year
Retail trade industry: $1,480/year
Workers' comp coverage steps in when an employee is injured while on the job or suffers an illness related to work. But rates across industries vary greatly from one another because an employee working in an office has different hazards from an employee working behind a service counter. It's something to look into when you're considering coverages.
Property: Champaign is considered a fairly safe place, but property damage can happen unexpectedly, and insurance in less safe areas can sometimes be more expensive. Keep that in mind when you're looking at property commercial insurance options.
Commercial auto: Your commercial auto insurance rate will be based on several factors, including the number and types of vehicles you are covering and the risk of collisions and vehicle theft in your city.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Illinois employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary so significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the workers' comp costs for the two leading industries in Champaign, IL look like.
Educational services industry: $110/year
Retail trade industry: $1,480/year
These two industries are completely different from one another, and each has its own unique workers' comp rates. An employee in a school has different hazards while on the job than a retail employee, which is why these numbers are different.
Property: The property crime rate in Chicago is higher than the national average. Property insurance in less safe areas can sometimes be more expensive, so keep that in mind when you're looking at insurance options.
Commercial auto: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on several factors, including the number and types of vehicles you are covering and the risk of collisions and vehicle theft in your city.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Illinois employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary so significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the workers' compensation costs for the two leading industries in Chicago, IL look like.
Professional, scientific, and technical services industry: $290/year
Manufacturing industry: $2,950/year
These two industries are completely different from one another, and each has its own unique workers' compensation rates. An employee at a manufacturing plant has different on-the-job hazards from a professional employee, which is why these numbers are different.
Property: A number of accidents can cause damage to your property. Severe weather events are the most common, but property crimes like theft and arson can also lead to large business losses if you do not have the right insurance.
Commercial auto: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on a number of factors, including the number and types of vehicles you are covering and the risk of collisions and vehicle theft in your city.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Illinois employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary so significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the workers' comp costs for the two leading industries in Decatur, IL look like.
Manufacturing industry: $2,950/year
Accommodation and food services industry: $1,250/year
All businesses are unique, and their employees have specific risks to think about while on the job. Make sure both your company and employees are taken care of with the proper insurance protection.
Property: Severe weather events can strike without a moment's notice, and so can property crimes like theft and arson. These situations can lead to large business losses if you do not have the right insurance. That's why you should take Joliet's crime rate into account when looking at your insurance needs.
Commercial auto: Do you know how your commercial auto insurance coverage should be calculated? An adviser will help you understand that the number and types of vehicles you are covering and the amount of vehicle theft in your city affect how much you pay.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Illinois employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary so significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the workers' comp costs for the two leading industries in Joliet, IL look like.
Manufacturing industry: $2,950/year
Retail trade industry: $1,480/year
While they have a few things in common, workers' comp insurance coverage is not one of them. Each business has its own unique risks, and each company needs specific types and amounts of coverage for its employees.
Property: The crime rate in Naperville can affect your coverage rates, just like the unique weather-related risks in your area. Property crimes, like theft and arson, along with strong winds and heavy snowstorms can lead to large business losses if you do not have the right insurance.
Commercial auto: Your business is required to have commercial auto insurance if it owns a vehicle or two. But remember that these rates are based on many specific factors like the types of vehicles you are covering and the amount of vehicle theft in your city.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Illinois employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary so significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the workers' comp costs for the two leading industries in Naperville, IL look like.
Manufacturing industry: $2,950/year
Professional, scientific, and technical industry: $290/year
An employee at a manufacturing plant has a much greater risk of getting into an accident than someone at a doctor's office. That's why these two rates differ from one another, and why workers' comp insurance can be so confusing. Keep that in mind when you're comparing coverages.
Property: Severe weather events, and property crimes like theft and arson, can lead to huge business losses, especially if you do not have the right insurance. That's why you need to consult with a professional to ensure that you're properly covered.
Commercial auto: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on a number of factors, including the number and types of vehicles you are covering and the risk of collisions and vehicle theft in your city.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Illinois employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary so significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the workers' comp costs for the two leading industries in Peoria, IL look like.
Manufacturing industry: $2,950/year
Health care and social assistance industry: $1,490/year
Workers' comp coverages are different since employees at different job sites have different hazard risks. These numbers are calculated strategically based on these differences, so keep that in mind when you're looking at coverages.
Property: Your company's physical space is essential to its operations, but severe weather events, and property crimes like theft and arson, can lead to serious business losses. That's why you need the right insurance to protect yourself from the unexpected.
Commercial auto: The number and types of vehicles you are covering will determine how much you pay for commercial auto insurance. The risk of collisions and vehicle theft in your city also impacts your monthly rate.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Illinois employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary so significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the workers' comp costs for the two leading industries in Rockford, IL look like.
Manufacturing industry: $2,950/year
Retail trade industry: $1,480/year
Property: In addition to severe weather events, property crimes like theft and arson can lead to large business losses if you do not have the right insurance. Remember that even the crime rate in Springfield can affect your coverage rates.
Commercial auto: Commercial auto insurance may not be your top priority when you think about your insurance needs, but it's certainly required if you have a company car or have employees who drive regularly. Your rates will be based on a number of factors, including the number and types of vehicles you are covering.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Illinois employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary so significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the workers' comp costs for the two leading industries in Springfield, IL look like.
Public administration industry: $110/year
Retail trade industry: $1,480/year
Workers' comp coverage varies depending on what industry you're in. A public administration employee faces different risks from someone in the retail or healthcare world. All of these industries need unique insurance to protect their employees from medical costs and protect the business from legal claims.
Illinois Business Insurance FAQ - Quick Answers
While you can't predict the exact costs of business insurance in Illinois, it’s important to understand what variables play a role in your rates. Here are just a few of the factors that insurance companies use when calculating your business insurance costs in Illinois:
- Type of industry
- Number of employees
- Gross annual sales
- Location of business
- Number of company vehicles
- Past claims reported
- Number of years in operation
Most kinds of small business insurance are not required in Illinois. But if you have even one employee you must purchase workers’ compensation insurance.
In addition, if your Illinois business owns any vehicles, you’re required to comply with the state’s car insurance laws.
Most businesses in Illinois need a combination of property and liability insurance, in addition to workers’ compensation insurance and commercial vehicle insurance as required by the state.
Depending on your unique business and the risks you face, you’ll likely need some additional coverage, such as professional liability insurance, commercial umbrella insurance, or cyber liability insurance.
Small businessgeneral liability insurance is one of the basic building blocks of business insurance in Illinois. It protects your operation from bodily injury and property damage claims and lawsuits that occur as a result of doing business. General liability insurance is an essential insurance coverage for most small businesses in Illinois.
Group health insurance and otheremployee benefitsdon't cover your physical assets or protect against lawsuits. But they do play a role in ensuring that you have a healthy and happy workforce.
There are many different small business health insurance plans in Illinois. Anindependent insurance agentin Illinois can help you find an affordable small business health insurance plan that meets your needs.
Liberty Mutual,Nationwide,Progressive,EMC, andWest Bendare some of thebest small business insurance companies in Illinois. They are highly rated for offering broad coverage, top-notch customer service, and a variety of affordable options for business owners.
Do You Know What Your Business Insurance Covers in Illinois?
