Business Insurance in Oakwood Hills, IL
Insurance can protect your business from significant losses from unexpected claims, damage and liabilities. Smith & Associates Inc is here to help business owners looking for new policies or wanting to re-evaluate their coverage needs.
What Business Insurance Policies Are Required in Illinois?
Illinois state law requires businesses to have workers’ compensation insurance to cover employees’ hospital expenses, lost wages and death benefits if they are injured, ill or pass away due to an incident at work.
Business-owned vehicles must be covered by a commercial auto policy, with minimum amounts required for bodily injury and property damage liability. You may also have to purchase specific policies to fulfill contractual agreements.
What Policies Should My Business Have? 
In addition to commercial auto and workers’ compensation, your broker may recommend that you purchase the following:
- Business interruption insurance can cover lost income if a covered risk forces you to halt operations temporarily.
- Commercial property insurance can cover the repair or rebuilding costs of commercial space, furniture, tools and inventory.
- Cyber insurance can insure your company against losses caused by a cyberattack or data leak.
- Errors & omissions insurance can cover your business from losses caused by claims of negligence, lapsed deadlines or work mistakes.
- General liability insurance can help pay for expenses related to third-party advertising injuries, bodily injuries and property damage.
How Much Does Business Insurance Cost?
Various factors can influence the cost of business insurance policies, including the following:
- Location
- Industry
- Company assets (e.g., physical office or store, vehicles, inventory, etc.)
- Prior claims
- Employee driving histories
- Coverage limits and selections
- Deductibles
Get Covered Today
Contact Smith & Associates Inc to learn more about your business insurance options and request personalized quotes.