Choosing commercial insurance can get tricky, especially when you are a newcomer in the business world. From trying to grasp the various terms in the insurance sector to navigate the types of policies on the market, narrowing down your ideal options will likely turn out to be an uphill battle. Below, August Vincent Insurance Agency breaks down the types of commercial insurance policies that Illinois and Iowa business owners need to be on the lookout for.
Businesses that own vehicles in the state are expected to have a commercial auto policy, making this the first mandatory coverage. It comes in handy when you or your employees are involved in an accident and helps you take care of bodily injury and property damage. Where covered, commercial auto insurance also provides uninsured motorists coverage, providing compensation for injuries caused by an uninsured driver.
Worker’s compensation insurance is also required for businesses operating within the state, allowing you to take care of employee injuries sustained during work. This policy works when companies have one or more employees, with its use also extending to both part-time and full-time workers.
It covers common perils that businesses encounter, with examples of this being damage to customer property and injuries that customers sustain while at your workplace. Others such as libel and slander are also covered, helping you take care of legal costs and damages arising from lawsuits.
This policy protects your business buildings and contents when covered perils arise, ensuring you get compensation for your repair and replacement needs. Examples of these perils include fire, vandalism, theft, and hail damage.
This policy bundles property insurance and general liability, acting as one cover. Due to this, it caters to emergencies such as customer injuries, damage to business property, and damage to customer property.
If your business often deals in consultation work or tasks that require expertise, professional liability insurance will be your go-to. It offers protection against errors and omissions when missed deadlines and mistakes occur while also proving effective for negligence lawsuits.
If you need help with commercial insurance in Illinois, call August Vincent Insurance Agency in East Moline, Crystal Lake, IL, or Davenport, IA today. Our policies are tailor-made with Illinois and Iowa business emergencies in mind.
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