The economy is good (hallelujah!). While a strong economy has many positive consequences, one particularly interesting one is the increase in the number of small businesses. Unsurprisingly, the number of small businesses tend to increase during times of prosperity.
One of the riskiest things about opening a small business when the economy is good is that there seems like there’s no risk! Even though your new business may be doing well, it’s imperative that you have the appropriate insurance in place. Below is a quick list of the types of insurance that PLR Insurance sells.
Business Owners Insurance
Business owners insurance is the “catch all” insurance that many small business owners can take advantage of. Over the years, most insurance companies have developed Business Owner Policies (BOPs) that serve many types of businesses needs. Business Owners policies include Property and General Liability coverages, normally purchased and rated separately. In addition, BOP’s include industry specific coverages, customized to specific industries. Some insurance companies will BOP (insurance lingo verb for allowing a business to be put on a Business Owners Policy) many classes of business, while others will only BOP a few. In many cases, a BOP will result in a more competitive price. Before you buy, make sure to consult with someone who knows the ins and outs of business insurance so that you get the best rate.
Commercial Auto Insurance
If you own a vehicle in your LLC, Corporation or Partnership name, you’ll need to get commercial auto insurance, which will provide liability protection, as well as Physical Damage coverage for your commercial vehicle. In many cases, if you’re a sole proprietor, you’ll need commercial auto for you vehicles, even though they may be titled to you personally.
General Liability Insurance
If your business isn’t eligible for a BOP, you’ll need to purchase a general liability insurance policy. This will protect you, your business, and your employees from suits brought against you for property damage or bodily injury caused to a third party (like a customer).
Workers Compensation Insurance
Workers compensation insurance is required by law in the State of Illinois, if you have employees. Workers’ Compensation insurance provides medical care and loss of wages to employees when they are injured at work or become sick due to something in their jobsite.
If you have an In-Home business, especially one that has customers who visit your home office/showroom, it’s important to add an endorsement to your homeowners insurance covering you for In-Home Business Liability. In many cases, the Liability can be extended from the home and property coverage for business personal property can be added, too.
Insurance for Small Businesses in Illinois
At PLR, we believe that everyone's insurance needs are not the same. Because of that, our approach to insurance begins with a conversation; we want to learn about you--your life, your home, your needs. We use that information and our expertise to match you with the policy that gives you the coverage and peace of mind you need, without busting your bank account.
If you are ready to start the conversation, you can get in touch with us here.