Business Insurance in Illinois

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Illinois offers a robust small business economy – and if you’re one of those small business owners or startups, you know that there are plenty of business opportunities.

However, this abundance of small businesses can also make for tougher competition, especially if your business suffers a setback. If you want to protect your dream business from unexpected harm, you need to get business insurance in Illinois.

In this article, we’ll discuss how business insurance can help your Illinois business stay safe.

Business Insurance in Illinois

There are plenty of small businesses in Prairie State. As of 2020, there are reportedly around 1.2 million SMBs in Illlinois, which equals about 99.6% of all the commercial establishments in the State. These businesses employ about 2.5 million employees, composing almost half (45.1%) of all jobs in the entire area.

As a small to medium business owner, your dream business isn’t just important to you – it’s also vital to help the local economy stay healthy. This is why you need to protect it as much as you can.

Remember, businesses are routinely exposed to all kinds of risks. Whatever business you have, you can be assured that you face the following operational risks:

  • Accidental damages to property
  • Unintentional injury, whether of a third party, employee, or owner
  • Unexpected repair or replacement of critical equipment, tools, or vehicles
  • Risk of being sued because of customer conflict, dissatisfaction, or other third-party claims

These are just some of the things that can possibly happen in the scope of your business.  When things like this occur, your business will be held liable, and you’ll be obliged to pay for damages, medical fees, settlement, and legal fees, among others.

That’s why you should have business insurance in Illinois. As mentioned above, the Prairie State has a bustling small business economy, which means that there are plenty of competitors who will benefit if your finances stumble even a little.

If you don’t want your dreams to be dashed by unexpected calamities, you better be prepared with business insurance.

Who Needs Business Insurance in Illinois?

It’s not a stretch to say that everyone in Illinois needs good business insurance, if only because accidents are unpredictable and can happen to anyone.

However, the following types of businesses are more exposed to risks than some and benefit from good business insurance.

Manufacturers, retailers, and distributors

These types of businesses create a wide variety of products that can end up directly causing harm to customers. Business insurance can help protect these businesses from massive financial damages should incidents like this occur.

Foodservice providers

People are naturally wary about the food they eat. Business insurance helps ensure that your food establishment won’t suffer in case there are any complaints or lawsuits against your business.


Contractors of all types, from masons, HVAC, painters, snow removers, and more regularly deal with power tools outside their office. This increases their risk of personal and third-party injury or property damage. When these things occur, a good business insurance policy will save your business.

What Does Business Insurance in Illinois Cover?

Business insurance has many different types for different businesses.

You can talk to your insurance provider to include the policy that you want, but generally, business insurance consists of the following policies:

  • General liability. Protects you from the financial costs of charges against you by third parties.
  • Commercial property. Covers the price of replacing or repairing tools or equipment your business uses in its daily operation.
  • Business owners’ policy. Combines general liability and commercial property policies to significantly reduce premium prices.
  • Professional liability. Protects you from business errors due to oversight, negligence, and non-fulfillment of contracts.
  • Commercial auto. Protects you from the costs of unexpected repairs or replacement of your business vehicles.

There are also plenty of other types of business insurance, and you can talk to your insurance provider to add additional policies according to your risk profile. These policies could be:

  • Cyber insurance
  • Business interruption insurance
  • Workers’ compensation

How Much Does Business Insurance in Illinois Cost?

Business insurance will differ for every business, so it’s difficult to measure the average premium costs that apply to you. However, there are common factors that affect how much you will pay for your premiums, such as:

  • Business type
  • Business size
  • Specific policies
  • Desired policy limits
  • Location

Getting Business Insurance in Illinois with Magnum Insurance

Accidents and various disasters don’t stop happening just because you happen to put your dream business on the right track. To protect what’s important to you, you need good business insurance.

Magnum Insurance will provide you with the best insurance policies for your business at a cost you can afford. Call us for a free quotation!

Magnum Insurance makes Business Insurance in Illinois easy

Insurance should be easy, and with Magnum Insurance, it is. Get your online insurance done at your convenience now!

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Flexible payment options including cash. Call, visit a store, or make a payment online by logging into your account.

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Manage your policy. File and track a claim. Do it all with a few taps on your smartphone.

Easy claims

No one likes to file or manage a claim. That’s why we make the process easy with online forms and dedicated agents.

Get a free Business Insurance in Illinois quote today

Get the Business insurance you need with Magnum Insurance. Talk to an agent today by giving us a call or visiting one of our offices located across Illinois and Indiana.

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