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Best Business Insurance in Illinois of 2023

Bryan Keith

Business insurance is an important aspect of any business plan. Whether you’re a small business or a large corporation, the right policy can help you protect your business against risks and potential losses. But with so many options available, it can be difficult to know which type of policy will best suit your needs. We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality. 

Affordable plans and coverage provided within minutes

$2,000,000

Coverage Up To

$0 - $2,000

Deductibles

Overview

Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.

What we like

  • Affordable insurance plans
  • Customized coverage to fit your business
  • Get covered within minutes
  • Near instant access to proof of insurance
  • Quick and easy to process claims

What we don't

  • Not available in New York

Offers a range of insurance poilicies

$2,000,000

Coverage Up To

$0 - $2,000

Deductibles

Overview

Simply Business provides insurance policies for a range of professions and small businesses.

What we like

  • Various business insurance policies
  • Quotes from multiple providers
  • Fast and easy application
  • Strong customer satisfaction

What we don't

  • Policies are a through a third party
  • Claims must be filed through insurance provider

Serving 1,000,000+ Small Business Owners

hartford business insurance logo
4.9

$2,000,000

Coverage Up To

$1,000+

Deductibles

Overview

For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.

What we like

  • Affordable insurance plans
  • Customized coverage to fit your business
  • Get covered within minutes
  • Near instant access to proof of insurance
  • Quick and easy to process claims

What we don't

  • NA

Covers a wide range of industries

$2,000,000

Coverage Up To

$1,000+

Deductibles

Overview

Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.

What we like

  • A skilled advisor to assist you
  • Free quotes from multiple insurance carriers
  • Covers low risk to even some high risk industries
  • Online account management

What we don't

  • No brick-and-mortar offices
  • Deductible costs

Customized solution to fit your business needs

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.

What we like

  • Established insurance company
  • Dual auto insurance
  • Customizable insurance for over 180 industries
  • Deductibles starting at $0
  • Affordable rates

What we don't

  • Limited US offices
  • Coverage limited to $2 million online

Flexible coverage by the year, month, day, or by the job

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.

What we like

  • Scheduled coverage options
  • Coverage by the job available
  • Buy a policy online within minutes
  • No hidden fees
  • Affordable plans
  • Drone insurance

What we don't

  • Not available in New York

What are the requirements for business insurance in Illinois?

The law requires businesses to purchase commercial general liability (CGL) insurance coverage in order to protect their assets in the case of a lawsuit or other legal or financial claim. CGL insurance covers bodily injury and property damage claims, among others. The policy also must cover losses not covered under the policy, such as medical payments, pain and suffering, emotional distress, punitive damages and attorney’s fees.

What are the types of business insurance in Illinois?

Here’s a look at some of the most common types of insurance plans companies use:

Commercial general liability

Coverage for bodily injury, property damage, and other claims that result from accidents or incidents. This typically includes workers’ compensation and also covers directors and officers who are legally responsible for the actions of their company. Here are some other common exclusions:

  • Criminal acts against you or your employees. Any criminal acts against one of your employees are covered by general liability insurance as long as they don’t directly cause harm to customers or visitors.
  • Claims involving your products or services. Anything that happens while using your product or service is usually covered by general liability insurance, but there are some exceptions. If someone seriously injures themselves while using an appliance you make, for instance, you’re not generally responsible for paying their medical bills because it was not part of the purpose of purchasing the appliance.

Commercial auto

Covers vehicle damage caused by accidents or incidents involving company assets. It’s typically used to cover employees driving company vehicles as well as those driving personal cars for business purposes.

Property insurance

Covers losses to buildings, equipment, and other properties owned by an organization. Typically used in conjunction with commercial general liability coverage; essentially covers property owned by or leased to an organization on behalf of its employees.

Workers’ compensation insurance. 

If your employees are hurt on the job or suffer any other work-related injury, you want to be covered by insurance. You’ll be reimbursed for any medical expenses and lost wages from that incident.

However, there are some things that employers’ liability insurance won’t cover:

  • The cost of a funeral or burial if you die while on the job.
  • The cost of lost wages while you’re on the job.
  • Damages to your home or family members because of negligence or workplace injuries.

Business interruption insurance

 If your business is forced to close down because of any number of reasons — a fire, flood, or other catastrophes — it’s important that you know you’re covered in case you need to pay temporary workers or handle some other aspect of running the business while it’s closed.

How much does business insurance cost in Illinois?

There are many factors that determine the cost of a business insurance policy:

Business size. 

The larger your company, the more likely it is that you’ll be eligible for at least some form of coverage. For example, a small business with fewer than 20 employees won’t be approved for an umbrella policy or even a sole proprietor policy.

Type of business.

 Businesses in certain industries are typically covered under specific types of insurance policies. For example, many commercial property insurance policies cover businesses whose primary focus is manufacturing or warehouses. If your company isn’t in one of those industries, it’s unlikely to be covered under a comprehensive general liability policy.

Industry risks involved in your industry.

If your industry is prone to high-risk activities such as construction or manufacturing, you’re likely to have higher coverage costs than if your industry doesn’t have many risks involved.

Insurance needs

What kind of insurance do you need? If your business is a traditional brick-and-mortar operation, you may need only fire and extended coverage. If it’s a wholesale operation or an online company, you may need additional coverage such as workers’ compensation, public liability, and general liability.

How to choose the best business insurance

Here are a few tips on how to choose the best business insurance policy for your company:

Consider all potential risks. 

Some are obvious — like fire, theft, and other damage to your property. Others are more subtle. If an employee or customer gets hurt on your property, how much could that cost you? Or if you make a mistake that leads to a lost contract, how much money would you have to pay out? The more risks you can think of, the better prepared you’ll be for the unexpected

Determine what kind of coverage you need. 

Once you’ve considered the risks your business faces, it’s time to decide which ones to insure against. Some are too small to worry about, but others may require special coverage or even separate policies. For example, if your business involves using heavy equipment or vehicles that can cause property damage or injuries to others, workers’ compensation insurance won’t cover them if something goes wrong.

Do your homework.

 Once you have an understanding of what your company needs in terms of coverage, shop around and compare policies from multiple carriers. Be sure to ask questions and understand how each policy works and what is covered before making a decision.

Choose a reputable provider

It’s important that the provider you choose has a reputation for providing excellent customer service and access to helpful resources, like online tools and articles that can help you better understand the process. You should also look for providers who have experience working with businesses similar to yours — for example, if you own a restaurant, it would make sense to look for an insurer who has experience with restaurants as well as other types of coverages you may need.