Does My Business Need Commercial Insurance?

The requirements and needs of business insurance coverage vary between businesses. Commercial general liability insurance is not typically required by law, but companies in Chicago, IL are required to carry two types of commercial insurance:

Workers’ Compensation Insurance

If you have employees, even if they are only part-time employees, they must carry workers’ compensation insurance. This is intended to cover medical costs related to work injuries and illnesses.

Commercial Auto Insurance

If a business owns vehicles, those are required to be covered with commercial auto insurance that covers:

  • Property damage liability of $20,000 per accident
  • Bodily injury liability of at least $25,000 per person and up to $50,000 per accident
  • Uninsured motorist coverage of at least $25,000 per person and up to $50,000 per accident

While those are the basic guidelines, keep in mind that the type of business you operate may require additional coverage. For instance, auto dealers, trucking companies, liquor stores, bars, and other businesses have different insurance needs. If you feel uncertain about your business’s requirements, give us here at Marvin Sledge Insurance Agency Inc. a call.

Even though most businesses do not require them, there are some coverage options to consider. Some of them include:

  • General liability to help cover property damage and other common risks. While the law usually does not require it, commercial leases may.
  • Errors and omissions, or professional liability insurance, can help cover lawsuits due to mistakes and unfulfilled deadlines.
  • Advertising liability can help cover the costs of any damages incurred by the wording of your advertisements, such as slander and libel lawsuits.

At Marvin Sledge Insurance Agency Inc. of Chicago, IL, we understand that your business is not like any other. Every company and business owner has unique needs, and there is no one size fits all policy. Please stop by or give us a call today and let us help customize a policy for you.

Home Insurance: Beginner’s Guide

What is Home Insurance?

Home insurance is coverage that helps protect your home and your belongings in the case of damages, theft, or other events. Though it cannot prevent these things from occurring, it can help cover the costs of replacing covered items.

Coverage Options to Choose From

There are many types of home insurance coverage, but the following are some of the ones Chicago, IL residents should consider carefully.

  • Personal Property: This coverage helps replace personal property, such as furniture and electronics, due to a covered loss. The amount of coverage you need will depend on the value of the possessions you are looking to insure.
  • Dwelling and Other Structures: This coverage can help covers costs incurred due to your physical home, sheds, detached garages, and more.
  • Loss of Use: Should the damage to your home make it impossible to use, Loss of Use can help cover the cost of you staying somewhere else, such as a hotel.
  • Personal Liability: If you are responsible for damages to another person’s property or an injury they incur, personal liability coverage can help cover any incurred expenses.
  • Medical Payments: If someone is on your property and gets injured, this type of coverage will help pay their medical costs.

Your home insurance plan can be completely customizable according to your needs. Marvin Sledge Insurance Agency, Inc. of Chicago, IL can help you determine the best coverage.

Is Home Insurance Required?

Home insurance is not required by law in Chicago, IL. However, there are times when you will need it nonetheless. For instance, if you have a mortgage on your home, your lender will most likely require you to carry home insurance to protect their investment. Once you have the mortgage paid off or down to a specified amount, you will then have the option to continue your coverage or not.

Stop by Marvin Sledge Insurance Agency, Inc. today to let us help you get the home insurance coverage you need for your home and life.