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.