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Which insurance policies are recommended for Chicago businesses?
Chicago ranks in the top 10 largest cities for small business growth. Protect your small Chicago business with these types of insurance.
General liability insurance
A general liability policy protects Chicago businesses from lawsuits related to customer accidents, defamation, and copyright infringement. Commercial leases often require this coverage.
BEST FOR
- Customer injuries at your business
- Damage to a customer's property
- Libel and other advertising injuries
Professional liability insurance
This policy covers the cost of lawsuits related to mistakes and oversights, such as a recommendation made by a consultant that causes a client to lose money. It's also called errors and omissions insurance (E&O).
BEST FOR
- Mistakes that cause financial loss
- Accusations of professional negligence
- Missed deadlines
Cyber insurance
Cyber liability insurance covers costs related to data breaches and cyberattacks. Every Chicago business that handles credit cards or other personal information should carry this coverage.
BEST FOR
- Customer notification costs
- Fraud monitoring services
- Data breach investigations
Business owner’s policy
A BOP bundles general liability coverage and commercial property insurance together at a discount. It's the policy most often recommended for small businesses in Chicago.
BEST FOR
- Customer injuries
- Damaged business property
- Business interruption coverage
Workers’ compensation insurance
Workers’ comp is required for all Chicago businesses that have employees. It also covers medical bills for sole proprietors who suffer a work-related injury, which personal health insurance may not cover.
BEST FOR
- Medical bills from employee injuries
- Disability benefits
- Workplace injury lawsuits
Commercial auto insurance
All vehicles owned by Chicago businesses must be covered by a commercial auto policy. This policy covers auto accident injuries and property damage.
BEST FOR
- Medical bills from an accident
- Property damage caused by your vehicle
- Auto accident lawsuits
Errors and omissions insurance
Consultants and professional services in Chicago carry this coverage to protect against legal costs from clients harmed by your advice or services. It's sometimes called professional liability insurance.
BEST FOR
- Errors and oversights
- Late or incomplete work
- Negligence accusations
Commercial property insurance
This policy covers the cost of repair or replacement of your building's physical structure and its contents, such as inventory, computers, and furniture. Bundle it with general liability coverage in a BOP for a discount.
BEST FOR
- Storm damage
- Fires
- Theft and vandalism
Commercial umbrella insurance
An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.
BEST FOR
- Customer lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
Looking for different coverage? See more policies.
How to get insurance for your Chicago business
View video transcript.
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Are you ready to get insurance coverage for your Chicago business? Complete Insureon's easy online application to get quotes from top-rated providers.
Which business insurance policies are required in Chicago?
State and local laws can determine the type of coverage you need. These policies help you comply with Illinois business insurance requirements.
Workers' compensation insurance
The state of Illinois workers’ compensation law requires this coverage for all businesses with employees. That includes both full-time and part-time employees.
Businesses must either purchase a policy through an insurance company or get permission to self-insure their company.
Workers' compensation pays for medical expenses from job-related injuries and illnesses, such as a cleaning business employee becoming ill from cleaner fumes. It also provides disability benefits for injured Chicago workers.
Commercial auto insurance
Illinois state law requires commercial auto insurance for all vehicles that are owned by a business. This insurance policy pays for medical bills, legal costs, and property damage after an auto accident.
Chicago businesses must meet the state's requirements for auto liability coverage, which are:
- $25,000 per person bodily injury liability
- $50,000 per accident bodily injury liability
- $20,000 per accident property damage liability
- $25,000 per person uninsured motorist coverage
- $50,000 per accident uninsured motorist coverage
Keep in mind that this is the minimum you're required to carry. It's worth considering higher limits, given the potential cost of a lawsuit. Trucking companies also may need more coverage to comply with regulations.
If you need business insurance coverage for a personal, rented, or leased vehicle, you may want to consider hired and non-owned auto insurance (HNOA) instead.
How much does business insurance in Chicago cost?
Small businesses in Chicago don't have to pay a lot for commercial insurance. Here are a few average costs for Illinois businesses:
General liability: $39 per month
Workers' comp: $38 per month
Professional liability/E&O: $60 per month
The cost of business insurance depends on factors such as:
- Type of business
- Business revenue
- Number of employees
- Policy limits and deductibles
- Claims history
FAQs about Chicago business insurance
Review answers to frequently asked questions about Chicago insurance.
How do I get a certificate of insurance for my business?
Sometimes you need to get insured quickly to sign a contract or other agreement. With Insureon, you can get same-day insurance in three easy steps:
- Fill out our easy online application to get quotes from top-rated providers.
- Choose a policy and pay for it online.
- Download a certificate of insurance by logging into your account.
Our licensed insurance agents will help you get coverage for your small Chicago business that matches your risks and your budget. Most businesses can get their certificate of insurance within a few hours of applying for quotes.
Can my business be held liable for a data security breach?
Your business could be held responsible for a data breach, which is why cyber insurance is so important. Small businesses are a common target of cyberattacks, since they often have fewer security measures in place.
Illinois' data breach laws require Chicago businesses to notify any residents whose personal information is exposed in a data breach. Your business could also end up paying for a data breach investigation, a PR campaign, and other costs related to a breach or cyberattack.
Cyber insurance covers these costs and provides resources so you can get back to business fast.
Does my industry affect Chicago insurance requirements?
Yes, Chicago may have special requirements for business insurance and bonds, depending on the type of work you do. Additionally, every business operating in Chicago needs to have a city of Chicago business license.
Here are a few examples of businesses that might need extra protection:
- Contractors may need general liability insurance or a surety bond to sign a contract or bid on a project. Having the right insurance and bonds helps you comply with state licensing requirements.
- Notaries public must carry a $5,000 surety bond to work in Chicago.
- Cannabis dispensaries need to carry a $50,000 surety bond for each location to operate legally in Chicago.
When running a business in Chicago, you need to be aware of laws and regulations for Illinois, Cook County, and the city of Chicago.
How can I get help starting a small business in Chicago?
Though Chicago's small business growth is among the fastest in the nation, the rewards aren't spread evenly among small business owners, especially women and people of color. Here's a list of local grants and resources to help you get started:
- The Small Business Improvement Fund (SBIF) offers money for remodeling and repairs for small business owners in Chicago, with grants of up to $150,000 for commercial properties.
- The Women’s Business Development Center (WBDC) has grants for minority and women-owned businesses in Chicago and the surrounding area.
- The Chicagoland Chamber of Commerce offers networking opportunities and support for small businesses. (There's also a Black Chamber of Commerce and the Illinois Hispanic Chamber.)
- SCORE Chicago connects small business owners with mentors and has a wide range of free workshops and other resources.
- Allies for Community Business, a Chicago nonprofit, offers loans and lines of credit for early, emerging, and established businesses in Illinois and Indiana.
- The U.S. Small Business Administration (SBA) is a trusted source for small business loans with competitive rates and fees.
Keep in mind that many lenders will require you to first obtain business insurance, which is yet another reason to insure your investment.
How can I save money on Chicago business insurance?
Small business owners can save money on insurance by comparing quotes from different insurance companies. With Insureon, you can get free quotes from top-rated providers by filling out one easy application.
There are a few other ways to save, such as:
- Bundle policies for a discount. The most popular option is a business owner's policy.
- Choose less expensive policy options, such as lower limits or a higher deductible.
- Focus on workplace safety. Fewer accidents means fewer claims, which helps keep your premium low.
Learn more about how to find cheap business insurance.
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