Business interruption insurance is a special cover that protects your business income from the effects of disasters and other major elements that can affect your business operations. For example, if there is a fire in your business premises, fire insurance may help you replace the assets that you lost, but how about the lost income during this period? This is where business interruption insurance kicks in, helping you not just get back the assets you lost, but also the lost income that you didn’t earn when your business was closed and non-functional.
Business Interruption Insurance Explained
Business interruption insurance is usually not sold as a separate policy. Still, it is typically attached to other policies such as commercial insurance policies, fire insurance policies, and so on. In most cases, this insurance policy will have clauses that exclude certain events from the cove. For example, apart from a few rare cases, business interruption insurance will not cover lost revenue if the business is shut down due to non-compliance with federal or state laws. Like other policies, business interruption insurance premiums are tax-deductible in the State of Illinois. The amount that the insurance policy will pay out in case of business interruption is typically based on the past revenue of the business. Typically, the policy will cover the period between the interruption and when the business returns to the state it was in before the disaster.
Why Your Illinois Business Needs Business Interruption Insurance
Here are some reasons you should consider business interruption insurance for your Illinois business.
- Business interruption insurance helps ensure that you don’t lose any revenue while your business is closed.
- If you have mortgages or other regular payments, business interruption insurance ensures you can still make these payments without having to dip into your capital, savings, or personal finances.
- Maintaining payments, even during a disaster, helps your business maintain good standing with creditors and helps with future business relationships.
- Business interruption insurance helps you not lose key employees, as you can still pay salaries and other personnel costs even when your business is non-operational.
We Can Help You Get Business Interruption Insurance Coverage Today
As an independent insurance agency, you can have the peace of mind that we will not sell your data to any third party. Instead, OnQuote Insurance Agency makes it easy for you to get the insurance cover you need by giving you quotes from highly rated insurance companies. Our team of professionals at OnQuote Insurance Agency is based in Illinois and we have years of experience in the insurance industry. We guide you on all aspects of the insurance cover, so you have the assurance that you are adequately protected. Get in touch with us today.
The state of Illinois is one of the most populated in the country. It is a great place for someone to invest in their future by acquiring their own home. Those that are property owners in this state always need to carry the right insurance.
There are a few reasons why a home insurance plan is considered a necessity for people here:
Meet Obligations Set by Lender
A reason that having a home insurance plan will be a requirement is that it will be a requirement set by your mortgage lender. Taking out a mortgage is often a good way to ensure you can purchase a home. While it provides you with the ability to own a home, there are requirements that go along with it. A very common one is to require all owners to carry home insurance and escrow for payments each month.
Protect Your Assets
It is also a good idea to get a home insurance plan to ensure you can protect your assets. The largest asset that most people in this state will ever acquire is their primary residence. With a home insurance plan, you can help ensure this happens. The policy will give coverage to help you repair your property if there is damage. It also gives coverage for personal items, up to limits set under your plan.
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Owning real estate can be a great long-term option if you live in Illinois. However, it will be very important that you select a quality insurance plan to protect your home. As you are looking for an insurance plan, calling the professionals with OnQuote Insurance is a good place to start. OnQuote Insurance knows how to evaluate your situation and will help you select a plan that meets all of your needs.
All drivers are required to carry liability insurance regardless of whether their car is paid off or not. However, if you’ve been paying for full coverage auto insurance and want to reduce your coverage to liability only, you should consider a few factors first.
Our team at OnQuote Insurance knows that navigating auto insurance may be a bit confusing for our Illinois customers. However, we’re here to cut through the confusion.
As a General Rule of Thumb…
It’s usually recommended that insurance drops or decreases after your car’s mileage hits 100K and your car is five to six years old. However, how much auto insurance you invest after your car is paid off should be determined by your car’s value and the cost of parts. For example, if you drive an expensive car, it may be in your best interest to invest in full coverage because your car still has significant value and the replacement parts are expensive.
Many people would be unable to pay for the repair of an expensive car out of pocket. Full coverage insurance provides more benefits because your insurance policy would pay for the repair of your car.
Conversely, if you own an old car whose value has dwindled considerably, investing in full coverage auto insurance wouldn’t be wise. More than likely, there’s a good chance that the deductible will exceed the value of the car, totaling your car if you’re in an accident. In this scenario, the state-required liability insurance would probably be a wiser choice.
However, rather than puzzling over how much auto insurance would be adequate for your unique situation, it’s best to get help from professional insurance agents.
Give Us A Call
Our team at OnQuote Insurance in Illinois could help you explore your options and decide on coverage that suits your needs. Call us if you have questions. We’d be happy to eliminate the confusion.
The state of Illinois has continued to be a good place for someone to start a business. While there are a lot of advantages that can come with running a business, there are risks as well. Many of these risks can be mitigated with insurance. Having a commercial insurance plan is helpful in various situations when you own a business here.
Having A Commercial Insurance Plan: What You Need To Know
When Trying to Reduce Liability Risks
Liability is a risk that all people need to take seriously when they are business owners or managers. As a liability claim can come at any time and be very detrimental to your business, finding a way to reduce the risk is important. If you invest in a commercial insurance plan, you will get the liability coverage necessary to offset this risk and concern.
Protect Business Assets
It would also be helpful to get a commercial insurance plan to protect assets owned by your business. A business owner in this area is going to invest in various assets to help grow and develop their business. If you lose these assets to theft or damage, it could be a major setback. If you have a full commercial insurance plan, it will offer the support you need to repair or replace these assets.
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It is always a good idea to invest in a commercial insurance plan when you own a business in Illinois. If you choose to get one of these plans here, it would be smart to start looking for coverage by calling OnQuote Insurance in Illinois. The professionals with OnQuote Insurance will help ensure you choose a policy that meets your needs. They are able to do this by taking a customized approach to help understand your business and risks and build a policy that mitigates them as well as possible.
While most people don’t enjoy shopping for home insurance the cover can make a difference. It can determine whether you lose everything or have complete coverage during a disaster. When considering home insurance, you will want to ensure that you get the right policy to best fit your needs.
Consider various factors, including your credit score, your home’s value, and the type of policy you want ( liability only, comprehensive, etc.). Ask your agent or company to acquire the right policy for your needs. In case of an issue, OnQuote Insurance in Illinois can provide you with expert advice.
Know About Your Policy
Homeowners’ insurance provides financial protection against unexpected expenses associated with your house. Shop around and understand what each policy covers and what it doesn’t.
Most standard home policies will not cover flood damage, earthquakes, and disasters. Find out if your policy offers additional coverage for these events if they occur in your area.
Policies can be "named per occurrence" or "unnamed per occurrence." If you have multiple claims within a specific time, you will lose some or all of your coverage on your policy.
Shopping around and asking questions will help you find the right policy for your needs. It’s also important to stay informed about changes in the insurance market and keep track of policy changes that shape your insurance. Here’re five top questions:
- What’s the replacement cost?
- Is there cover for working from home?
- Are discounts available?
- Does it cover water damage?
- What are the insurance limitations?
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When shopping for a home insurance policy, keep these tips in mind to smooth the process. With the right cover, it’s important to ask the right questions to find the coverage that meets your needs. These questions will aid you in acquiring the right policy. For expert advice, call us today at OnQuote Insurance in Illinois.
Auto insurance is one of the most important aspects of owning a vehicle. If you don’t have auto insurance, you may find yourself liable for any damage your car causes to other people or property. Drivers in Illinois are required to have auto insurance, and there are several reasons it’s essential to have coverage.
The Law Requires Auto Insurance in Illinois
In Illinois, all drivers are required to have auto insurance. This is because auto insurance provides financial protection if you cause an accident. If you’re involved in an accident and don’t have insurance, you may be held liable for any damages your car causes. OnQuote Insurance can help you find the best auto insurance policy to meet the legal requirements in Illinois.
Vehicle Insurance Can Help With Medical Expenses
If you’re injured in an accident, your vehicle insurance policy may help pay for your medical expenses. Most vehicle insurance policies include personal injury protection (PIP) coverage. This coverage helps pay for your medical expenses, regardless of who is at fault in the accident.
Auto Insurance Can Help With Property Damage
If your car causes damage to someone else’s property, your vehicle insurance policy may help pay for the damages. Most vehicle insurance policies include property damage liability coverage. This coverage helps pay for the repairs or replacement of someone else’s property if you’re at fault in an accident.
Auto Insurance Can Help With Legal Expenses
Most vehicle insurance policies include legal expense coverage. If you’re involved in a legal dispute after an accident, your vehicle insurance policy may help pay for your legal expenses. Make sure you have the policy you need to protect yourself and your car.
If you’re looking for auto insurance in Illinois, be sure to contact OnQuote Insurance. We offer various coverage options, including personal injury protection, property damage liability, and legal expense coverage. Contact us today to get started.
OnQuote Insurance strives to help Illinois residents find the coverage they need to protect their assets. We proudly serve as an independent agency. This allows us to offer our clients a wide variety of options to make the best decision for their future. We will consult with you and help you find a policy that directly aligns with your needs.
Common Ways That Illinois Business Owners Can Amend Their Commercial Insurance Policies
Millions of Illinois businesses are active in the marketplace competing to stand out. A strong commercial insurance policy can help your business reach the next level. Commercial insurance is an asset because it protects you if your daily equipment and inventory are damaged due to a natural disaster or stolen. The policy also covers your property if damaged in an accidental fire. Liability coverage is a significant part of your policy. Liability coverage protects you if a guest is injured while visiting your property. You are also covered against potential allegations that your products caused harm or damaged property. Workers compensation allows you to take care of your employees if they are injured in an accident. While looking over your policy, here are a few popular ways that you can add extra coverage
Commercial Auto Insurance
Commercial auto insurance is an asset if you transport goods or offer delivery services. This type of coverage protects your commercial vehicles if something happens to them while you’re on the job.
Business Interruption Coverage
Perhaps your place of operations suffers extensive damage due to an accidental fire or explosion. Business interruption coverage steps in to help you continue running your businesses somewhat normally until the necessary repairs are made.
OnQuote Insurance Will Help You Protect Your Assets
Contact us today to learn more information about commercial insurance.
OnQuote Insurance helps Illinois residents find coverage. We are an independent agency. This allows us to offer our clients flexible policies that align with their individual needs. We have relationships with multiple carriers throughout the state. Our policies are designed to evolve over time as our client’s needs change.
Home Insurance Policy Guide
Your Illinois residence is one of your most prized possessions. Home insurance helps you protect your asset against potential risks. The foundation of your home insurance policy is property damage coverage. The exterior and interior of your home are covered against potential damages. Perhaps an accident occurs, and your walls suffer damage. Maybe your roof is severely damaged due to the harsh Midwest winter conditions. Home insurance will protect you in these situations. If your home suffers serious damage, you can add coverage to protect you as you search for another place to stay until the necessary repairs are made.
All of your important possessions inside your home are also covered if they suffer damage. You are also covered if you are the victim of a burglary and your possessions are stolen or vandalized. It’s a good idea to take inventory of your possessions as soon as you move into your home. This makes it easier for you to replace any damaged items.
Liability coverage is also an important part of your policy. Liability coverage protects you if a guest is injured while they are visiting your property or if you accidentally injure your neighbor’s property. Liability coverage also covers any accidental property damage caused by your children.
OnQuote Insurance Will Help You Protect Your Assets
Visit our website to learn more information about home insurance.
If you have a vehicle, you know that you’ll likely need to have some form of insurance. New drivers in Illinois may not know for sure what insurance they’ll need. It can help to talk to an agent from OnQuote Insurance about what’s required in your situation.
Auto Insurance in Illinois
Do you need to have automobile insurance in Illinois? The short answer is yes. You are required to have basic liability insurance in an amount that’s appropriate for your vehicle. This protects you in the event that you get into an accident.
At Fault Insurance
Illinois goes by a fault system that means the individual who is considered to be an adult for causing the auto accident will be responsible for compensating people who were harmed in the crash. The at-fault party should have adequate insurance that will cover such losses up to the limits of their policy. They will be responsible for the costs of vehicle damage and compensation for injuries and other losses that arise from the accident.
Auto Insurance Claims in Illinois
In this state, the individual who has been injured or suffered damage from an auto accident can do one of the following things:
- File a claim with their insurance provider (as long as the loss is something that would be covered under their policy), after which the company likely will initiate a subrogation claim against the at-fault driver’s insurance provider
- File a third-party claim directly with the insurance company of the at-fault driver
- File a personal injury lawsuit against the at-fault individual in civil court
When you want quality auto insurance and to know you’re getting the appropriate coverage for your needs, consider OnQuote Insurance of Illinois. We’ll help make it an easier process to get the insurance you need.
When you own a business in Illinois, there are required types of commercial insurance as well as types of commercial insurance that are recommended but not mandated. If you are interested in getting commercial insurance, call us now at OnQuote Insurance in Illinois to find out more.
Workers’ compensation insurance is required for most Illinois businesses. If your business has even one employee, even if they are just part-time, your business is required to carry this insurance. This type of insurance pays the medical bills and other costs that result from an accident that happens at work. This kind of insurance protects you as a business owner because it pays those medical bills and other costs so that your business doesn’t have to. It protects employees by making it easy to get those funds so that they don’t have to sue your business.
Commercial Auto Coverage
If your Illinois business owns a vehicle, it is required to have a commercial auto insurance policy. There is a specific minimum amount of bodily injury liability required for one person who becomes injured in an accident that is caused by the driver of your business vehicle. There is a second amount required for all of the people who are injured in the accident. There is also a minimum amount required for property damage liability. In addition, Illinois requires uninsured motorist coverage with one set minimum required for one person injured and another minimum required for everyone who is injured.
Get Commercial Coverage
When you need commercial insurance, you can call us at OnQuote Insurance in Illinois to find out more about the many types of commercial insurance that can protect your business. Coverage like business owner’s insurance and cyber insurance may be right for protecting your business from a number of risks.