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Is Business Interruption Insurance Good For My Illinois Business?

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.

When is it helpful to have a commercial insurance plan?

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.

Contact Us Today

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. 

Common Ways That Illinois Business Owners Can Amend Their Commercial Insurance Policies

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.

Required Commercial Insurance in Illinois

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

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. 

How Commercial Insurance Can Save Your Illinois Business

Small businesses operate on a tight budget. As such, many small business owners may find overlooking commercial insurance with a view of saving some dollars. Unfortunately, this move can be catastrophic when calamities strike. Without commercial insurance, one significant risk like theft and fire can wipe your business finances, complicating your survival.

Have you been thinking of getting commercial insurance in Illinois? You are on the right track. All you need is to contact OnQuote Insurance to purchase coverage. As a result, business insurance will save your business as follows: 

Liability protection

Did you know one significant legal suit can grind your business to a halt? Given that we live in a litigious society, it’s critical to protect your business from claims arising from property damage, bodily injury, and advertising injury you may cause to third parties. 

Protects your assets

What would your business be without assets such as computers, inventories, furniture, and so on? The truth is that your business can’t function without assets. That said, it’s paramount you protect yourself if perils like fire, theft, vandalism, and natural disasters strike. 

Protects your workers

Since employees form a crucial component of your business, it’s wise to invest in commercial insurance to protect them from illnesses and work-related injuries. Additionally, when you purchase worker’s comp insurance, it compensates your employees for loss of income when they can’t resume work following their injuries. 

It saves your business finances

When considering running your business without commercial insurance, think about the cost of lawsuits from employees and third parties? What about the cost of replacing your assets when damaged? The amount could be massive. Luckily, commercial insurance saves your business such expensive mishaps.

Buy commercial insurance in Illinois

To find out the commercial insurance coverages suitable for your business, why not get in touch with OnQuote Insurance. After analyzing your business needs, we will be happy to provide you with a competitive quote.