Similar to other states, Illinois requires that any commercial business registered in the state carry both workers’ compensation insurance and commercial auto insurance for any business-owned vehicles. Keep in mind, that this is not to say that businesses are not allowed to have additional coverage and, in fact, many commercial enterprises opt for additional insurance beyond the state minimums to ensure that their livelihoods are protected.
Regardless of whether you have full-time or part-time employees, any business with at least one employee is required to have workers’ compensation insurance which helps pay for medical expenses related to workplace injuries or illnesses. Additionally, any business-owned vehicles must be covered by commercial auto insurance and while it is not required businesses are strongly urged to have non-owned and hired auto insurance if they require their employees to use their personal vehicles for work-related functions. While this may seem trivial, it is important to note that the vast majority of personal auto insurance policies exclude business use from coverage which could be your employees in an extremely tricky and expensive situation should they be involved in an accident while on the clock.
Although it is not required, businesses in Illinois may want to speak with an insurance professional to discuss additional commercial insurance coverage. For instance, if your business stores confidential data on their servers or in the cloud then you are at a higher risk of a cyber-attack or data breach. Consequently, purchasing cyber liability insurance may make sense because it will help pay for legal fees, identity protection monitoring programs, and much more.
When it comes to shopping for commercial insurance, contact the George Ryan Jr. Insurance Group Inc in Bourbonnais, IL for friendly service and customizable policies. Give us a call today to learn more.