Illinois General Liability Insurance – IL
Illinois General liability insurance is must-have coverage to have for most businesses big or small.
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This form of insurance shields your business against several claims stemming from harm to third parties or your customers.
The fact is that many businesses face some type of risk, which is why they need general liability insurance.
This type of coverage can help protect your business against claims related to malpractice or bodily harm.
General liability insurance in Illinois can be had in many types of coverage, and the one you require will depend on the form of business you have.
For example, if you run a construction business, then you will need a higher level of general liability insurance coverage.
5 Big Reasons Why You Require General Liability Insurance in Illinois
One of the most common questions business owners ask is do I really require general liability insurance? And the short answer is Yes!
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As a business founder, you should already know that running any kind of business is already risky.
General liability insurance in Illinois not only covers your business against claims arising from injury and property damage but also from any liabilities as a tenant if you are renting a space.
Further, it offers coverage for not only your business but also your staff against claims originating from injury or property damage to third parties.
Apart from being an all-important part of your business, here are 5 key reasons your business needs general liability insurance.
Workers’ Compensation Insurance in Illinois
If you are a handyman, you already should be aware of the compensation you can miss if you fall ill.
As a handyperson, you are not covered by government workers’ compensation benefits, therefore you should have IL handyman insurance.
Research reveals that injuries to independent workers in Illinois were increased by a whopping 12 percent.
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When you invest in Illinois general liability insurance, you are shielded financially for medical costs related to the injury at the workplace.
Depending on the general liability insurance plan you choose, you may also be eligible for cash for the time you are off work.
Third-Party Bodily Injury Protection
This is perhaps the most crucial reason to get general liability insurance in Illinois.
If your company offers services that can cause injury to others including customers, then getting general liability insurance should not be an option.
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One great example of this is IL dog walker insurance, which covers your pet sitting business if the animal causes injury to others.
Another example is when you are fixing your client’s drywall, and they slip over your tools, then you will be accountable for their injury.
If you buy general liability insurance in Illinois, your policy will pay for the penalties of these claims.
Third-Party Property Damage
Another significant reason to get general liability insurance in Illinois is to shield your business from third-party property damage.
For example, you are restoring your customer’s roof, and you mistakenly spoil an expensive vase, then you will have to pay for the damages.
Depending on the cost of what you break, you may have to pay for these claims from your own cash, that is if you do not have a general liability insurance policy.
Illinois General liability insurance can help protect your business against any lawsuits arising from claims that you poorly deliver services as promised.
Things such as negligence can be covered under a general liability insurance policy.
General liability insurance can also mostly include professional liability insurance, so speak to your insurance agency to check if they give this type of insurance.
While general liability insurance covers your business against myriad different types of claims, professional liability insurance is more specific towards errors you make in your business services.
If you are manufacturing and selling things under your own brand, then it is crucial to have general liability insurance in Illinois, and here is why!
If a client claims bodily injury due to the use of your establishment’s products, then general liability insurance will protect you against these sorts of claims.
And if you sell your products online, then it is a smart idea to check out IL eCommerce insurance to better protect your interests.
Take, for example, your organization is selling facial creams, and a person has an allergic reaction to your product, then general liability insurance can help cover costs if you get sued.
What is Not Shielded Under General Liability Insurance?
Depending on the coverage of general liability insurance you choose, few things may not be covered under your insurance policy.
The first thing that may not be covered is against lawsuits not related to your services. Employee accidents may also not be covered under your general liability insurance terms.
As a business, you may be hauling several expensive tools in your truck or even at your end user’s property.
If these accessories do get stolen, you will require specialized general liability insurance.
In the case of theft of your personal tools, your auto insurance policy will not protect these items against theft.
Another area where general liability insurance may not offer compensation is if you make glitches in your services.
When buying general liability insurance, you should choose your coverage limit wisely. Because your general liability insurance policy will not give costs that are higher than your policy limit.
Different Forms of General Liability Insurance
General liability insurance is a widely used term for several types of insurances, most notably:
General Liability Insurance
Also dubbed as CGL commercial liability insurance or BL kind of insurance shields your corporation against claims that cause bodily injury or property damage to others.
Furthermore, general liability insurance also covers your corporation against reputational harm or errors in your advertising.
A few examples of things general liability insurance will protect your business against include property damage, advertising errors, and reputational harm.
Professional Liability Insurance PL
Also referred to as errors and omissions insurance, professional liability insurance comes claims against your business that arise from errors in the services you provide.
For example, if you are a financial broker that offers a client with wrong figures, and they sue you, professional liability insurance will compensate the legal expenses.
If you give professional services to clients, then you should as your insurance agent about professional liability insurance.
Employer Liability Insurance
If your company has several workers, opting for employee liability insurance is a great idea.
This kind of insurance protects your staff against any injury they may sustain at the work location.
Furthermore, employer liability insurance can also provide disability benefits, missed wages, and funeral costs.
What is the Cost of General Liability Insurance?
The price for general liability insurance is different across insurance providers. It depends on many different factors including the type of business you are operating.
For example, if you are running a drywall business, then the cost for your premiums will be more than other forms of businesses, hence you should have IL roofing insurance.
But to give you a ballpark idea, general liability insurance costs $40 per month, but a little lower if you choose to pay annually.
High-risk companies can expect to pay higher premiums such as landscaping categories.
You can save cash if you pay for your insurance policy in full annually.
Furthermore, you can also save cash on your general liability insurance policy if you group all your policies under one insurance provider.
You should also minimize your company claims on your general liability insurance contract.
How to Look For General Liability Insurance Companies in Illinois?
When looking for the best general liability insurance agent in your area, it is important to check the company’s reputation.
You should then select your coverage limit, where the higher the insurance coverage, the higher the cost of premiums.
But you must opt for the right amount of coverage.
If you are unclear about the coverage limit you need, speak to your general liability insurance provider to help evaluate your organization’s risks for the right coverage limit.
But $1 million and $2 million are the most selected coverage limits of general liability insurance.