Business & Commercial Insurance
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Business & Commercial Insurance Information
Business Insurance in Hanover Park & Elgin, IL
How much is your business worth to you? It is probably quite a lot. That’s why you’ll need to protect your livelihood and your operation with the right business insurance options.
It’s important that you work with an agency that knows what it is doing when it comes to business insurance. This is a vast marketplace of policies that are designed to offer you comprehensive risk management opportunities, so long as you know how to use them appropriately. For help getting the right benefits for your operation, look no further than Alteza Insurance. We’re greater Chicago’s agency of choice for quality business insurance solutions.
To get a policy quickly and conveniently, call us today at (630) 830 – 4500. You can also request a policy online by filling out a free quote form now. Our agents are ready to help.
Common Business Insurance Questions
How does commercial insurance work?
You buy business insurance for the same reason that you buy car insurance or homeowners insurance. Your business is worth money, and it faces property damage risks and other liabilities that could put that value on the line. It is important to protect the business accordingly, and business insurance is just one cog in your risk management plan that will help you do so. With it, you won’t suffer undue financial setbacks just because of an accident you could neither have foreseen nor controlled.
Why is commercial insurance important?
You need business insurance because of the essential protection it provides the company, its employees, customers, property and even your personal security. All in all, your policies can help you pay for the ramifications of numerous accidents, including:
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Property damage from fires, storms, break-ins or vandalism.
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Liability lawsuits brought by clients who believe you caused them harm.
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Income lost by sudden halts in operations.
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Employee injuries that entitle them to compensation.
What does commercial insurance cover?
There are innumerable commercial insurance policies on the market. These include:
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Employee Benefits Packages
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Workers’ Compensation Insurance
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Professional Liability/Errors & Omissions (E&O) Insurance
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Cyber Liability Insurance
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Commercial Umbrella Insurance
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Employment Practices Liability Insurance (EPLI)
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Directors & Officers (D&O) Coverage
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Equipment Breakdown Insurance
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Inland Marine Insurance
If you are a small business owner, then you might qualify to get your business insurance through a business owners policy, better known as a BOP.
With a BOP, you will receive property, general liability and business interruption coverage as a foundation of protection. Still, you’ll have numerous opportunities to expand your coverage appropriately using either endorsements to your BOP or other policies that you buy separately.
What is included in commercial insurance?
Given the many risks and exposures that your business may face on a daily basis, you need coverage that accounts for your specific circumstances. Fortunately, our agents can offer a diverse collection of coverages that will form a suitable and robust insurance portfolio. In most cases, adequate commercial insurance will include some combination of the following:
- General liability insurance
- Commercial property insurance
- Business interruption insurance
- Workers’ compensation insurance
- Professional liability/errors and omissions insurance
- Cyber liability insurance
- Commercial auto insurance
- Employment practices liability insurance
- Directors and officers insurance
For small- and medium-sized businesses, it may also be possible to bundle several core coverages in a business owners policy (BOP). Our agents can help you learn more about this approach.
What are the most common types of commercial insurance?
Given the aforementioned list of options that our agency can offer, it’s clear that commercial insurance can be diverse and customizable to suit various needs. Still, there are several primary features that will be of particular use to most organizations, including the following:
- General liability—This coverage protects your business from losses and damages arising from incidents for which you are liable, including:
- Bodily injury
- Property damage
- Personal and advertising injury (e.g., slander, libel, copyright infringement)
- Commercial property—This coverage can help pay for damage to property used to operate your business, such as your building, inventory, equipment, tools, furniture and signage.
- Business interruption—If your business is forced to pause its regular operations temporarily, this coverage may be able to assist with various expenses, including rent or mortgage payments, payroll, lost income and relocation costs.
- Workers’ compensation—If an employee is injured at work or develops a work-related illness, this coverage can provide crucial financial aid for medical treatment, lost wages, disability benefits and lawsuits.
How much commercial insurance do I need?
To adequately determine how much business insurance you need, you’ll need to take a close look at your company’s net worth, assets, liabilities and industry standards that require insurance. However, you should always increase and expand your insurance portfolio beyond required limits to provide coverage to your financial advantage. Our agents are happy to guide you through the process.
How much does commercial insurance cost?
There are multiple factors that could influence the cost of your business insurance portfolio. Our agents are happy to work with you to analyze your coverage needs and research different carrier options to choose the plan that will offer you the most comprehensive coverage at the most affordable rates. Our carrier partners are leaders in their respective markets, and our relationships with them will help us know how to tweak your policy terms to ensure that you receive the most benefit for your buck.
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