Commercial Insurance

You have probably put your blood, soul, and sweat to make your business dream a reality. But amid all the efforts, you need to insure your business from risks that can ground your venture even before it gets off the ground.

At WSM Insurance Agency Inc., our passion is to advise Illinois business owners on the right commercial insurance they should carry for optimal coverage. Want to learn more about commercial insurance? Please keep on reading.

Types of commercial insurance in Illinois

Did you know that one lawsuit could wipe out all gains made in your business? Fortunately, you can purchase several types of commercial insurance options to protect your business from the unthinkable.

Mandatory coverages

Illinois requires businesses to carry commercial auto insurance and workers’ compensation coverage. Commercial auto insurance protects your business’ vehicles from damage and protects employees from any accident-related injuries.

On the other hand, workers’ compensation coverage pays for medical costs for injuries sustained in the workplace. Furthermore, this coverage covers legal costs if one of your workers sues you for physical harm suffered while working.

Optional coverages

While carrying mandatory commercial insurance policies protects your business and keeps you on the right side of the law, they aren’t enough. To that end, you need additional business insurance options for comprehensive protection.

• Property insurance: Whether you own or rent a business premise, it’s a smart choice to carry this insurance. This policy protects your structure, equipment, inventory, and other assets in case of theft, fire, or vandalism.
• General liability insurance: Guards your business against bodily injury claims, property damage, and advertising injury.
• Professional liability coverage: Are you in the consultancy business, such as legal, auditing, or accounting? If yes, you need this coverage to protect you against lawsuits of alleged negligence.
• Business owner’s policy (BOP): Consists of liability and property coverage. Covers against risks like theft, fire, vandalism, hail, and general business liabilities. However, it may not cover risks like floods and earthquakes. In that case, double-check with your agent for separate policies.
• Business income insurance: Covers your business against loss of income. For instance, if your business is ravaged by fire or theft, and you can’t operate, this coverage pays for lost business.

Need more information on commercial insurance? We are happy to help. At WSM Insurance Agency Inc., we provide business owners with in-depth insurance insights to make an informed decision.

WSM Insurance Agency Inc is licensed in Illinois and Wisconsin