Illinois General Liability Insurance
Illinois general liability insurance will protect a business from lawsuits and damages resulting from injury or damage to a customer's property while they are on the company property or if the company is performing work on theirs. No matter what type of company you own, from a restaurant in Chicago, IL, to a contractor in Peoria, IL, you can cover your assets with Illinois general liability insurance.
Is Liability Coverage Necessary?
If you have ever considered the costs of personal or property damages to a customer, or the public that resulted from the work you are doing, you will know that these costs can be astronomical. Suits in Illinois are on the rise against companies who accidently cause damages or personal injuries. These suits can be devastating to any company but especially a small business owner. Illinois general liability insurance can cover your company and its assets in the event that a customer is injured or you or an employee cause damages to a customer's property during the general course of business.
Illinois is one of the biggest manufacturing states in the country. If you own a manufacturing plant and have a pollution malfunction, how will you cover the cost of the remediation or clean up? In this case, pollution general coverage can offer assistance. Illinois pollution policies cover suites and damages that are associated with pollution. This can include everything from the cleanup of sites damaged by the pollution to the regulatory charges.
Product general liability coverage is another coverage manufacturers might want to consider. This type of policy covers for damages resulting from a customer using the company's product. Types of businesses who use this may include car manufacturers, chemical suppliers, pesticide companies, or even companies who manufacture a food product. Any company who supplies products or goods to a customer can benefit from this general coverage.
Another popular Illinois general liability insurance policy is the protection and indemnity provided for watercraft businesses. This type of policy will cover anyone who owns or leases a vessel to perform work. This would include barges, ships, yachts, or even fishing charter vessels. If you own a boat and use it for a business, you should seriously consider protection and indemnity for your company.
As you know, damages resulting from an accident that occurs while doing business can be costly. If you have Illinois general liability insurance, you can rest assured that those costs will be covered and your business assets are safe. Like any insurance though, these policies have limits to what they will cover. Read your policy carefully to determine if the coverage is sufficient to provide you what you need. If you are concerned that the limits are too low, you may want to consider adding an umbrella policy. Umbrella coverage will pick up where the general liability policy stops, providing you additional coverage when you need it.
Choosing Liability Insurance
Now that you know what types of Illinois general liability insurance is available, it is time to choose the coverage you need and the provider who can give you the best service. Choosing the coverage you need is the first step to shopping for Illinois general liability insurance. Make a list of the risks associated with the business you own. You should consider the risks not only to the customers, but also to the general public. For instance, if you own a shopping center, everything from uneven pavement to shopping cart damages is a potential risk.
Next, determine what your budget is for Illinois liability insurance. If you want to save money on your premiums, you may want to increase the deductibles on the policy. The deductible is what your responsibility will be in case of damage. For instance if the deductible is $5,000, and damages occur in the amount of $25,000, the insurer will pay $20,000 of the damages and you will be responsible for the $5,000 deductible. By raising the deductible, you will lower the premiums.
When deciding on a provider for Illinois liability insurance, consider the following. Is the provider licensed to provide insurance in Illinois? If the insurer is not licensed in Illinois, they will not have to follow the laws that regulate insurance in that state. Does the insurer provide excellent claims service? It is important that you work with a provider that has 24-hour claims service available in case you need them after normal business hours. It is also important that they provide quick claims resolution.
Choosing Illinois general liability insurance is one of the most important decisions you will make for your business. Be sure to get several quotes from reputable companies and compare rates. Ask for available discounts and take advantage of cost savings. By purchasing Illinois general liability insurance, you will be protecting not only your company, but also your employee's livelihood.