As a business owner, you and your employees deal with customers every day. Each time you or one of your employees speaks to a customer it can represent a tremendous opportunity but also a tremendous risk. Is your business fully protected from the impact a customer lawsuit could potentially have? This is where working with an insurance company, who can properly craft an Illinois commercial general liability policy customized for your businesses unique risks, is now a necessity. General liability insurance not only allows your business to stay in business but to thrive over the years.
Illinois commercial general liability insurance covers the costs of legal fees, including court costs and the resulting award, if any is made. Imagine the peace of mind you gain by not having to worry about the attorney costs as the liability case grinds on.
Worried about the cost? Don’t be. Commercial Liability insurance from Weiss Insurance Agencies is customized for your business so you only pay to protect against the risks you face day-to-day in your business.
In today’s litigious world, your business is in constant risk of a lawsuit. Even if the claim is unwarranted, the stress and the cost of the legal process can be enough to ruin some businesses.
Illinois Commercial insurance is appropriate for any business to protect it from lawsuits.
There are four distinct types that you may need:
- Personal Liability – Located in your homeowners policy, a personal liability policy protects yourself or your family from certain lawsuits when you’re found at fault.
- Business Liability – Located in your business owners insurance policy, business liability insurance protects your business from third party claims when the business is at fault.
- Professional Liability– Protects professional advice and service-providing individuals and businesses (doctors, lawyers, financial professionals, realtors, etc…) from third party claims.
How Illinois Commercial General Liability Insurance Works
While every insurance company is different, a general liability insurance policy will typically contain the below categories. It’s important, as a business owner, you understand these definitions by reading your policy, so you know what you are and are not insured for.
- General Aggregate – Your general aggregate limit is the maximum amount of money an insurer will pay for all claims during the policy period.
- Each Occurrence – The next limit listed on your policy is typically called each occurrence. Which can be defined as an incident or a series of incidents that give rise to bodily injury or property damage resulting in a claim against the insured. For example, if your general aggregate limit was $2,000,000 and each occurrence limit were $1,000,000, the maximum amount the insurance company would pay for one loss or a series of losses from the same incident, would be $1,000,000.
- Medical Expense Limit – Pays for medical expenses resulting from bodily injury caused by an accidents on your business’ premises, either owned or rented
- Fire Damage Limit – Coverage for fire damages when you’re found at fault for an accident, used to repay your landlord.
- Personal Injury – The definition of a personal injury is any injury that’s not a bodily injury, when you’re at fault. For example, this is where coverage like slander would be listed.
You may even want to consider an umbrella liability insurance policy to protect your personal assets from a business lawsuit.
Here are two reasons to get started now!
- The longer you wait, the longer you have exposure and the greater risk you have that the terms of the insurance may change.
- Get a no-risk quote right away. Simply fill out the short form on the top of this page and we’ll get back to you within one day with a liability insurance policy that fits your business. Or call our office at (630)584-1717 to speak to an Illinois commercial general liability insurance expert today.