Types of Business Insurance Every Business Owner Should Know

Running a business in Illinois comes with many responsibilities, and protecting your company financially from unexpected risks is one of the most important. At Viva Insurance Services, we understand that every business is unique, but there are certain types of business insurance that every owner should consider.

Essential Types of Business Insurance

General Liability Insurance
This foundational coverage helps your business with claims involving third-party bodily injury, property damage, or personal injury that may occur on your premises or as a result of your operations. General liability insurance is often required by landlords or clients.

Commercial Property Insurance
Whether you own or lease your workspace, commercial property insurance can help safeguard your building, equipment, inventory, and other assets against losses from fire, theft, vandalism, or certain weather events. This coverage is essential for maintaining business continuity after a covered loss.

Workers’ Compensation Insurance
Illinois law generally requires businesses with employees to carry workers’ compensation insurance. This coverage helps pay for medical expenses and lost wages if an employee is injured or becomes ill due to their job. Components of this coverage may also protect your business from the financial implications of potential lawsuits related to workplace injuries.

Professional Liability Insurance
Also known as errors and omissions insurance, this policy is important for businesses that provide professional services or advice. It may help cover legal costs if a client claims your services caused them financial harm.

Business Interruption Insurance
If your business is forced to close temporarily due to a covered event, business interruption insurance can help replace lost income and cover ongoing expenses. This support can be vital for recovery after a disaster.

How Our Team Can Help

At Viva Insurance Services, we work closely with Illinois business owners to assess risks and recommend tailored insurance solutions. Our goal is to make sure you have the proper protection in place so you can focus on growing your business with confidence.

Contact us today to get started.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.