Small Business Insurance in Lake Forest, IL
Small Business Insurance FAQs
Small business insurance is essential for protecting your company from unexpected financial losses. Whether you’re just starting out or have been in business for years, understanding the basics can help you make informed decisions.
Why Do I Need It?
Even the most careful business owners face risks. A customer could slip and fall, a fire could damage your office or a client could sue for professional negligence. Insurance helps cover the costs of these incidents, protecting your assets and helping your business continue to operate. Without insurance, business owners would have to pay for any incident out of pocket, which could financially devastate a small business.
What Types of Insurance Do Small Businesses Need?
Small businesses often consider the following types of coverage:
- General liability insurance
- Commercial property insurance
- Workers’ compensation insurance
- Professional liability insurance
- Cyber liability insurance
- Commercial auto insurance
Is Business Insurance Legally Required?
Some types of insurance, like workers’ compensation and commercial auto insurance, are legally required in many states. Others, like general liability, may not be mandatory but are highly recommended. Additionally, landlords, clients or lenders may require proof of insurance before doing business with you.
How Much Does Small Business Insurance Cost?
The cost of small business insurance varies based on factors like industry, location, number of employees and coverage limits. On average, small businesses might pay anywhere from $500 to $3,000 annually for a basic policy.
Learn More
For small business insurance near you, contact Price Insurance.