Commercial Insurance

Starting a business in Illinois is rewarding but opens the door to risks. With commercial insurance from Eddie Funches Insurance Agency, you can navigate through business risks with ease. Before we begin, what do you know about commercial insurance? Do you understand the different coverages available for your business? Even if you don’t have a clue, we are here to shed more light on commercial insurance for you.

Is commercial insurance mandatory in Illinois?

Most business owners want to start with compulsory insurance policies. While this is important, these shouldn’t be the only options you purchase for your business. In Illinois, almost all companies with employees are required to buy worker’s comp insurance. This coverage covers medical expenses for employees’ injuries and illnesses.

Additionally, businesses with commercial vehicles must purchase bodily injury and property damage liability coverages for their cars. However, you can add other optional car insurance policies like comprehensive, collision, and uninsured motorist coverages for optimal protection.

Optional commercial insurance coverages

Are state-required insurance coverages adequate? Of course, not. At Eddie Funches Insurance Agency, we advise business owners to consider other commercial insurance coverages like:

• General liability insurance: This insurance plan protects your business against third-party liability claims. General liability insurance can bail you out if you are accused of bodily injury, property damage, or advertising injury.
• Umbrella insurance: Do you want to boost your business liability insurance? If yes, please consider umbrella insurance. This insurance plan takes over when you are faced with significant liability claims.
• Commercial property insurance: This insurance plan protects your business assets from risks like fire, theft, vandalism, and so on.
• Cyber liability insurance: Do you store sensitive customer data? Do you have an online-based business? Consider cyber liability insurance to protect you when your business is hit with malicious online activities.

Are you ready to get started with commercial insurance? Please get in touch with Eddie Funches Insurance Agency of Illinois for all your business insurance solutions.

Why do Contractors need General Liability Insurance?

General Liability insurance protects contractors in the event of a covered claim for which they are responsible for the property damage or bodily injury to others.

One Day Event Insurance:

Event insurance is a general liability policy that protects event holders against the risks associated with organizing or participating in a special event.

Special event insurance, aka one day event insurance, is a liability policy that covers events in case of injuries, property damage, or lawsuits that occur.

Builder Risk Insurance

Builders risk coverage insures against risk of loss from damage to property under construction, whether new construction or renovation of existing buildings. Builders risk coverage presents issues not normally associated with property coverage for existing buildings in use.

Builders Risk: Not Just for Existing Properties and New Construction:

Builders risk insures materials, equipment and fixtures being permanently installed, whether the project is new construction or remodeling.