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A: First off, it's required by Illinois state law. Beyond that, business owners need commercial insurance coverage to protect themselves, their employees, and their business's success. The chance that you could suffer a loss begins on the first day you open for business. Fire, flood, theft, injury -- the risks are numerous. Strong insurance coverage insulates you from these risks. Just like your home and your vehicle are protected from loss, damage and liability, your business needs to be protected, too.
A: Property types include:
A: Yes, but it's very often not enough. Loss of business property in the house is usually reimbursed up to $2,500, and business property lost or damaged away from the home is reimbursed up to $250. Even if your business is small, these limits simply may be too low to cover everything, from equipment to materials.
Also of note: A standard homeowner's policy does not include business liability coverage, so if someone was injured at your business or by using your product, you would be extremely vulnerable in the event of a lawsuit. You could lose everything.
A: Here are some suggestions that will not only open the door to lower insurance rates, but will help protect your business from risk:
To lower insurance premiums, you also can consider raising your deductible. However, the flip side of lower premium payments is that in the event of a loss, you will pay more out of pocket. Be careful not to raise it so high that you cannot cover it should a loss occur.