Businesses operating mechanical or electrical equipment may need Equipment Breakdown coverage. It may apply to qualifying accidental breakdowns involving: HVAC Boilers Refrigeration Electrical systems Production equipment Specialized machinery This coverage is different from ordinary wear and tear or maintenance.
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Business property is not always located at the business premises. Inland Marine may be appropriate for: Equipment in transit Mobile equipment Tools Property temporarily at another location Specialized business property Coverage depends on the nature of the business and property.
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Standard Commercial Property insurance generally should not be assumed to cover external flooding. A separate flood policy may be necessary. This can be particularly important for: Restaurants Retail businesses Warehouses Offices Apartment buildings Commercial real estate Businesses with basement inventory Read more:FEMA — National Flood Insurance Program
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Illinois law contains notice requirements for many insurance policies subject to applicable sections of the Illinois Insurance Code. Under current Illinois law, for policies subject to Section 143.16, cancellation notices generally must be mailed: At least 30 days before cancellation during the first 60 days of coverage At least 60 days before cancellation after coverage…
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Illinois insurance law also requires advance notice for many policy nonrenewals. For certain policy classes, at least 30 days’ notice is required. For other policies subject to Section 143.17a, the insurer generally must provide 60 days’ notice. Illinois law also requires a specific explanation of the reason for nonrenewal. Because commercial policy categories differ, business…
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For certain commercial policies subject to Illinois Insurance Code Section 143.17a, an insurer renewing coverage with: 30% or greater premium increase or with material changes to: Deductibles Coverage must generally provide written notice at least 60 days before renewal. Not every commercial policy falls under exactly the same statutory category, so the actual policy and…
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Business hires its first employee Action:Immediately review Workers’ Compensation requirements. In Illinois, even one part-time employee generally triggers the Workers’ Compensation requirement. Business moved to a new location Action:Notify your insurance agent. Update: Address Square footage Building information Business Personal Property Occupancy Lease requirements Business added a new service Action:Tell the insurance company. A new…
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Illinois Department of Insurance Information about Illinois insurance regulation and consumer/business insurance matters. Read more:Illinois Department of Insurance Illinois Workers’ Compensation Commission Official information regarding: Workers’ Compensation Employer requirements Claims Coverage Compliance Read more:Illinois Workers’ Compensation Commission Illinois Department of Insurance — Workers’ Compensation Compliance Information explaining Illinois employer Workers’ Compensation obligations. Read more:Workers’ Compensation…
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Insurhaus can help businesses with: General Liability Business Owners Policy — BOP Business Personal Property Commercial Property Workers’ Compensation Commercial Auto Commercial Umbrella Professional Liability Cyber Liability Employment Practices Liability Inland Marine Equipment Coverage Builders Risk Commercial Crime Bonds Other Business Insurance Solutions Insurhaus 630-786-9971 info@insurhaus.com www.insurhaus.com Your Life. Your Business. Under One Roof. Important…
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Important Information for Illinois Professionals & Businesses Professional Liability Insurance — often called Errors & Omissions (E&O) — protects against certain claims alleging that professional services, advice, errors, omissions, or failures caused a financial loss. Is Professional Liability Mandatory in Illinois? There is no single Illinois law requiring every business to carry Professional Liability insurance.…
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