INSURANCE NEWS & INSIGHTS

Payroll was underestimated Action:Notify your agent if payroll increases significantly during the policy year. Updating estimated payroll can help reduce a large surprise at audit. Payroll decreased Action:Tell your agent. Depending on the carrier and policy, exposure may be adjusted during the policy term or finalized at audit. Received a large audit bill Action:Request the…

Illinois Department of Insurance — Workers’ Compensation Compliance Information about: Mandatory Workers’ Compensation Employees Contractor requirements Out-of-state businesses Penalties Employer compliance Read more:Illinois Workers’ Compensation Insurance Compliance Illinois Workers’ Compensation Commission Information about: Illinois Workers’ Compensation law Employer requirements Claims Benefits Self-insurance Employer resources Read more:Illinois Workers’ Compensation Commission Illinois Department of Insurance — Workers’…

Insurhaus can help businesses and contractors with: General Liability Workers’ Compensation Commercial Auto Business Owners Policies Commercial Property Contractors Tools & Equipment Inland Marine Builders Risk Umbrella Liability Professional Liability License & Permit Bonds Bid Bonds Performance Bonds Payment Bonds Other Surety Bonds Insurhaus 630-786-9971 info@insurhaus.com www.insurhaus.com Your Life. Your Business. Under One Roof. Important…

Important Illinois insurance requirements, landlord responsibilities, tenant protections, commercial property considerations, and official resources for property owners, investors, landlords, associations, and renters. Is Property Insurance Mandatory in Illinois? Illinois does not generally require every owner of a privately owned residential or commercial building to purchase property insurance simply because they own real estate. However, insurance…

A standard homeowners policy is designed primarily for an owner-occupied residence. If you move out and rent the property to someone else, notify your insurance agent. Rental properties may require: Landlord Insurance Dwelling Fire Insurance Commercial Property Insurance Business Owners Policy Commercial General Liability depending on the property and operation. Using an owner-occupied homeowners policy…

Property insurance does not automatically mean all lost rental income will be reimbursed. Landlords should specifically review Loss of Rents, Rental Value, or Business Income coverage. For example, if an apartment becomes uninhabitable after a covered fire and the tenant cannot pay rent while repairs are completed, applicable Loss of Rents coverage may help replace…

One of the biggest misunderstandings between landlords and tenants is believing that the landlord's property insurance also protects the renter. It generally does not. The Illinois Department of Insurance advises that a landlord may insure the building, but that insurance does not protect the tenant's personal belongings. Renters insurance may provide coverage for: Furniture Clothing…

Illinois does not impose a general statewide requirement that every renter purchase renters insurance. However, a landlord may require renters insurance as part of a lease agreement, subject to applicable law. If the lease requires it, the tenant should maintain coverage according to the lease terms. Landlords commonly request proof of: Personal liability insurance Renters…

Renters insurance can protect both tenants and landlords from unnecessary disputes. For example: A fire damages an apartment. The landlord's policy may address covered damage to the building. The tenant's renters policy may address the tenant's: Furniture Clothing Electronics Personal property Temporary living expenses Each policy has a different purpose.

Owning rental property creates liability exposure. A landlord can potentially face claims arising from conditions such as: Unsafe stairs Missing handrails Ice or snow Poorly maintained walkways Defective balconies Falling objects Common-area conditions Swimming pools Building maintenance Other premises hazards Commercial General Liability or landlord liability coverage may protect against certain covered claims involving bodily…