A typical small business in Illinois can expect to pay anywhere between $300 and $5,000 annually for their general liability policy. The final cost of liability coverage from one business to the next will vary significantly based on the SIC code or the insurance company’s own classification system for GL rating.

Does Illinois require business insurance?

Illinois Minimum Business Insurance Requirements The State of Illinois does require business owners to carry certain insurance coverages. All businesses with employees must have workers’ compensation insurance. If you’re asked to prove you have certain types of insurance, you’ll need a certificate of insurance (COI).

How much does it cost to insure a small business?

Let’s start with cost of all business insurance policies, regardless of policy type: Average business insurance cost: $1,281 per year Median business insurance cost: $584 per year

How much does retail business insurance cost per year?

Below is an informative outline of retail business insurance costs for the retail industry across the nation. The average cost can be as low as $250 to $450 per year for only business liability insurance.

How much does general liability insurance cost per month?

In an analysis of 28,000 small business owners who purchased commercial insurance through Insureon, the median cost of general liability insurance was $42 per month or $500 per year. The median cost of a business owner’s policy, which bundles general liability with property insurance at a discount, was $53 per month or $636 annually.

How much does Workers Comp Insurance Cost a business?

Rates vary widely from state to state. Insureon’s customers pay a median annual premium of $560 for workers’ comp insurance. Some businesses pay much more. Examples are construction and landscaping businesses, which pay $3,264 and $1,813, respectively.