The first insurance company in the country dates back to 1732. The company, which was based in Charleston, South Carolina, underwrote fire insurance. Since then insurance became part of many businesses and lives of individuals. For businesses, probably one of the most important of its expenses is business insurance. Business insurance Chicago protects the business from different types of risks that may result in financial loss. If you own a business and are not familiar with the business insurance Chicago IL, here are some of the most common business insurance Chicago.
The most common type of business insurance Chicago IL is the general liability insurance or professional indemnity insurance. The definition of indemnify is to restore to its original condition or to make whole again. Thus, the general liability business insurance Chicago protects the business from risks that may result in accidents, injuries or damage to property and other similar results and their associated costs which can then pose a devastating blow to the business. One example of the general liability business insurance Chicago is the liquor liability insurance. The liquor liability insurance, also known as dram shop, is usually purchased by bars, restaurants, nightclubs, liquor store, wineries and microbreweries. They can get it from any business Chicago insurance company. Most of these companies offer cheap nightclub insurance for nightclubs and similar establishments.
Another common business insurance Chicago is the property insurance. Property insurance covers the physical property of the business from different types of risks, such as fire, earthquake, storm, flood, vandalism and other threats. One example of property insurance is building insurance Chicago, which protects the building or office against fire and other risks. At the same time, property is defined as the physical property as well as loss of income, loss of documents and money, computer and equipment and business interruption.
One good investment for any business which runs the risk of being destroyed by natural disaster or lawsuit is the umbrella policy. The Illinois umbrella insurance is the type of liability insurance that provides protection beyond the limit of the insurance of the business. For example, although the business may have auto insurance, if the accident is serious and becomes too costly, the auto insurance may not be enough to cover for the entire cost of the accident. If the business has umbrella insurance, this will cover the cost of the additional damages that exceeds the limit of the first insurance. With the increasing cost of medical care and lawsuits, many businesses are taking this type of insurance.
For businesses that offer services, such as doctors and dentists, the type of insurance that they should get is the professional liability insurance. This is offers protection against errors or omissions in their practice. One example is medical malpractice insurance for doctors. This protects them from cost of medical malpractice, which includes the claims of the patient and the cost of lawsuit.