Clemens Commercial General Liability Insurance in McLean County
If you own a small business, you will need general liability insurance. Regardless of the number of employees or the nature of your work, your business will need to be protected against liabilities as a result of performing normal business operations.
Not sure where to start? Clemens Insurance can help by providing you with more information and competitive quotes from a variety of general liability insurance companies. We actively help small and medium-sized businesses in Bloomington-Normal IL and the greater McLean County area find competitive rates on commercial general liability insurance.
Since 1948, Clemens Insurance has assisted business owners with finding quality insurance for their businesses and employees. If you have questions about requirements specific to businesses in Illinois, give our office a call and a team member will be happy to help!
Commercial General Liability Insurance is a broad insurance policy for businesses to protect them against claims and lawsuits over bodily injuries and property damage. Additionally, this type of insurance pays for some medical obligations and legal defense or settlement fees.
For more information on your specific business and what’s covered or not covered, talk to a member of the Clemens Insurance team!
5 Tips for Finding the Right Commercial Insurance
1. Determine Your Risks & Budget
When reviewing a policy, insurance companies go through a process called underwriting. This is where an underwriter looks at your business's variables, history, and many other factors to determine the level of risk your operations pose to having liabilities against you.
They first decide if their insurance company is willing to take on your business at all. If they choose to do so, they will then determine the cost necessary for them to take on your risk - this cost comes in two forms: premium & deductible. Your premium is the price your business will pay each month to continue to have coverage while your deductible is your out-of-pocket cost to submit a claim.
For example, let’s say your commercial liability insurance has a maximum coverage of $300,000 with a $10,000 deductible. If an eligible liability presents itself to you for $250,000, you will have to pay $10,000 toward the claim and your insurance provider pays the remaining $240,000. This does not factor in the premiums you have already paid each month for the length of your coverage. Your premium is a separate charge that is for the insurance company to continue having the policy for your company.
Knowing these costs and how a claim is processed will factor into your business' decision to have a higher deductible vs lower premiums. Typically, insurance companies will offer lower premiums if the deductible is higher and vice versa when the deductible is lower. Factoring your budget and risks into the equation is a good idea when determining the best course of action. A good insurance representative should be able to help you sort through these options and provide an idea of what the underwriting office will be looking for.
2. Compare Prices & Coverage Options
Especially if you’re a small business it will be important to shop around. While some brokers will be able to provide you or connect your business with types of coverage that align with your activities, an insurance company that specializes in your business or industry will be able to tailor coverage precisely to your specific business. By focusing on niche industries, these custom solution insurance providers will often be able to provide better rates & coverage as they will be more familiar with how your business operates, the potential risks involved, and how to best work with your team to ensure the safety throughout the year. For more information on assessing risk, the National Federation of Independent Businesses has put together excellent information to help businesses across the country better understand their coverage options.
Don’t be afraid to shop around and get quotes! If you’d like to speak with a member of the Clemens’ team, get a quote now.
3. Ask if a Business Owner’s Policy is Right for Your Business
A business owner’s policy (BOP) refers to the packaging of multiple types of coverage under a single policy umbrella. For example, rather than having your business’ general liability insurance & property insurance with different premiums and plans, a BOP allows you to bundle them together, often saving you money on your premiums & deductibles.
Do you have special equipment to insure or does your business work in potentially dangerous situations? If so, you may want to inquire about a business owner’s policy as your general liability coverage may not include additional specialized equipment. A good insurance agent should be able to help walk you through your coverage options so you understand exactly what is covered in your plan.
4. Find a Good, Local Agent
By working with a local insurance agent, it will be like you have an extra member of your team. This agent will be an expert in coverage options, policies, and the possible risks of your business. All insurance agents you meet with should be licensed to sell insurance in the state of Illinois. In your first meeting, request that you see their license and any other accreditations they might have.
Before your first meeting, take a look at their online presence. Have they been established in your community for many years? What do their prior customers say about them in online reviews? Does their website clearly explain who they are and how they may be able to help you? By answering these questions beforehand, you can narrow down the potential quotes you want to get to only the most reputable agencies.
In your first meeting, you will want to understand how easy the company is to work with. When you call, does someone pick up right away or do you get passed around the phone tree? When you stop by the office, is it clean and professional? Does someone greet you when you walk in and does your meeting with them start promptly when scheduled? Do they explain coverages and plans clearly or do you get a feeling they are hiding something or skewing the facts?
Your time is important and you should only work with a commercial general liability insurance provider that cares about your time and money as much as you do. Don’t be stuck working with another company that treats you as another number to “deal with” when you call, search for the personalized service that your business needs.
5. Assess Coverage Annually
Hopefully, your business is growing each year. With each new season, new opportunities, employees, and changes bring themselves to the forefront of your business. While a good agent will be working with you throughout the year to ensure your business is properly covered, scheduling an in-person meeting once a year to discuss how your business is changing to ensure you are properly covered. While it’s great your business grew so much over the past year, the last thing we want is to let something slip through and leave your company exposed to risks that weren’t previously there when we last met.
Our team will spend time each year with you reviewing your coverages, hearing your concerns, and advising you on the best course of action moving forward to make sure your business is properly covered.
Insurance Requirements for Employers
Depending on your business’ location and where you perform your work, you may need additional coverages based on your location. The state, counties, and cities within Illinois have regulations specific to the area that should be discussed with your agent each year. As laws & regulations change, we want to make sure your business is properly insured. We monitor changes to state and federal insurance regulations and will proactively advise you when a change affects your commercial business. If you have questions about the laws pertaining to your specific business or area, call a member of the Clemens Insurance team and we will be happy to help!
Regardless of where your business is located, you will need to provide your workers with unemployment insurance and workers’ compensation insurance. These federal programs help take care of employees that get injured on the job or are displaced and need federal assistance. While at this time, the State of Illinois doesn’t require disability insurance for all businesses, you will want to check with your trusted agent to make sure your business doesn’t need to provide that type of coverage to your employees.
In addition to speaking with a licensed insurance agent on the Clemens’ team, you can always visit the Illinois Department of Insurance to learn more firsthand!
Other Types of Insurance
While there are coverage options and policies for just about every situation your business may face, there are common types of commercial insurance that you can discuss with your agent to ensure you will be properly covered. These additional types of commercial insurance include:
General Liability Insurance
Product Liability Insurance
Commercial Property Insurance
Professional Liability Insurance
Home-Based Business Insurance
If you have any questions or would like to speak with an experienced member of our team, please contact our office however you’d like to schedule an appointment. We have been in Bloomington-Normal and the state of Illinois for over 60 years and will be able to help customize a plan to fit your exact needs. You don’t have to worry about finding proper commercial general liability insurance anymore, Clemens Insurance will take care of everything for you!