The Different Types of Commercial Insurance Coverage Explained

Every business is different, meaning there is no one-size-fits-all commercial insurance policy. To get the coverage you need, it’s important to understand the types of commercial insurance available. This blog post will explain the different coverage options and help you decide which ones are right for your business.

1. Property Insurance

Property insurance protects your business against physical damage to your property, including buildings, equipment, and inventory. If your property is damaged or destroyed by a covered event (such as a fire or storm), property insurance can help you cover the cost of repairs or replacement.

2. Workers’ Compensation Insurance

Workers’ compensation insurance protects your business if an employee is injured on the job. If an employee is unable to work due to a work-related injury, workers’ compensation can help cover their medical expenses and lost wages.

3. Liability Insurance

Liability insurance protects your business against third-party claims of bodily injury, property damage, and personal injury (such as libel or slander). If you are sued and found liable for damages, liability insurance can help you cover the cost of a settlement or judgment.

4. Business Interruption Insurance

As a business owner, you need to be prepared for the unexpected. Business interruption insurance can help you cover the cost of lost income and expenses if your business is forced to close due to a covered event (such as a fire or natural disaster). This type of coverage can help you keep your business afloat until it can reopen.

5. Vehicle Insurance

If your business uses vehicles, you need to have vehicle insurance. This type of coverage protects your business from the cost of damage or theft of company-owned vehicles. It can also help you cover the cost of liability if one of your employees causes an accident while driving a company-owned vehicle.

Get Commercial Insurance In Chicago, IL

Now that you know the different types of commercial insurance, you can start shopping for the right policy for your business. NCIB Group Inc. can help you find the coverage you need at a price that fits your budget. Give us a call today to get a quote.

Get Your Boat or Watercraft Summer-Ready With the Right Insurance

With the weather warming up in the Chicago, IL area, it’s time to enjoy all those summertime activities you’ve put off during colder weather. One of those is likely to be taking your boat or watercraft out for a spin. But before you take to the water, you need to be sure you’re ready. Contacting us at NCIB Group Inc. can help. The right boat & watercraft insurance can go a very long way toward protecting you this summer, and you want to be sure you have the best policy for your needs.

Whether you’ve just purchased a boat or watercraft to enjoy or had yours for a long time, it’s important to check it over thoroughly before heading out onto the water. You’re reducing the chances that something could go wrong and result in an injury by doing that. It’s not just the safety check that matters, though. You also want to be adequately covered for accidents and other unexpected issues. A boat or watercraft policy is a valuable part of your summer experience.

Working with knowledgeable agents is a good way to make sure you aren’t missing anything that should be in your policy and that you have the right type of coverage. The coverage limits are essential to protect your boat or watercraft more fully. Then you can enjoy all it has to offer and have the peace of mind that comes from knowing you’re adequately protected.

Contact us today at NCIB Group Inc. if you’re in the Chicago, IL area and need a boat or watercraft insurance policy. We can help you choose the right options, and then you can enjoy exploring the area waterways without worry.

Home Insurance Add-ons and Riders

You could purchase an HO-3 policy that covers your home for the typical perils and liability. You can also customize your homeowner’s policy to cover items like expensive jewelry, swimming pool, detached workshop, hobby equipment, etc. At NCIB Group Inc., proudly serving the great city of Chicago, IL, we recommend customizing your policy.

Policy customization only takes a few minutes and adds little to the cost of your insurance, but in the advent of an incident for which you must file a claim, it can make all the difference.

Your Jewelry

Few people think of it, but if you’re married, you probably own at least one piece of expensive, fine jewelry. The bride probably wears her engagement ring every day with her wedding band, but few people think about including it under special jewelry coverage on their home policy. The median cost for an engagement ring is $6,000, but most home policies provide about $1,500 jewelry coverage. If you don’t add to the coverage, you’ll have to cover the cost of a replacement ring on your own.

Your Hobby Equipment

Whether you enjoy cycling and own a couple of road bikes or love photography and developing film at your home, you probably own about $5,000 of hobbyist equipment. Let’s say you love books. Well, avid reader, if you own 500 books, replacing them with used ones for $5 each would run you $2,500. You could quickly edge up to that $5,000 mark if you own more than that.

Your Swimming Pool

If you own a swimming pool, you immediately increase your need for liability insurance. Your home policy contains a typical amount of liability, but putting in a swimming pool increases your need for liability insurance. The same is true of trampolines.

Contact NCIB Group Inc. in Chicago, IL today to learn more about customizing your home policy. It will only take a few minutes to insure your precious belongings fully.

Does auto insurance cover a rental vehicle

If you are heading off for a much-deserved vacation and flying, you will most likely need a rental vehicle when you arrive at your destination. The questions of what kind of insurance you need to purchase and the amount of insurance is vital for your peace of mind. At NCIB Group Inc. in Chicago, IL, our agents have the answers you need. We put the needs of our customers first, and we go the extra mile to make sure your coverage is customized to your fitting. 

Not every auto policy will cover a rental vehicle. It depends on whether you have full coverage or you have basic coverage. Call your insurance agent and ask if you have any questions about exactly what kind of coverage you have. They will have the answer you need. 

Liability coverage is what you have if you have a basic policy. This means you won’t need to purchase additional liability coverage, but you may not have any coverage to protect the vehicle. One way to make up for that is to talk to your credit card company. You may have rental vehicle coverage as a perk of your card.

If you have any insurance that covers what you own, like home insurance, renters insurance, or condo insurance, you don’t need to purchase insurance to cover the theft of your property because you already have that. 

If you are concerned about the amount of coverage you may have, the CDW that the rental car company offers takes all the responsibility away from you. It does add a lot to the cost of your rental, but it also provides a lot of peace of mind. 

Contact NCIB Group Inc. in Chicago, IL with all your auto insurance needs.

What to do if you are stranded on the roadside

Auto safety is a top priority for the team at NCIB Group Inc. If you are living in the Chicago, IL area, you know just how important road safety can be. Here are a few tips to help keep you safe when you are out on the road!

Roadside safety

The first thing to do if you find yourself stranded on the roadside is to immediately get to safety. Once you are out of harm’s way, you can telephone for medical assistance, towing services, or both. If you or anyone involved in an accident is severely injured, call 911 right away.

Once you are safe and have notified the necessary parties, be sure to double-check that you are in a safe location. It is advisable to always have an emergency kit in your vehicle, especially during the winter months. Make sure that you are warm enough if it is cold outside, or that you have your windows down if it is warm.

Roadside assistance services will come in handy if you ever find yourself stuck on the roadside, whether due to an accident or a breakdown. Fortunately, many comprehensive auto policies available in our area do offer roadside assistance features. Having this service can help turn a fiasco into an annoyance and help to keep you safe!

Let us help you with all of your insurance needs

NCIB Group Inc. is here to serve the insurance needs of the greater Chicago, IL area. If you want to make sure you have the auto coverage you need or have any other insurance questions, call or stop by our office today!

Commercial Insurance in Illinois: What You Need to Know

Chicago, IL is a highly sought-after location for owning a business. The city life, the exciting residents, and all the sights and sounds make for a wonderful place to grow a long-term company. NCIB Group Inc. is here to help serve business owners in the Windy City as you scale up and make big plans for the future. 

Many business owners select a standard insurance policy rather than doing extensive research on what kind of coverage they really need. Because insurance can be complicated and overwhelming, many people invest in a basic package and move on with their lives, thinking it will provide the protection they need in the event that they need it for any reason. 

While this might be true, this is the business we’re talking about! Your blood, sweat, and tears went into this company. It deserves more than cookie-cutter protection. Working with an agent who takes the time to get to know your business model, whether you have employees, inventory, a fleet of vehicles, or buildings, is just as important. 

Your insurance policy can vary depending on what your assets look like. Many agents won’t go into these details because they’d rather just sell you a policy and move on. The team at NCIB Group Inc. takes it a few steps further. 

We are happy to help any business owner in the Chicago, IL area with their insurance needs.  Whether you’re just starting out or you’ve been in business for years, we’ve got something that will suit your needs and help you get back to what you’re good at – growing your company. 

Contact our team today and we’ll get started! 

Condo insurance FAQs

Condos are a great way to break into the housing market in Chicago. Making sure that you have the perfect condo insurance to give you the protection you need is important. At NCIB Group Inc. in Chicago, IL, we have been providing personalized insurance services since 1989. As independent agents, we are dedicated to providing the finest in insurance products and customer service. 

Is condo insurance required in Chicago?

No, condo insurance is not required by the city of Chicago or the state of Illinois. But your condo association may require you to show proof of insurance and if you have a mortgage, your lender will require that you have condo insurance. 

What does the condo association master policy cover? 

The condo association master policy covers the exterior of the building, the walls, and roof. It also covers any common areas like elevators or swimming pools. How far it goes into the walls depends on the policy. It is up to you as the owner to read your covenant and the master policy so that you know what is covered by the master policy and what you as a unit owner need to cover. 

What exactly does condo insurance cover?

Condo insurance offers four potential types of coverage; property, contents, liability and loss of use. 

Property coverage pays to repair things like your walls and built-ins that you have in your condo. 

Content coverage protects your personal property, furniture, electronics, clothing etc. 

Liability coverage pays for medical expenses if someone is injured while visiting your condo or by a member of your family. It also covers legal fees and legal action against you. 

Loss of use coverage pays for a place for you to stay if your unit is rendered uninhabitable by a covered peril. 

Contact NCIB Group Inc. in Chicag,o IL, when you are ready to discuss condo insurance. 

Commercial Insurance Ins and Outs

If you own a business, you will definitely be familiar with commercial insurance. Commercial insurance is of the utmost importance when owning a business, and can be useful for different things. We have listed some ins and outs of this type of insurance below for you. 

NCIB Group Inc. in Chicago, IL proudly provides commercial insurance to business owners. We can give you quotes from our providers and walk you through them, ensuring you make the right choice for your business.

The types of insurance

There are many different types of business insurance but we cover some below: 


Especially if you own a factory, you will need to be sure to be covered against your employees hurting themselves on machinery or even if they slip and fall. The latter is also applicable to office workers. At the same time, look into liability coverage in case visitors or customers of your business are accidentally harmed. 


Whether you own a shop or you run a busy call center in an office space, your business property should be insured. This can cover anything that causes damage to your property, from a flood to a fire. 


Whatever business your company might operate in, there is always a chance that a member of the public or another business sees it fit to sue you or your business. Ensuring coverage for this can really help with the cost of this. 

Commercial insurance can seem like a minefield, but we are here to take the stress out of it for you. Call NCIB Group Inc. in Chicago, IL on and one of our advisors will help you every step of the way.   

5 Common Boat Insurance Exclusions

When offering boat insurance, it’s essential to explain what it covers and what it doesn’t cover. Boat insurance from NCIB Group Inc. in Chicago, IL, covers your boat from damage and protects you against liabilities and injuries you might suffer after a boating accident. Regrettably, like other insurance coverages, your boat insurance isn’t entirely faultless — it has exceptions and exclusions. 

Below are some common boat insurance exclusions you should know about.

Regular wear and tear

When you buy your boat, it’s your responsibility to maintain it in tip-top condition. As such, if the paint starts chipping or electronics starts falling apart, that’s not your insurer’s headache. It will help if you take optimal care of your boat as long as you have it.


Whether it’s pest or mold infestation, your boat insurance won’t cover the ensuing damage. So, if termites chomp on your boat or mold invades your watercraft, you may have to pay for the damage from your pocket. 

However, the good thing is that strategies like keeping your boat dry and contracting exterminator services can keep off mold and pests from your boat.

Marine life

Your typical boat insurance isn’t likely to cover damage from whales, sharks, octopi, and other aquatic life creatures. So, if you like exploring unruly waters, you may need to add an endorsement to cover such damages.

Faulty machinery

Your basic boat insurance is unlikely to cover damage or malfunction of any boat part, whether it’s due to gradual deterioration or mishandling. However, your boat insurance will cover the said parts if damaged by a covered peril. 


Your boat insurance is unlikely to cover damage and liabilities arising from high-speed competitions. Please talk to your insurance agent for supplemental coverage if you are about to participate in such fun.

Purchase boat insurance today!

Would you like to learn more about boat insurance? Would you like to purchase boat insurance in Chicago, IL? Please get in touch with NCIB Group Inc. for all your boat insurance matters. 

Risks Of Not Having Home Insurance

The purpose of home insurance is to protect you as a homeowner and your property. However, it is expensive, so you may start thinking of canceling it in order to save money. Is it a good idea? Definitely not. Being a homeowner without proper home insurance is associated with certain risks, and here is a list of some of them:

What Are the Risks Of Not Carrying Home Insurance?

Here is a list of reasons why it is not a good idea to own a home without proper home insurance:

  • The costs of rebuilding and repairs can be too high. If something happens to your home, you, or personal belongings, your home insurance will cover the expenses, including the cost to repair or rebuild your home. However, if you do not have a home insurance policy, you have to cover all the expenses yourself. 
  • There might be a liability claim against you. Most home insurance policies include liability coverage that protects homeowners from unexpected lawsuits. However, if you carry no insurance and someone gets injured at your property, you will have to pay for their medical bills out of pocket. 
  • Your belongings are not covered. Home insurance covers not only your home and you as a homeowner but also your personal belongings, including clothes, furniture, electronics, etc. If they get damaged or stolen, and you do not have home insurance, their loss will not be covered. 

 NCIB Group Inc. serving clients in Chicago, IL – We Will Find a Policy To Fit Your Lifestyle

if you are a homeowner from Chicago, IL or other surrounding areas, home insurance is a must. If you are thinking of getting a proper policy to protect your property and yourself, NCIB Group Inc. is ready to help. We are a group of insurance professionals, who have been serving the Illinois community for many years. Do not hesitate to visit our website or give us a call if you need more information.