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.

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! 

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: 

Injuries

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. 

Property

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. 

Lawsuits

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.   

4 Things You Need To Know About Commercial Insurance

In a perfect world, businesses wouldn’t need insurance. Why? Because they would operate in an environment without risks like theft, fire, vandalism, floods, and so forth. Unfortunately, a utopian business environment doesn’t exist. If you are a business owner in Chicago, IL, you have to contend with numerous perils lurking in your business. And your best line of defense in shielding your business against risks is procuring a well-rounded business insurance plan from NCIB Group Inc.

Unfortunately, shopping for business insurance can be a challenging exercise, especially for startups. Thankfully, here is a guide of what you need to know when shopping for Illinois commercial insurance. 

Certain commercial insurance coverages are required

If you have more than one employee in Illinois, you are required to purchase workers’ comp insurance. This coverage covers your employees’ medical expenses for illnesses and injuries sustained in the workplace.

Additionally, if you have business cars, you need commercial auto insurance. This coverage protects your business against liabilities. Besides, it covers both your driver and vehicle when accidents occur.

Update your policy regularly

If you want to get the most out of your commercial insurance plan, review it at least once every year. This way, your business won’t be overinsured or underinsured. Additionally, your current business needs will be taken care of, minimizing your exposure. 

Understand your policy well

If you want to understand the ins and outs of your commercial insurance plan, you need to read your policy document carefully. Here, you will get to know what’s covered and what’s not. Then, instead of rushing to sign the dotted line in your policy document, read the contents keenly and consult with your insurance agent for clauses that you don’t understand.

Your insurance agent matters

Partnering with a reliable and trustworthy insurance agent is akin to getting a life partner for your business. Your insurance agent acts as your financial advisor and answers all your insurance needs. Simply put, your insurance agent can be the difference between success and failure for your business.

Are you looking to partner with a trusted insurance agent in Chicago, IL? Look no further than NCIB Group Inc. for all your commercial insurance needs. 

Why does a business in Chicago need commercial insurance?

If you are in the Chicago, IL area and want to start a business, you will find many opportunities. For those that are going to start a company here, getting the right insurance is crucial. There are a few reasons why a typical business here will need to get a commercial insurance plan. 

Protects Viability of Business

The main reason you will want to have commercial insurance for your Chicago business is that it can protect your company’s viability. A lot of work and investment goes into building a company, and you will want to know that this is always protected. When you get a commercial insurance plan for your company, it will include components that can protect your business assets and offset liability risk. 

Stakeholders require insurance

You will also need to have commercial insurance for your company because stakeholders could require it. To grow a company, many businesses will need to take out loans, raise outside equity and even rent a business place. In any of these scenarios, the stakeholder will want to know that your business remains viable. They will likely require that you maintain a full commercial insurance policy at all times.

Any business owner in the Chicago, IL area needs to make sure that they get a proper commercial insurance plan. When you are looking to get insurance here, it would be a good idea for you to call NCIB Group Inc. the team with NCIB Group Inc. understands the importance of this insurance, and they can help you evaluate your needs and options. This will help ensure that you pick an ideal commercial insurance policy that meets your needs. 

Four ways your employees benefit from commercial insurance

Building a successful business takes a lot of hard and effort. You invest a lot of time and capital to get to where you are. Therefore, you must protect your business from unexpected events that may bring the company down. One way to achieve this is through commercial insurance. Our agents at NCIB Group Inc. in Chicago, IL will analyze your business and develop a policy that provides you with all the solutions you need.

What is commercial insurance?

A commercial insurance policy protects your business from events that could devastate your business assets. It protects against liability on injuries that employees and persons within your company could experience and property damage liability.

Our agents at NCIB Group Inc. analyze the value of the property you own, as well as the risks you are exposed to as a business. Policy limits are sometimes determined by your vendors, project partners, or landlord.

4 Employee benefits from commercial insurance? 

  • Employee medical cost – Your employees are likely to get injured during business operations. Depending on the severity of the injury, medical costs can be costly. Commercial insurance covers their medical expenses as well as their salaries for the period they are out of work due to their injuries.
  • Income compensation – Your employees will be compensated for income lost while they undergo treatment. This could be made partially or fully based on the policy document.
  • Chiropractic care – Where an employee becomes disabled due to injuries, they may require chiropractic care. It crucial to discuss this with the insurance agents as not offered in a standard commercial insurance policy.
  • Insurance coverage while out of state – For a job that involves traveling a lot, you must discuss this with agents at NCIB Group Inc. to ensure your employees are fully covered when working out of state.

Your employees can work for you confidently, knowing their well-being is covered.

Please speak to NCIB Group Inc. insurance agents in Chicago, IL on various forms of commercial insurance or visit our website for more information.

Three mistakes you don’t want to make when you take out a commercial insurance policy

One of the most important things you need to invest in as a business owner is a commercial insurance policy. The right commercial insurance policy will protect your Chicago, IL company from financial problems. At NCIB Group Inc., we offer commercial insurance policies to area business owners.

When you purchase a commercial insurance policy, you should make sure that you avoid the following three mistakes. 

Not putting enough thought into the coverage types your company needs.

Commercial insurance is a complex product. There are many different types of commercial insurance available that your company might need. There are also many various financial liabilities that your company faces. 

You need to put a lot of research into your commercial insurance policy selection.

Choosing the least expensive options

All commercial insurance policies aren’t created equal. You shouldn’t assume that inexpensive commercial insurance is going to be reliable and adequate for your company’s needs.

As with anything else in life, you get what you pay for. Invest in quality commercial insurance from an insurance company with a good reputation. Don’t simply purchase the least expensive coverage available. 

Keeping the same policy as your company grows and changes

You should be periodically reevaluating the insurance needs of your company. Your company’s insurance coverage needs can change over time.

As your company grows or takes on different types of clients, your insurance coverage needs could change. Reevaluate insurance coverage needs whenever the policy term of your commercial insurance is up. This allows you to increase the amount of coverage your policy includes.

You can take advantage of more great commercial insurance advice by contacting us at NCIB Group Inc. We offer commercial insurance in Chicago, IL. Contact us with questions and inquiries. 

How Often Do I Need to Upgrade My Commercial Insurance?

If a person wants to ensure their business has the proper insurance coverage, it’s crucial they review it every year. While the process may be time-consuming for many business owners and make it tempting to renew their current policies automatically, it’s important to consider this carefully. If things have changed over the past year, there is the risk that the business will be underinsured or that they will wind up overpaying for the coverage needed. 

If you need help to determine if your commercial insurance is adequate in Chicago, IL, then NCIB Group Inc. can help. Additional information about renewing your coverage and when the time to do so can be answered by our agents.

Your Business Has Moved to a New Location 

If you move from your home office to commercial office space, expand into a new location, or open a new office, all this will trigger the need for changes in your business owner’s policy or your general liability insurance. In some situations, insurance rates may go down significantly – this is especially the case if your new location is smaller or if you have modern safety features – such as a wired alarm or a sprinkler system. 

More or Less Employees 

If the number of people you have employed has changed, it may require you to update your workers’ compensation coverage. In Chicago, it’s necessary for you to purchase insurance when your very first employee is hired. As people come or leave your employment, you should adjust your workers’ comp coverage to ensure everyone is covered and that you aren’t paying for insurance you don’t need. 

When it comes to commercial insurance, you can’t take chances. Instead, make sure your Chicago, IL company is protected with our help at NCIB Group Inc.