Business Insurance

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Business Insurance Explained

what are some examples of insurance coverages that are available for businesses?

Below is a short list of some of the coverages available for businesses.. There are many more.

  • General Liability Protection
  • Building coverage if you are responsible for the replacement cost of the building
  • Betterments and Improvements coverage if you are only responsible for the buildout you did when you moved in
  • Business Property
  • Lost Business Income
  • Business/Commercial Auto - Cars and Trucks
  • Data Breach
  • Professional Liability
  • Workers Compensation

what kinds of Businesses do you insure?

With our broad network of carriers we can insure many businesses that other agencies cannot.

If you have just started looking for business insurance or are frustrated by companies not wanting to insure your type of business. You came to the right place.

Contact AAIA and let us customize a Business or Commercial policy to fit your specific needs!

how much does business insurance typically cost in Illinois?

There are so many types of business that there is no typical price.

For instance, a small business may pay less than $800 per year, but a large business could pay over $100,000.

The best thing to do is to give AAIA a call and let us get you the appropriate coverage at a price you can afford!

what are the minimum business insurance requirements in Illinois?

Unlike Car insurance, there are no state insurance requirements for a business.

Most property managers you will rent/lease from will have minimum insurance requirements, so will most companies you do business with.

If you have business auto's, technically you would only have to insure them for the state minimum, however:

1) No insurance company is going to insure your business auto's with limits that low

2) Any entity that you do business with will probably have $1M minimum Liability requirements for your business/commercial auto plan

why is business insurance important?

Business Insurance like all other Insurance, is designed to insulate your business from law suits and other occurrences like theft and fires that could completely destroy the business you have worked so hard to establish.


  • You own a business where customers regularly visit. This could be anything from a Hair Salon to a Grocery store, even an insurance agency. If a customer slips and falls and gets injured while on your premises, your business policy could cover the injured customers medical bills. If the injured person decides to file a suit against your business, your business insurance provider is going to protect you by paying for your defense costs, as well as any monetary settlements you may be found liable for in court, up to your policy limits.

  • In the middle of the night a storm rolls through your town and severe winds take the roof off of the building where your business is. Heavy rains and winds now wreak havoc on everything inside that your business owns. When you arrive at your business, you find everything you worked for completely destroyed. Your business insurance policy could cover the loss of inventory, the loss of your business equipment and provide lost business income as well as the cost to rebuild/repair the building. This is all dependent upon the coverage that you selected when you put your policy in place.

Whether you are starting a new busines or have been in business for years, AAIA will work to find you top rated insurance providers at an affordable price.

What are the steps to getting a business insurance policy?

First, you should make sure you register your business. In Illinois, this is done with the State of Illinois at the Illinois Secretary of State website.

Second, you will need your FEIN (Federal Tax ID number). If you do not have one we suggest you apply for one at IRS.GOV they are free. If you do not have one, we will have to use your social security number.

Third, if you have been in business and have had insurance we will need loss runs from your previous insurance company. We need this to prove you had insurance and to prove how many (if any) claims you have had in the past 5 years. Businesses that have a previous insurance history generally get a better rate than businesses that have been uninsured. If your business is brand new then you obviously will not have loss runs or prior insurance proof.

Lastly, be open and honest when we discuss your business insurance needs so we can put the appropriate coverage in place for you.

It's As Easy As 1 - 2 - 3

Step 1.

You Request A Quote

Fill out a contact form, call or text us to provide us basic information.

Step 2.

We Present Your Quotes

After we find the best quotes for you and your needs, we will present them to you.

Step 3.

Your Customized Coverage Starts

After we get the final rate for you, you decide on what date you want your new policies to start.

Get An Insurance Quote Today!

Get Started Now

Frequently asked questions

Don't see your question? Feel free to fill out the contact form, call us or even shoot us a text at 224-877-2242. We will reply as soon as we can. Usually within a few hours.

what is a business umbrella insurance policy?

If Purchased, a Business/Commercial Liability Umbrella policy is an extra layer of protection to go over your business policies in the event that a liability claim is in excess of your Business/Commercial policy limits. If its Business policy related, whether at your location, at a customers location, or from an auto accident caused by you or your employee while on a mission for your business, (just some examples) the Business/Commercial Liability Umbrella could give you an extra layer of protection. Usually protection starts at $1M and limits can go as high as $10M.

what happens if you don't have business insurance?

If you don't have business insurance and someone is injured at your business, or you or an employee of your business injures someone or damages property while away from your location but during a business operation, you could lose everything and you would be put out of business.

Additionally, most property managers you will rent/lease your location or equipment from will have minimum insurance requirements. You'll find that most companies you do business with will have them as well. Without business insurance it will be almost impossible to find customers and rent/lease a physical location.

On top of that if you have Employees and do not have Workers Compensation insurance in place, your business could suffer large fines from the State of Illinois as a result.

Does Illinois require business insurance?

Illinois does not have a requirement for a business to have insurance.


  • If your business owns vehicles those must be insured
  • If you have employees you are required to have Workers Compensation Insurance.

does every business need business insurance?

Yes, every business should have insurance. It's much better to have insurance and never need to use it, than to need to use it and not have it.

do all insurance companies sell business insurance?

Not all companies sell Business Insurance, and some companies that do sell business insurance will only insure certain types of businesses.

AAIA has access to many different companies that will insure a wide variety of businesses.

What documents do I need to submit to get business insurance?

In order to apply for Business Insurance you will need to:

  • Have your business registered with the State of Illinois
  • Have a federal tax number
  • Have proof of prior insurance by providing loss runs if you have a business that is currently insured. If you are new in business or have a business that is not currently insured then this documentation is not going to be available. This does not necessarily make you ineligible for insurance.

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