The Land of Lincoln is known for its soaring skyscrapers, renowned museums, and thriving economy. In fact, Illinois boasts around 2.5 million small businesses which employ approximately 45% of the state’s workforce. Many of these small businesses transport goods and services to customers, and when they do, they rely on commercial vehicles to do it.
In an effort to protect themselves against costly liabilities, small businesses that own and operate commercial vehicles need to acquire commercial auto insurance. Commercial auto insurance ensures the business is covered in the event of an accident, collision, or other damage. Just as other varieties of liability coverage exist to help protect your small business from financial losses, commercial auto insurance helps small business owners with expenses resulting from commercial vehicle accidents and damage.
There’s a lot of liability risk when it comes to owning and operating one or more commercial vehicles. Commercial auto insurance can help protect small business owners from physical damage, collisions, medical expenses, and other harm resulting from vehicle accidents. At the very least, small business owners will need a commercial auto policy that meets Illinois’ minimum requirements, but it may be beneficial to explore additional coverage options depending on the unique needs of the small business.
To help small businesses owners better protect themselves and their business, we’ve compiled a list of five important things to know about Illinois commercial auto liability coverage.
While commercial auto insurance is required in nearly every state of the U.S. (excluding Virginia and New Hampshire) it’s still important to assess how much liability coverage is right to protect your small business and the vehicles it owns in the state of Illinois.
Remember each state’s commercial auto requirements vary and are subject to change, so it’s vital to do your research and speak to a trusted advisor.
Please note that this content is intended for educational purposes only. As laws change regularly, refer to your state legislation and/or an advisor for specific legal counsel. If you’re a small business owner looking for more information about commercial auto insurance you can learn more about the basics of commercial auto insurance or get a quote from Pie.