FAQ_category: (HIDDEN) Industry FAQs

The cost depends on your industry, payroll, revenue, and risk level.

For many small businesses:

• General liability insurance typically costs $20 to $40 per month, or about $250 to $500 per year.
• A Business Owner’s Policy (BOP) often starts around $40 per month.
• Workers’ compensation insurance varies based on payroll and job classification.

Higher-risk industries such as construction, medical services, and skilled trades usually pay more. However, most small businesses find coverage affordable compared to the cost of a single lawsuit.

The three most common types of business insurance are:

• General liability insurance – protects against third-party injury and property damage claims
• Workers’ compensation insurance – covers employee injuries and lost wages
• Commercial property insurance – protects buildings, equipment, and business property

Most small businesses build coverage around these core policies and then add protection based on their industry and risk level.

Most small businesses in Illinois start with general liability insurance. If the business has employees, Illinois law requires workers’ compensation insurance. Many business owners also choose a Business Owner’s Policy (BOP), which bundles liability and property coverage at a lower cost than purchasing them separately. Service-based businesses may also need professional liability insurance.

Illinois requires workers’ compensation insurance for businesses with one or more employees. The state does not legally require general liability insurance, but landlords, clients, and contracts often do. Most Illinois businesses carry coverage to protect assets, meet contractual requirements, and avoid costly coverage gaps.

Business insurance typically covers financial losses from:

• Third-party injuries or property damage
• Lawsuits and legal defense costs
• Employee workplace injuries
• Business vehicle accidents
• Property damage from storms, fire, or theft

The exact protection depends on the policies you choose. Gild helps Florida business owners build coverage that fits their real risks, not just the minimum requirements.