Business Insurance

Quality Insurance for your Business in Logan County Illinois

The amount of insurance required by each business is different and unique. There are numerous factors that influence your business outcomes and risk level. Do you have a physical storefront? Will you require inventory or equipment insurance? Are there any corporate vehicles? That’s only scratching the surface. What about the people you employ? Will you also provide them with insurance and employee benefits? Fortunately, Lincoln Logan/May Enterprise understands there is no such thing as a one-size-fits-all commercial insurance package. Our team will walk you through a series of questions designed to help define your company’s specific needs and risks. Then we’ll shop our top-rated insurance company network. We compare plan coverages and enhancements to ensure they meet your company’s long-term and short-term needs and goals. And we create a strategy that includes the right mix of business insurance products at a price your company can afford.

business woman standing outside of business building

Our Team is a Reliable Resource That is Invested in Your Success

We are not tied to any insurance company or set of commercial insurance products. We locate the products that are a good fit for you, and if you ever need to file a claim, we’ll act as your advocate to help you file and settle your claim!

Our Team is a Reliable Resource That is Invested in Your Success

We are not tied to any insurance company or set of commercial insurance products. We locate the products that are a good fit for you, and if you ever need to file a claim, we’ll act as your advocate to help you file and settle your claim!

Property Insurance

Whether you’re just starting out or have been in business for a while, property insurance is an absolute necessity because it protects much more than your company’s physical location. It also includes personal property and income. All this adds up to make this a powerful policy that you should include in your business’s insurance plan. Property insurance is ideal for retail and service business owners. Basically, the advice to follow is if your company has a physical location, you should invest in property insurance. The amount of insurance you require is determined by your inventory, equipment, and other business personal property factors. Contact our team of experts today to discuss your options for coverage.

Building Coverage
  • Your business experiences a fire.
  • An act of nature caused extensive damage to your building.
  • Someone vandalized your business.
Business Personal Property
  • Someone breaks in and steals and/or damages your equipment or inventory.
  • Your computers were damaged or stolen.
  • A customer’s property was stolen while in your care.
  • Personal or financial data is lost or stolen.
  • Your business loses power and perishable items are destroyed. 
Business Income
  • You can’t open your store due to damages or repairs being made.
  • You’re not making rent off the property while it is being repaired.

Additionally, there are optional add-ons for business property insurance that you should absolutely consider. This is where Lincoln-Logan May Enterprise can really customize your business insurance plan to your specific needs. Some of the policy enhancements you can add on include employee dishonesty coverage, which helps you recoup losses if you find an employee has stolen money or property from your business, as well as equipment breakdown coverage, and coverage for outdoor signs.

General Liability

Even if you work from home, your business must have liability insurance. That’s because anyone who meets you or your company can file a claim against you for a variety of reasons, ranging from an injury to a contract dispute. Let’s look at what this essential policy includes. Keep in mind that, depending on the nature of your business and the level of risk you face, you may need to carry higher coverage limits. Lincoln Logan/May Enterprise will assist you in determining how much coverage you require and whether any policy enhancements would be beneficial.

If Someone Gets Injured, Are Medical Expenses Covered?

Your policy will include medical expense coverage if a third party is injured at your place of business. It will not cover you or an employee if you are injured. That would fall under the purview of Worker’s Compensation.

In legal battles, attorney fees can quickly add up. Fortunately, if you, your employees, or one of your products or services cause harm or damage to another party, your general liability policy will cover defense and damages. Slander and libel claims are also covered under General liability.

If I Make a Mistake, Will General Liability Cover Me?

If you make a mistake, General Liability Insurance will not cover you. However, Professional Liability does. To learn more about specific Professional Liability insurance policies, ask Lincoln Logan/May Enterprise.

Can I Add Additional Coverage to My General Liability Policy?

You can supplement your general liability policy with a variety of options. This includes adding coverage for employment-related liability, damage to customers’ property in your care, custody or control, damage to electronic data, and expanded liability coverage for damage to rented properties. Lincoln Logan May/Enterprise will walk you through the process and determine whether any of the available policy enhancements are appropriate for your company. We also have a variety of other add-on options that provide additional coverage for retail businesses and beyond.

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Business Auto

When you have company vehicles on the road, you can never predict road conditions, weather, or what other drivers will do. So, if your company relies on cars, trucks, or vans as part of its daily operations, you should consider purchasing business auto insurance to protect your company’s assets.

Who Needs Business Auto Insurance?

If your company owns, rents, or leases vehicles, you absolutely need commercial auto insurance. However, if your employees are driving their own vehicles while conducting business for you, you should also have coverage. Because if an employee is involved in an accident in their personal vehicle, they may exhaust their personal liability coverage limit, and the injured party may sue you.

Can I Choose My Commercial Auto Insurance Coverage Options?

You can choose different levels of business auto coverage, just like you can with personal auto insurance. Most states require you to carry a certain amount of commercial liability insurance, but it is also a good business practice. Lincoln Logan/May Enterprise will consult with our network of top-rated insurance providers to provide you with a commercial auto insurance quote that can include:

  • Auto liability
  • Medical payments
  • Comprehensive coverage
  • Collision coverage
  • Uninsured and underinsured motorist coverage
  • Coverage for autos you borrow or rent
  • Coverage for employees using their cars for the business
What If My Vehicles Are Used for Both Personal & Business Use?

Company vehicles can sometimes serve two functions. Employees use the vehicle for business between 9 and 5, but before and after that, it is used for groceries, running the kids around, or traveling around town. A business auto insurance policy is the best option in these situations, but you may want to consider an addition to the policy that would cover any family members who drive the company car. Our company will advise you on the best options for your situation.

What Are the Options for Extending the Maximum Limit for Business Auto Coverage?

If you own a trucking company or a large fleet that is always on the road, you should consider including a commercial umbrella policy in your business insurance plan. This is an inexpensive way to have extra coverage in case of injury or property damage.

Workers’ Compensation

Accidents happen at work, even if you work in a low-risk office setting. As a result, if you own a business with employees, workers’ compensation insurance is required. The catch is that worker’s compensation is one of the most expensive insurance policies that businesses must carry. And, if not carefully monitored, premiums can fluctuate without warning or notice. Fortunately, Lincoln Logan/May Enterprise’s years of knowledge and experience with worker’s compensation come in handy here. We’ll work with you to identify key areas that affect your workers’ compensation premiums and educate employees on how to reduce your risk.

Does Anything Affect My Workers’ Compensation Premiums?

There are numerous factors that influence how much you’ll pay for worker’s compensation insurance, but the most important factor is whether you’ve had any recent claims. Claims made this year will impact the amount you pay for future premiums. The real question is how much of an impact it will have. Some of the factors we consider providing you with a more accurate picture of your current and future worker’s compensation insurance plan are as follows:

  • The total money paid out in claims over the years
  • How much loss you’ve had by cause and nature of the injury
  • What your ratio is for expected loss vs actual loss
  • Risk management policies you currently have in place
  • Identification of areas you can improve to control future losses
  • What your “Return to Work” program looks like
  • How you compare to industry benchmarks
What is Covered with Workers’ Compensation Insurance?

Workers’ compensation insurance pays for any hospital and medical expenses incurred because of a job-related illness or injury. However, it also provides disability payments to your employees in the event they are unable to work. This is typically two-thirds of his or her regular salary.

How Long Will My Premiums Be Affected by A Workers’ Compensation Claim?

Many states base worker’s compensation premiums on a three-year experience modification. Every claim will affect your mod factor and premium rates if your company is large enough to have an experience modification. Lincoln Logan/May Enterprise will assist you in determining your E-Mod/X-Mod number and will explain how this number is used to calculate your premiums. We’ll also provide you with tips and practices to help you lower your number and premium.

Is Workers’ Compensation Required to Have?

Workers’ compensation is required by law for most businesses. However, there are a few exceptions to the rule, such as the number of employees. Workers’ compensation insurance is required in Illinois if you have any employees, even if they are only part-time.

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Business Owners Package Policy

A Business Owners Package Policy (BOP) is simply insurance that has been bundled. Why do we bundle it all together? The clear answer is that it assists in providing you with the most competitive insurance plan at the best price. However, it also ensures your company is fully covered in the areas where it needs to be without carrying unnecessary coverage options that end up costing you more money. Lincoln Logan/May Enterprise Insurance Agency enjoys connecting small businesses to BOP policies and seeing how much money we can save you.

What is Included in A Business Owners Package?

A business owners insurance policy provides your company with several different types of coverage options. Most often, this includes:

  • Commercial General Liability Insurance coverage (property damage or bodily injury claims)
  • Property Insurance (physical assets claims)
  • Income Loss Insurance (employee salaries and loss of rent, as well as loss of income)
What Types of Businesses Qualify for a BOP Policy?

Typically, BOP policies are for smaller businesses. That means companies with less than 100 employees who generate less than $5 million in annual sales. Some examples of businesses that would benefit from a business owners package policy include:

  • Small retail stores
  • Coffee shops, local restaurants, and caterers
  • Independent doctors and dentists
  • Veterinarians
  • Automotive repair shops
  • Pet Groomers
  • Florists
Are There Reasons My Business Wouldn’t Qualify for a BOP?

While a BOP can help businesses save significant money on premiums, they aren’t usually a good fit for companies with higher liability risks. The coverage limits are simply insufficient. If your company is involved in highly specialized or high-risk operations, has large premises, or requires business interruption coverage for more than a year, you should investigate individual coverage options to create a more customized plan.

Are BOP Policies all the Same?

They are not. When you work with Lincoln Logan/May Enterprise, we will use our network of top-rated insurance carriers to provide you with quotes and coverage options for the best BOP plan for your company.