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Top 5 Commercial Insurance Risks and How to Curb Them

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Running a business means you expose yourself to certain risks. Even though some of the challenges and setbacks are unavoidable, it is prudent that you know how to safeguard the fallout should issues occur. That means taking proper caution and insurance coverage. At OnQuote Insurance, we provide the people of Arizona, Wisconsin, and Illinois with commercial insurance to cover their businesses. If you have commercial insurance, it is vital to understand the kind of insurance risks and how to protect your business. 

5 Types of Commercial Insurance Risks 

Insurance risk is the probability of something bad that exposes you or your insurer to damage. Understanding these risks will help you know how to protect your business better.

  • Global Manufacturing and Export Problems

Many businesses use factories and manufacturers from overseas for various functions. They also export their goods internationally. Things can go wrong, so OnQuote Insurance recommends commercial insurance to protect against global manufacturing and export risks. 

  • Data Breaches

All businesses, whether big or small, face the data breach threat. Therefore, it is crucial to keep yourself safe by having commercial insurance from OnQuote Insurance that protects your business against data security breaches.

  • Property Damage

Wisconsin business premises may also face property damage due to floods, fires, hurricanes, snowstorms, etc. The first line of defense you need against property damage is commercial insurance. It will help rebuild your business after property damage. 

  • Human Capital Expenses

Employees are also exposed to different risks in the line of duty. Commercial insurance is paramount to protecting them, you, and your business from human capital-related costs.

  • Service Mistakes

Suppose you are a service provider, like a consultant, web developer, accountant, etc. In that case, you face a certain amount of risk when customers seek legal recourse if your product fails to meet their expectations. With our coverage, your business will be protected if you face such a lawsuit.

Protect Your Business with Commercial Insurance

Mitigating business risk is crucial to reducing lawsuits and claims your company may face. That is why we provide commercial insurance at OnQuote Insurance to provide the protection you need. Contact us today to get the right policy for your organization. We proudly serve the states of Arizona, Wisconsin, and Illinois. 

Protect Your Most Valuable Asset with Home Insurance

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Are you a homeowner living in Wisconsin or Arizona? If so, let the professionals at OnQuote Insurance provide you with the insurance you need for the protection of your home.

Why Home Insurance?

A home is usually a consumer’s most valuable asset. Homeowners insurance is vital because it protects both the home and its contents. If the home becomes a total loss, the insurance then becomes the major source of the money needed to rebuild. It also offers liability protection for any legal action resulting from injuries to another person or damage to their property.

If you are carrying a mortgage on your home, lenders will require you to have this protection as it safeguards their interest in the property.

Homeowners insurance covers the structure of the home, attached structures, fixtures, and appliances that are built in. The contents of the home are also covered. Additional coverage to meet specific needs are also available. The most common of this coverage is unattached structures, such as storage sheds or garages, personal property, ALE or additional living expenses, medical expenses, and sewer backup.

Separate coverage for earthquake or flood protection may be acquired in areas prone to these disasters.

Here are some coverage types of homeowners insurance policies:

  • Dwelling – covers damage to the home and attached structures
  • Other structures – covers damage to structures not attached to the home, such as sheds or fences
  • Personal property – covers the value of lost or damaged possessions, such as electronics, clothing, or furniture
  • Loss of use – covers additional living expenses if the home becomes uninhabitable during repair
  • Personal liability – covers financial losses from personal injuries or property damage if found legally liable
  • Medical payments – covers medical bills for persons hurt by the homeowner’s pets or while on their property
  • Sewer backup – covers water damage or losses to the home from drain or sewer backup

Reach Out To Us

OnQuote Insurance can provide a quote or answers to questions you may have regarding this important insurance coverage in Wisconsin and Arizona. Contact us today.

Safe Driving Tips For New Drivers

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As a new driver, safety should be your top priority while on the road. While it may be tempting to flaunt the newfound freedom that comes with finally being able to drive, it is important to remember that driving can be dangerous if you don’t take proper precautions.

Here are some tips from us at OnQuote Insurance for staying safe on the roads, whether you are in Arizona, Wisconsin, or Illinois where we serve our clients with auto insurance and other coverages. 

Safe Driving Tips For New Drivers

1) Stay alert and focused

Distracted driving is one of the biggest causes of accidents, so make sure you keep your eyes and mind on the road at all times. Put away any cell phones or other devices that could divert your attention from the task at hand.

2) Practice defensive driving

Anticipate what other drivers may do and always have an “escape route” in case something unexpected happens. Defensive driving will help you avoid potentially dangerous situations.

3) Be aware of your surroundings

Keep an eye out for potential hazards such as pedestrians, cyclists, animals, etc., and use caution when passing them. Also watch out for road conditions such as potholes or slick surfaces that could cause problems.

4) Respect traffic laws

This means not only following speed limits but also observing stop signs, yield signs, and any other traffic laws specific to your area. Breaking these laws can result in hefty fines or even jail time in some cases.

Get or Update Auto Insurance For Your Vehicle Today

These are just a few tips for staying safe as a new driver; there are plenty more that we encourage you to research and learn about! Driving can be an exciting experience–just remember to remain alert and practice defensive driving at all times! You also need to make sure your auto insurance policy is updated to meet all your coverage needs. 

For more safe driving tips and to maximize your insurance policy, call us at OnQuote Insurance today. We proudly serve all of Arizona, Wisconsin, and Illinois. 

How Commercial Insurance Can Help You Start Your Small Business

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When your small business opens its doors, you have a lot on your mind about making it a success in the short and long run. Your business is a dream that built itself over many years, and you need insurance not just to protect your business, but to get it off the ground in the first place.

Your business partners at OnQuote Insurance are here for you. We’re serving Illinois with local pride. Our goal is to help your business be the best it can be as you get your company’s story off the first page.

Business Owner Policy

Most new businesses will likely want to start with what’s known as a Business Owner Policy. This is a bundled policy that contains all the basic protections you need to run your business. Combining liability, loss, and property damage coverage in one simple and easy-to-understand package, a business owner policy is a fantastic way to make sure that your business gets started on the right foot.

Customer Confidence

Your customers will find it easier to have confidence and trust in your business if you have strong business insurance. An insured business is in for the long haul. If you want your customers to trust that you’re going to be here tomorrow, make sure that you’re taking care of your business today.

Worker’s Compensation

Illinois state law requires every employer in the state to carry workers’ compensation insurance in order to do business. We can help make sure that you have the right workers’ compensation insurance to do business in Illinois and comply with all state rules and regulations.

Contact Us Today

OnQuote Insurance is here to help you get the insurance that you need in Illinois. Call or come in today to get a free no-obligation quote on commercial insurance.

Will Home Insurance Cover Everyone Who Lives With Me?

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Suppose you share your Illinois home with others. In that case, you may wonder if your home insurance policy will cover everyone living there. The answer to this question depends on the insurer and your policy type. You’ll need to read the fine print of your policy to understand who is covered and under what circumstances. Here is some general information about who is typically covered by your policy from OnQuote Insurance.

Who is covered by homeowners insurance?

A home insurance policy typically covers the policyholder, their spouse, and any minor children living in the home. Other relatives may also be covered if they live in the house and are listed on the policy. Minors under your full-time care are also covered regardless of their relationship (such as foster children).

Who is not covered?

A few different types of people are not typically covered under a home insurance policy. Unmarried couples, roommates, and friends are all people who would not be covered. This is because home insurance policies are typically only for family members who live in the same household. If you have any other relationship with the people you live with, you will most likely not be covered under their home insurance policy.

How to insure those who are not covered by your home policy

If you want to insure someone who is not covered by your home policy, you can add them to the deed of your house. This will make them the joint owner of the property, and they will be able to benefit from your home insurance policy. You can also add an "Other Members" endorsement to your existing home insurance policy. This will extend coverage to other household members, such as domestic partners or roommates. If you have roommates, they could also purchase their own renter’s insurance policy to be fully insured.

Contact Us Today

If you’re a homeowner in Illinois, OnQuote Insurance can help you find the home insurance policy that fits your household’s needs. We work with various insurance companies to find the right coverage at the right price. Contact us today to discover more!

Life insurance FAQs

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Life insurance is something that almost everyone needs to have. If you have loads of money or no dependents, you may be the exception, but for most people, taking care of their loved ones if they die means having life insurance. At OnQuote Insurance in Illinois, we can offer our customers the benefit of our experience and more choices when it comes to insurance products. 

When should I start buying life insurance?

That is a personal decision, but it will never be less expensive than it is when you are young and healthy. It is a good time to start thinking about your financial plan for life. A whole life policy is a way to save while you protect yourself. It earns dividends and has a cash value. 

Can my life insurance be canceled?

There are two reasons why your life insurance can be canceled. First, you lie on your application, and it is discovered. You need to answer questions honestly and just take the chance that your premium may be a little higher. The second is non-payment, which is the most common. If you are having financial difficulties, contact your carrier and try to work out a deal. It is worth trying. 

What is term life insurance?

Term life insurance is coverage that has a term, a number of years that it will be in effect. It does not earn dividends and at the end of the term, you may be able to continue it for a time, but not at the same rate. You need to consider that when you are choosing the term of your policy.

Can I have more than one beneficiary?

Yes, you can, the number you want is up to you. Just make sure that you make it clear whether they are all getting equal amounts or a percentage. 

Get Life Insurance Today

Contact OnQuote Insurance in Illinois when you need to discuss life insurance. 

Is Business Interruption Insurance Good For My Illinois Business?

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Business interruption insurance is a special cover that protects your business income from the effects of disasters and other major elements that can affect your business operations. For example, if there is a fire in your business premises, fire insurance may help you replace the assets that you lost, but how about the lost income during this period? This is where business interruption insurance kicks in, helping you not just get back the assets you lost, but also the lost income that you didn’t earn when your business was closed and non-functional.

Business Interruption Insurance Explained

Business interruption insurance is usually not sold as a separate policy. Still, it is typically attached to other policies such as commercial insurance policies, fire insurance policies, and so on. In most cases, this insurance policy will have clauses that exclude certain events from the cove. For example, apart from a few rare cases, business interruption insurance will not cover lost revenue if the business is shut down due to non-compliance with federal or state laws. Like other policies, business interruption insurance premiums are tax-deductible in the State of Illinois. The amount that the insurance policy will pay out in case of business interruption is typically based on the past revenue of the business. Typically, the policy will cover the period between the interruption and when the business returns to the state it was in before the disaster.

Why Your Illinois Business Needs Business Interruption Insurance

Here are some reasons you should consider business interruption insurance for your Illinois business.

  • Business interruption insurance helps ensure that you don’t lose any revenue while your business is closed.
  • If you have mortgages or other regular payments, business interruption insurance ensures you can still make these payments without having to dip into your capital, savings, or personal finances.
  • Maintaining payments, even during a disaster, helps your business maintain good standing with creditors and helps with future business relationships.
  • Business interruption insurance helps you not lose key employees, as you can still pay salaries and other personnel costs even when your business is non-operational.

We Can Help You Get Business Interruption Insurance Coverage Today

As an independent insurance agency, you can have the peace of mind that we will not sell your data to any third party. Instead, OnQuote Insurance Agency makes it easy for you to get the insurance cover you need by giving you quotes from highly rated insurance companies. Our team of professionals at OnQuote Insurance Agency is based in Illinois and we have years of experience in the insurance industry. We guide you on all aspects of the insurance cover, so you have the assurance that you are adequately protected. Get in touch with us today.

Why is having home insurance a necessity?

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The state of Illinois is one of the most populated in the country. It is a great place for someone to invest in their future by acquiring their own home. Those that are property owners in this state always need to carry the right insurance.

There are a few reasons why a home insurance plan is considered a necessity for people here:

Meet Obligations Set by Lender

A reason that having a home insurance plan will be a requirement is that it will be a requirement set by your mortgage lender. Taking out a mortgage is often a good way to ensure you can purchase a home. While it provides you with the ability to own a home, there are requirements that go along with it. A very common one is to require all owners to carry home insurance and escrow for payments each month. 

Protect Your Assets

It is also a good idea to get a home insurance plan to ensure you can protect your assets. The largest asset that most people in this state will ever acquire is their primary residence. With a home insurance plan, you can help ensure this happens. The policy will give coverage to help you repair your property if there is damage. It also gives coverage for personal items, up to limits set under your plan. 

Contact Us Today

Owning real estate can be a great long-term option if you live in Illinois. However, it will be very important that you select a quality insurance plan to protect your home. As you are looking for an insurance plan, calling the professionals with OnQuote Insurance is a good place to start. OnQuote Insurance knows how to evaluate your situation and will help you select a plan that meets all of your needs. 

My car is paid for. Do I still need auto insurance?

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All drivers are required to carry liability insurance regardless of whether their car is paid off or not. However, if you’ve been paying for full coverage auto insurance and want to reduce your coverage to liability only, you should consider a few factors first.

Our team at OnQuote Insurance knows that navigating auto insurance may be a bit confusing for our Illinois customers. However, we’re here to cut through the confusion. 

As a General Rule of Thumb…

It’s usually recommended that insurance drops or decreases after your car’s mileage hits 100K and your car is five to six years old. However, how much auto insurance you invest after your car is paid off should be determined by your car’s value and the cost of parts. For example, if you drive an expensive car, it may be in your best interest to invest in full coverage because your car still has significant value and the replacement parts are expensive.

Many people would be unable to pay for the repair of an expensive car out of pocket. Full coverage insurance provides more benefits because your insurance policy would pay for the repair of your car.

Conversely, if you own an old car whose value has dwindled considerably, investing in full coverage auto insurance wouldn’t be wise. More than likely, there’s a good chance that the deductible will exceed the value of the car, totaling your car if you’re in an accident. In this scenario, the state-required liability insurance would probably be a wiser choice. 

However, rather than puzzling over how much auto insurance would be adequate for your unique situation, it’s best to get help from professional insurance agents.

Give Us A Call

Our team at OnQuote Insurance in Illinois could help you explore your options and decide on coverage that suits your needs. Call us if you have questions. We’d be happy to eliminate the confusion. 

When is it helpful to have a commercial insurance plan?

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The state of Illinois has continued to be a good place for someone to start a business. While there are a lot of advantages that can come with running a business, there are risks as well. Many of these risks can be mitigated with insurance. Having a commercial insurance plan is helpful in various situations when you own a business here. 

Having A Commercial Insurance Plan: What You Need To Know

When Trying to Reduce Liability Risks

Liability is a risk that all people need to take seriously when they are business owners or managers. As a liability claim can come at any time and be very detrimental to your business, finding a way to reduce the risk is important. If you invest in a commercial insurance plan, you will get the liability coverage necessary to offset this risk and concern. 

Protect Business Assets

It would also be helpful to get a commercial insurance plan to protect assets owned by your business. A business owner in this area is going to invest in various assets to help grow and develop their business. If you lose these assets to theft or damage, it could be a major setback. If you have a full commercial insurance plan, it will offer the support you need to repair or replace these assets.

Contact Us Today

It is always a good idea to invest in a commercial insurance plan when you own a business in Illinois. If you choose to get one of these plans here, it would be smart to start looking for coverage by calling OnQuote Insurance in Illinois. The professionals with OnQuote Insurance will help ensure you choose a policy that meets your needs. They are able to do this by taking a customized approach to help understand your business and risks and build a policy that mitigates them as well as possible.