What To Know About Commercial Insurance in Chicago

Commercial insurance keeps truck drivers, their trucks and companies protected against a number of occurrences. Getting the proper insurance will guarantee you will be in compliance with state insurance requirements as well as keep your filings up-to-date with the ICC.  Learning about the types of commercial insurance can go far toward making you a better informed business owner.

Truck Insurance Chicago

Types of insurance

There are basically nine different types of coverages. Some may be required by law. Others are optional. They are:

  1. Bodily injury liability, for injuries the policyholder (You and or your company) causes to someone else.
  2. Medical payments or Personal Injury Protection (PIP) for treatment of injuries to the driver and passengers of the policyholder’s Vehicle.
  3. Property damage liability, for damage the policyholder causes to someone else’s property.
  4. Comprehensive, for damage to the policyholder’s car not involving a collision with another car (including damage from fire, explosions, earthquakes, floods, and riots), and theft
  5. Collision, for damage to the policyholder’s Car, Truck, Van or other vehicle resulting from a collision.
  6. Uninsured motorists coverage, for costs resulting from an accident involving a hit-and-run driver or a driver who does not have insurance.
  7. Under Insured motorist: For damages caused by an under-insured motorist, when the damages exceed the limits carried by the individual or company, yet fall below your own limits.
  8. Cargo: For protecting the cargo (Merchandize) you car transporting.
  9. Car On Hook Coverage; (Towing Companies) to protect the car or cars that you are transporting.

Urban Insurance has been helping customers navigate through the lists of insurance requirements needed to satisfy the state, City, ICC. as well as contracts you might have with those companies for whom you provide services. The truth is each of these can demand different limits and types of coverage. We understand what each entity needs and can provide you with the certificates and other documents to keep your business running.

Some of the more common commercial  risks we see include Messenger Services, Landscaping, Towing companies, Medical Transportation services as well as Artisans and long and short trucking.

* Messenger Services provide an important link in our economy by the delivery of important documents, and packages to clients. More and more companies have switched to “Just in time” deliveries, rather than stocking large quantities of merchandise or parts. This makes them dependent of messengers and local delivery companies to quickly fill requests.

Messengers need to be covered by commercial liability,  this type of insurance can protect both your employee and vehicle, and “Proof of Coverage” will need to be provided to any company you work for, or with whom you have a contract.  It can also protect your firm against improper claims, and defend you in case of a law suit. Messengers often also elect to carry physical damage to protect your own vehicle against fire, theft and collision.

* Landscaping companies need to have their trucks insured for commercial liability, but we can also insure your trailers, front-loaders plus
other equipment needed for plant installation, building Garden ponds,
Roof gardens and green roof systems. Urban can quickly provide the “Proof of Coverage” you will need to any company you work for, or with whom you have a contract. We specialize in providing Insurance for all of your Landscaping services. From Complete landscape construction including retaining walls, Fences and Brick and stone paving.

Urban offers Low-Cost insurance for Landscaping companies whether they own a single truck or a large Fleet including Pick-ups, Dump Trucks, Flatbeds and trailers.
Urban will shop multiple companies to find you the coverage you need at the lowest price.

* Cargo Insurance. Is your firm involved with any type of cargo movement? If so, consider getting commercial insurance for this.If you have a filing with the ICC (Inter-state Commerce Commission) you will likely be required to file a “Form H”, this is a form produced by the insurance company confirming that your company does have cargo insurance and that they ICC is listed on that coverage.   Containers need to be insured. Contents need to be insured. It is unlikely that you will find a carrier that will not demand proof of cargo insurance. You need to protect the contents to save time, money, and frustration in case some unforeseen shipping or storage event occurs.

* Tow truck insurance. This specialized type of commercial insurance has additional requirements placed on it by the State’s Secretary of State office. The State has specific flatbed specifications that must be met prior to a firm operating a towing company. Firms must obtain “TW” plates before even offering these services. A reputable insurance provider will understand these intricacies and work with your firm to develop the appropriate coverage program. Urban Insurance has over 50 years dependable experience in this specialized field. Urban has a comprehensive database of firms offering Tow Truck Insurance at reasonable prices. Whether your firm has a one or 20 tow trucks, Urban can provide you with the certificates you need for any occasion.

* Truck liability insurance is another type to concern yourself with when operating any truck fleet. Liability insurance protects your company, the driver, against any damages for which you are determined to be responsible. An accident can leave property damaged and people injured, or even more tragically, dead. The losses can quickly run into the hundreds of thousands of dollars, and can wipe-out a life-time of work and savings. As an agent, I must advice no one drive any vehicle without proper insurance; this is even more critical with commercial trucks and vans. Commercial insurance needs vary from business to business and  with so many types and limits available, make certain to choose the one that best suits your firm’s needs and budget.

* Bobtail insurance, known as non-trucking liability, is the term given to those leasing situations when a tractor is put onto a carrier. The tractor is not being driven, but coverage is needed for the owner-operator to use the company’s ICC number. It is a complicated field that can only be handled properly by a competent and experienced company, like Urban Insurance.

* Other types of commercial insurance include Medical Transport, physical damage and owner/operator varieties. Consulting with a professional insurance agent will be your best choice to find out about your particular insurance requirements.

One of the best ways to learn about commercial insurance in Chicago is to consult with a professional firm. Protecting your resources needs to be your number one priority. Failing to protect properly can spell disaster for your firm. Urban Insurance has been helping customers for more than 50 years navigate the confusing world of commercial insurance.If you have any questions, please call us at 800-680-0707

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