The jet slid off the runway and through a fence at Chicago Executive Airport, located at 1020 Plant Road in Wheeling, just before 12:15 p.m.
Chopper 7 was over the scene about 12:45 p.m., and emergency crews were responding.
The nose of the jet was next Hintz Road, but the plane appeared to be intact.
"We are currently gathering information regarding the incident. No injuries have been reported and the airport remains closed while efforts are underway to remove the aircraft," the airport said in a statement. "The airport has a safety system at the end of the runway that kept the plane from going farther. Cleanup efforts are underway, and normal operations are expected to resume later today."
The pilot and co-pilot were the only people onboard the plane, and neither was injured, the Wheeling fire chief said.
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"Them hitting that EMAS (Engineered Materials Arresting Systems) system, which is designed to stop the aircraft, kept it from going out on the roadway," Wheeling Fire Chief Scott Salela said.
He said the plane was coming from Baltimore, when the pilot experienced some kind of mechanical issue.
A preliminary investigation found that the plane does not present a hazard. Nothing is leaking; so, it was towed away.
The plane appeared to be a Gulfstream G150.
The cause of the incident is now under investigation by the Federal Aviation Administration and the National Transportation Safety Board.
Arthur J. Gallagher & Co. said in a statement, "We can confirm that there was an incident at the Chicago Executive Airport. Two pilots were on board with no passengers. There were no injuries."
The company, based in Rolling Meadows, is an international service provider that plans, designs and administers a full array of customized, cost-effective property/casualty insurance and risk management programs, according to its website.
The Wheeling fire chief said, as far as incidents go, this is the best case scenario.
"And there was cars, traffic going through at the same time and could have hit a car, could have had a fire, could have had a lot of things, but nobody got hurt. And everybody turned out okay," Salela said.
The affected runway reopened at 7:22 p.m. and has since been operating as normal, officials said.