Get Illinois workers compensation insurance quotes, cost & coverage fast. Workers comp is required for employers in IL and protects your business by paying for employee medical, disability, rehabilitation & survivor benefits.
IL Workers Comp
Owning a business can be quite rewarding, but there are certain risks that you need to be aware of. One of the biggest risks that IL business owners - especially those that are just getting started out - overlook is a employee getting injured on the job.
Accidents happen. An employee can slip and fall; a piece of machinery could malfunction; an illness could occur as a result of a worker being exposed to something dangerous on your worksite (unbeknownst to you). In the event that someone you employ becomes injured or ill while on the job, you are held legally responsible. For that reason, you need to make sure that you have Illinois workers compensation insurance.
Does My Business Need Illinois Workers Compensation?
If you have an existing business, or are starting a new business, don't overlook the importance of getting Illinois workers compensation insurance. Here's a look at 5 reasons why you should have it:
It's The Law. In most states, businesses are required by law to have workers compensation insurance. The laws do vary from state to state, so make sure that you do familiarize yourself with the laws that apply in your state. Typically, business owners can purchase a policy through an insurance agent; however, some states do require businesses to get coverage via a state-operated funds. See IL workers comp class codes for more information.
It Protects Your Business. Illinois workers compensation insurance coverage not only protects your employees, but it also protects your business. Though cases do vary, often times, when a business offers workers' comp coverage to its employees, workers agree to forfeit their rights to sue a business for negligence in the event of an accident or an illness. This will reduce costly the financial hardships that are associated with lawsuits, as well the damages that legal action could have on your business in the future. For example, businesses that have had lawsuits filed against them for wrong-doing in the case of an accident often have their reputation marred, which could have a negative impact on the success of the business.
It's Beneficial For Employees. Should an employee be involved in an accident and sustain an injury, or falls ill as a result of being exposed to a toxic chemical or fume while on the job, and is unable to work, workers comp will cover their expenses. These expenses include lost wages, medical costs, and more. In essence, CCA workers comp serves as a financial safety net for your employees.
Assists With Recovery. Not only does Illinois workers' compensation insurance assist with lost wages and medical expenses, but it also covers some of the cost that is associated with any training or rehabilitation that employees may need so that they can return back to work. Moreover, should an employee be unable to return to work, the insurance will provide him or her with training that will better suit his or her new needs.
Helps Employees' Loved Ones. Workers' compensation insurance can also protect the loved ones of your employees. For example, it protects from the hardships that lost wages could impose on a family. In the extremely unfortunate event that a worker perishes as a result of his or her injuries or illness, workers comp insurance will likely cover at least some, if not all, of the funeral expenses. Some packages also offer surviving family members benefits.
For these reasons, Illinois workers' compensation coverage is a sound business investment. It protects your employees, their loves ones, your business - and you - from the financial hardships and the legal repercussions that could come about in the unfortunate event that one of your workers is injured or becomes ill while on the job. It is a requirement in most states, and because of the several benefits that this insurance offers, it's easy to see why.
What Does Illinois Workers Compensation Insurance Cover?
Workers compensation insurance cover only work-related injury or illness including: lost wages, medical expenses, and other benefits to employees who may become injured or sick while they are working. It's a sound business investment, as it protects your most important asset: your employees.
A workers compensation policy usually has two parts:
- Workers Compensation Insurance: The first part of the policy fulfills statutory obligations under the Illinois workers' compensation laws. Under this section, the insurer agrees to pay all workers compensation benefits and other benefits that the employer must legally provide to covered employees who have a job-related injury or an occupational disease.
- Employers Liability Insurance: The second part of the policy covers employers against lawsuits by employees who are injured in the course of employment, but whose injuries (or diseases) are not compensable under the state's workers compensation law. This part is similar to other liability insurance policies where negligence must be established before the insurer is legally obligated to pay.
What Illinois Workers Compensation Insurance Doesn't Cover
Workers compensation typically does not cover:
- Self-inflicted injuries
- Felony-related injuries
- Injuries an employee suffers off the job
- Injuries claimed after an employee is terminated or laid off
- Injuries from a fight started by the employee
- Injuries caused by intoxication or drugs
- Injuries resulting from horseplay or violation of company policy
- Injuries to an independent contractor
How Much Does Illinois Workers Compensation Insurance Cost?
How much does workers comp cost in Illinois? The cost of IL workers comp insurance varies tremendously, depending on your industry and location. If you are in an industry where work-related injuries are more likely to occur or in an area where insurance premiums are higher, then it will cost more.
For example, for a roofer, tree trimmer, or demolition company, the cost could be $17 per $100 in payroll, or even higher. On the other hand, the cost to cover a attorney, accountant or real estate agent could be under $0.20 per $100 of their payroll. So, for an employee that earns $40,000 a year, a blue collar contracting company could pay around $6800, where a white collar business may pay just $80.
Also your workers comp rates can go up or down depending on your accident history, much like they would for most types of insurance.
Get A Illinois Workers Compensation Insurance Quote
If you own or are starting a IL business, let one of our expert agents take a look at your current business policy. We offer a wide variety of options to ensure that your employees and you are properly protected from the hazards that could happen on the job. In most cases we can save you money and offer you better policy options than you currently may have. Illinois workers compensation requirements, Illinois workers compensation appeals board, Illinois workers compensation rates, Illinois workers compensation forms, Illinois workers compensation insurance, workers comp questions Illinois, Illinois workers compensation search, Illinois workers compensation pamphlet.
Further Reading On Worker's Comp Insurance
- Workers Compensation Insurance
- How To Reduce Workers Compensation Premiums
- How To Understand Your Workers Compensation Experience Modification Factor
- How Much Does Workers Comp Cost In California?
- How Much Does Workers Comp Cost In Texas?
- Texas Workers Compensation Laws For Employers
- Uninsured Subcontractors Workers Compensation
- Workers Comp Insurance Audit
- Workers Compensation Classification Codes
- Workers Compensation Code 8810
- Workers Compensation For Restaurants
IL Workers Compensation Insurance Quotes
Request a Illinois Workers Compensation Insurance quote in Arlington Heights, Aurora, Bartlett, Belleville, Berwyn, Bloomington, Bolingbrook, Buffalo Grove, Carol Stream, Carpentersville, Champaign, Chicago, Cicero, Crystal Lake, DeKalb, Decatur, Des Plaines, Downers Grove, Elgin, Elmhurst, Evanston, Glenview, Hanover Park, Hoffman Estates, Joliet, Lombard, Moline, Mount Prospect, Naperville, Normal, Oak Lawn, Oak Park, Orland Park, Palatine, Park Ridge, Peoria, Plainfield, Quincy, Rock Island, Rockford, Romeoville, Schaumburg, Skokie, Springfield, Streamwood, Tinley Park, Urbana, Waukegan, Wheaton, Wheeling and all other cities in IL.
Illinois Insurance Rules And Regulations
There are regulations governing insurance in IL that you should be aware of that cover both business and personal insurance. These include the limits associated with certain types of insurance as well as the actual regulations that govern these insurance categories - as well as regulatory agencies. Let's take a close look at the regulations for insurance in Illinois.
Illinois Business Insurance
The first type of insurance that we will discuss is Illinois business insurance. The most common type of business insurance is called General Liability. Liability insurance protects businesses in a number of ways, but the main way that you can think of this type of insurance is as coverage for when someone brings a lawsuit against you for something that happens on your premises. So, for example, if someone were to slip and fall on a freshly-mopped floor within your store, then you might be responsible for their injuries. Liability insurance protects you in instances like these.
However, there are some types of business insurance that are required by law. The first is standard in almost every state, and it is known as Worker's Compensation insurance. In some states, you have to have a certain number of employees before you are required to carry this type of insurance, but in Illinois, if you employ at least one person either full-time or part-time, you have to have Workees comp.
IL Personal Insurance
There are a couple of different types of personal insurance that are regulated by law in Illinois that you need to be concerned with. The first is auto insurance. Any private individual that operates a motor vehicle must carry liability insurance on that vehicle with certain limits reached. The insurance companies are already aware of these limits and the insurance that they offer provides them. The limits are $25,000 per person with a total maximum payout of $50,000 per accident. In addition, there must be another additional $25,000 provided for property damage.
There are also some regulations governing life insurance in Illinois that you should be concerned with. Life insurance is regulated under Title 215 in the State of Illinois Statutes. One regulation is that Illinois residents are given a minimum period of 10 days to evaluate the life insurance. You can cancel at any time during these 10 days and receive a full refund. In addition, insurance companies must provide a guarantee of death and claim payment as well as cash value. Finally, insurance companies must provide a timely payment of claims and keep your medical information private.
If you are looking for state specific Workers Compensation Insurance quotes, costs and information: California Workers Compensation Insurance, Colorado Workers Compensation Insurance, Delaware Workers Compensation Insurance, Florida Workers Compensation Insurance, Illinois Workers Compensation Insurance,Kentucky Workers Compensation Insurance, New Jersey Workers Compensation Insurance, New York Workers Compensation Insurance, Oregon Workers Compensation Insurance, Pennsylvania Workers Compensation Insurance, Texas Workers Compensation Insurance.