Like most states, Illinois requires that business owners provide their employees with workers’ comp insurance. The state is home to 1.2 million small businesses, which employ 2.5 million people in the state, which accounts for around 20% of the population and over 45% of the state’s entire workforce, all governed by the state’s workers’ compensation laws.
While most business owners will have to pay for workers’ compensation insurance in Illinois, the good news is there are many ways to reduce that cost.
One of the most important steps for business owners is to ensure that their employees are correctly classified. The wrong classification and job description could mean overpaying considerably for workers’ compensation. For example, an external sales rep has very different risk factors than an internal sales rep, so classifying both roles the same way would result in an overpayment.
Business owners can create a formal safety committee made up of employees to administer a formal, documented safety program. Employees should receive instruction in the program, so they fully understand the requirements.
Employees deserve to be supported during their recovery. Return-to-work programs allow employees to resume working with light duties as they recover, before returning to their previous work level.
Drug and alcohol abuse are the primary causes of workplace accidents. Instituting a strict no-tolerance policy reduces risk levels.
Your claims affect your Experience Modification Rate, which is compared to similar businesses. Pay attention to claims to help reduce your Ex-Mod.
Obtaining workers’ compensation insurance in Illinois is not usually complicated unless the business is within a very high-risk industry. Otherwise, it’s best to purchase insurance from any reputable insurance company operating within the state. That said, not all insurance companies in Illinois offer workers’ compensation coverage. Kickstand Insurance provides workers’ compensation protection for businesses throughout the state.
Workers’ compensation coverage is legally required for most businesses in Illinois. Failure to comply with that law can result in a range of negative outcomes. The employer could face fines of $500 per day that it did not carry workers’ compensation insurance, with a minimum total of $10,000.
If the failure to carry the requisite insurance is deemed negligent, the business could face misdemeanor charges. If the failure is considered willful and knowing, the business would face a felony charge, which is punishable by up to three years in prison and a fine of up to $25,000. Corporate officers can be required to pay fines if the business fails to do so.
Start by filling out a short online form about your business. We’ll use that info to get you an estimated quote. Then, one of our experienced agents will contact you to review the quote and make sure you are getting the absolutely lowest rate possible for your business. Once the quote is finalized, you’re ready to buy the policy - often with coverage starting that day!
Why make Kickstand your workers’ compensation partner? We can think of several reasons! We offer a streamlined process designed to ensure you have the coverage you need, along with the lowest rates available. We offer customized coverage tailored to your unique needs and goals, and our experts verify that your employees are properly classified to avoid overpaying.
Time to take the next step? Just complete our online form – it’s just 5 minutes! Then we’ll provide you with a customized, no-obligation quote and connect you with one of our expert IL workers’ compensation insurance experts.