Workplace injuries can happen at any moment. Make sure you are protected by obtaining workers compensation insurance coverage for your business. It guarantees that your employees get adequate medical care and your business won’t suffer from significant financial loss resulting to such expenses, or face a lawsuit for liability.
If you are a business owner, you might be wondering about the prevalent rates for workers comp insurance. As with any other states, the actual price of the insurance policy will vary based on a number of predetermined factors, such as the following:
The worker’s classification code is another factor that can significantly impact the price of your insurance. This classification code is determined based on the risks involved in the type of work employees do.
To get an idea of the actual cost of the insurance policy, you can ask insurance providers for quotes. Ideally, you must gather at least three quotes for comparison before choosing one policy. You can also use online comparison tools if you want to get the most affordable policies.
The state law of Illinois requires that you get workers compensation insurance for your employees, even if they are family members. If you fail to do so, you could face a fine of $10,000. In order to make a claim for the worker’s compensation, all employees must notify the employer about the illness or injury within a 45-day period since the incident (or when the illness started).
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