Cheap Workers Compensation Insurance Quotes Illinois

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.

Cheap Workers Compensation Insurance

Workplace Injury Statistics in Illinois

According to Illinois state laws, all businesses must obtain workers compensation insurance for their employees (with limited exceptions). If you are a business owner, you need to obtain this policy for your employees, even including part-time ones.

Why is this necessary? The US Bureau of Labor Statistics has reported 158 workplace fatal injuries in 2019. While it was down from the numbers of the previous year, 159 fatalities is still very high. These numbers were mostly from the transportation industry (53 out of the 159). Most of these fatalities were a result of falls and slips, along with contact with objects or equipment in the workplace.

Workers Compensation Insurance in Illinois Cost

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:

  • Payroll size
  • Nature of business and its associated risks
  • Claims history of your business

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.

Cheap Workers Compensation Insurance

How Does it Work?

In Illinois, workers comp insurance is a requirement. It is beneficial for your employees and your business because you are free of the financial burden associated with providing medical care for employees who get sick or injured while performing their job.

From working on a long production line to lifting heavy equipment, the impact of the work done to your employees’ bodies over time can make them prone to injuries and other conditions. If they need medical care (from lab tests to doctor visits), the insurance policy will cover that so you won’t have to incur additional expenses.

In addition, you can also use your workers compensation insurance coverage to pay for legal costs in the event you are sued for employer liability. Other uses for workers comp insurance include ongoing care for long-term or semi-permanent injuries and to pay for missed wages (while your employee is unable to go back to work).

Workers Compensation Insurance Laws in Illinois

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).

Cheap Workers Compensation Insurance Quotes Near Me

Cheap Workers Compensation Insurance Quotes Illinois

Best Workers Compensation Insurance Companies

Illinois Workers' Compensation Commission

100 W Randolph St 8th Floor, Chicago, IL 60601

(312) 814-6500

Estrella Insurance Agency / Progressive / Workers Comp. /General Liability Business

305 W Illinois Ave, Aurora, IL 60506

(630) 486-3377

Workers Compensation Comm

4500 S 6th St #194, Springfield, IL 62703

(217) 785-7087

Workers’ Compensation Trust of Illinois

3333 Warrenville Rd Ste 550, Lisle, IL 60532

(800) 628-5618