Illinois Workers’ Compensation

Workers’ Compensation Insurance in Illinois

Why Should You Purchase Workers’ Compensation Insurance?

Workers’ Compensation coverage is required in Illinois. Virtually every business owner with employees—whether full- or part-time workers—must purchase a policy through an insurance company or get permission to self-insure. This type of no-fault insurance policy provides medical, disability, survivor, burial and rehabilitation benefits to employees who are injured or killed on the job. Protect your workers and stay compliant with a trusted and cost-effective workers’ comp policy from B2Z Insurance.

What, Exactly, Is Workers’ Comp Insurance?

Workers’ compensation coverage protects Illinois employers and employees in all types of businesses. Workers’ comp covers medical bills related to the injury, a portion of the employees’ lost wages due to being out of work, and disability benefits for those who can no longer work.

  1. How It Works.
    When an injury incurred at work prevents the employee from working for more than a specified amount of days, the business continues to pay the worker while filing a claim with the insurance carrier as well as an injury report with the Illinois Workers’ Compensation Commission (IWCC). Benefits are either approved or denied, and a denial may be contested.

  2. If the worker returns to the job and with no outstanding bills or unpaid benefits, the claim is closed. However, contested claims may be settled out of court or the worker may take a case to trial. To learn more about what happens after you file a claim, you should talk to your insurance carrier. Every claim comes with its own set of unique circumstances.

Have additional questions? Get answers about Workers' Comp Insurance for Small Business.
  1. What Are the Penalties for Noncompliance?

    Illinois employers who knowingly fail to purchase Workers’ Compensation insurance may be fined up to $500 for every day of noncompliance, with a minimum fine of $10,000. Corporate officers may be held personally responsible if a company does not pay the penalty.

    If an employee is injured and the company has willfully failed to obtain insurance, the employee may sue the employer in civil court, where benefits are unlimited. Further, a company that has knowingly failed to provide insurance may be ordered to stop all business operations until proof of insurance is provided.

  2. How Much Insurance Do I Need? What Does It Cost?

    B2Z offers affordable insurance to small business owners in Illinois. We cannot provide the exact cost here because it depends upon your total payroll cost, risks due to the specific type of work performed (employee classification) and the number of employees. It also depends on Illinois’s median rate index, which was set at $2.35 per $100 of payroll in 2020. We work with you to understand your requirements and provide the best options to meet them. 

How much will a B2Z policy cost your business? Answer a few questions and find out ASAP!