WORKERS' COMPENSATION INSURANCE
Our local Schaumburg team guarantees that when you need us, we'll be there.
We can find discounts on workers comp insurance you may not find on your own.
An workers comp insurance policy is a contract between you and an insurance company. You pay a premium and in exchange, the insurance company promises to pay for specific financial losses during the term of the policy. We can help you determine the best coverage for your needs.
Workers’ Compensation protects your business.
Workers’ comp insurance is mandated by the state and in each state the wage and medical benefits will vary. To protect your business, this type of insurance will provide benefits to your employees who may be injured or become ill at work. Workers’ comp provides medical expenses, lost wages, and rehabilitation costs. There may also be death benefits to families of employees who are killed on the job
Who is required to carry workers’ compensation insurance?
Almost all states require businesses with employees (non-owners) to purchase workers compensation coverage for those employees.
Businesses that do not provide workers’ comp coverage can face costly consequences including fines, out of pocket payments for claims and possible imprisonment. You may also lose your right to conduct business in that state.
How costs for Workers' Comp is determined
Workers’ comp insurance premiums are calculated according to how employees are classified (with regards to the specific type of work they perform) and the rate assigned to each employee classification. These classes are defined by what is known as experience ratings. The premium rate itself is expressed as dollars and cents per $100 dollars of payroll for each class code.
TIPS TO LOWER YOUR WORKERS' COMP INSURANCE COSTS
Practice Safety First
Maintain a safe workplace to reduce worker injuries. Provide safety training to all employees. An outside safety evaluation can also provide additional information to assist with implementing safety changes
Return to Work
As its name suggests, a return to work (RTW) program is a plan established by a business to help reintegrate injured workers into the workplace. The goal is to return employees to the workplace as soon as they are medically able. A well-run RTW program affords benefits to both employers and their workers.
Provide Accurate Payroll
Workers compensation premiums are based on projections of your payroll for the current policy period. If the projections are too high, your premium will be higher than it should be.
We write insurance in Illinois and Wisconsin and would be happy to help you ensure you have the right car insurance coverage.