All states require employers to obtain workers compensation insurance either through self-insurance or an insurance carrier authorized to write workers compensation policies, such as Oliver & Associates, LLC. The coverage protects businesses from costly lawsuits and helps workers avoid a financial crisis after an injury in the workplace.
Accidents will happen on the job and workers’ compensation insurance protects your employees should a work-related injury or illness occur during employment.
Payments to the injured worker can include medical payments, loss of wages, or therapy. At the very minimum, workers’ compensation insurance will cover an employee’s medical expenses and reimburse him or her for some percentage of lost wages.
Rates for workers comp policies are dependent on the degree of hazard that each occupation carries. Each occupation is coded and defined by state laws.
Premiums are determined by the amount of payroll in each occupation code and is subject to annual audit for verification.
The penalty for failing to comply with the Illinois Workers Compensation Act is a fine of up to $500 per day of noncompliance, with a minimum fine of $10,000.
Employers with one or more employees are subject to the provisions of their state’s Disability Benefits Law. This law provides benefits to employees who may be become disabled because of injuries/sickness off the job or that may arise from other conditions such as pregnancy. Payments for these types of benefits are only allocated for the payment of wages, unlike that of workers compensation which provides payment for medical costs.
If you have a question about workers compensation coverage or disability benefits, contact Oliver & Associates today. Our experienced professionals are here to ensure you have the coverage you need to protect your business and your employees.