Workers' Compensation Insurance

Worker's Compensation Insurance provides coverage to protect businesses from costly lawsuits and helps workers avoid a financial crisis after an injury.

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.

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What is Workers' Compensation?

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.

How Much Does a Workers Compensation Policy Cost?

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.

Illinois Workers' Compensation Laws
Workers' Compensation Insurance

Illinois Workers' Compensation Laws

Workers’ Compensation laws vary slightly by state. In Illinois, businesses are required to have workers compensation for nearly all hired personnel, including part-time workers, with these exceptions:
• Sole proprietors, business partners, and corporate officers.
• Members of limited liability companies.
• Family members who are corporate officers.
• Family members who work for an agricultural enterprise that employs less than 400 working days of labor per quarter during the preceding calendar year, exclusive of the working hours of the employer’s immediate family members who live with him or her.

Is Compliance Important?

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.

Disability Benefits

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.

Contact Oliver & Associates for Workers' Comp Coverage

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.


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