Workers’ Compensation Insurance in Rolling Meadows, IL
Employers bear significant responsibility for the health and wellness of their workers. Protecting your employees by making your workplace and operations as safe and risk-averse as possible is integral to responsibly operating your business. However, regardless of how diligent and responsible you may be in suppressing risks and perils, employees may eventually suffer work-related injuries or illnesses. If that happens, your organization needs adequate workers’ compensation insurance to provide access to critical financial assistance.
Why Is Workers’ Compensation Insurance Important?
Workplace injuries and illnesses can have devastating effects on your employees’ short- and long-term health. Workers’ compensation coverage can provide financial resources to help affected workers manage losses and expenses related to their injuries or illnesses, including the following:
- Medical bills
- Lost or reduced wages
- Vocational rehabilitation
- Disability benefits
- Death benefits
Who Does Workers’ Compensation Insurance Cover?
As its name suggests, workers’ compensation policies provide financial protection for your business by providing insurance coverage for employees’ work-related injuries or illnesses. In addition, workers’ compensation insurance can help your company manage legal costs (e.g., defense, settlements, judgments) if a workplace injury or illness leads to a lawsuit.
Who Is Required to Carry Workers’ Compensation Insurance?
Illinois requires businesses with at least one part- or full-time employee to carry workers’ compensation coverage except in limited, specific circumstances. The experienced agents at V Financial Insurance Group can help your organization understand its obligations.
Who Pays for Workers’ Compensation?
Your organization is responsible for purchasing and maintaining an adequate workers’ compensation insurance policy. Premiums for coverage may vary significantly, and insurers must thoroughly analyze your business before providing a quote. In general, this process may include consideration of the following criteria:
- Employees’ work duties
- Total payroll
- Claims history
Get the Right Coverage
At V Financial Insurance Group, our mission is to help your business secure its finances and future using optimal coverage solutions. We will use our extensive knowledge and experience to help your organization assess its workers’ compensation insurance needs and acquire a suitable policy. Contact us today to get started.