Workers Compensation Insurance
A key issue for your company
When a catastrophic liability loss occurs, an umbrella insurance policy can mean the difference between a business surviving, or not. Helps you protect your assets by providing liability limits above and beyond your other insurance policies.
One of the insurance advisors at Green Oak Insurance can review your business insurance needs and recommend what kind of liability coverage you need to protect yourself and your company. Contact us today to schedule an appointment.
Why Workers Compensation Insurance?
A key part of running your business is keeping employees safe at work. However, if one of your employees does suffer an injury, Workers Compensation coverage provides you and your employees with important protection.
You pride yourself on operating a safe, secure work environment where your employees can perform to the best of their ability while helping your business grow. Even in the most ideal circumstances, the reality is that accidents and illness still happen.
A slip and fall at a restaurant resulting in broken bones, an equipment malfunction at a construction site causing eye injury—it could be any number of things.
Am I required to have Workers Compensation Insurance?
Workers Compensation coverage is a state-mandated insurance program that covers lost wages and medical treatment resulting from an employee’s work-related injury or illness. It also covers services needed to help an employee recover and return to work.
How Much Is Workers Compensation Insurance in Illinois?
Because coverage requirements vary by state, the cost of Workers Compensation depends on where your business operates. Other factors that affect your rates include
The number of employees you have.
The type of work your employees do.
Your claims history.
Your Industry
Like all insurance, Work Comp is priced based on risk
Riskier industries and jobs are more expensive to insure than less risky ones. To make sure prices are as fair as possible, they’re determined by classification codes. Each type of work or industry has a unique code that classifies the industry and risk, and helps the insurance carrier determine a suitable rate.
One way to save money on your Workers Comp policy is to make sure you’ve classified every employee correctly. The secretary for a construction firm, for example, will have lower rates than the bricklayers.
At Green Oak Insurance Agency, we understand the importance of keeping your employees safe and sound. After all, they are the foundation of your business.