From Illinois State University to Advocate BroMenn Medical Center, there are a lot of large employers in Bloomington. Regardless of a business’s size or type, employees sometimes get hurt on the job. Fortunately, a suitable workers’ compensation insurance policy can help to prevent workplace injuries from leading to large financial losses for the worker and the business alike.
Workers’ compensation coverage can be purchased through a commercial insurance provider. Some insurance companies are better suited than others to cover certain industries. A local independent insurance agent can help you find the best and most affordable coverage for your Bloomington business. Find an insurance agent near you to learn more.
Is Workers’ Compensation Insurance Required in Bloomington, IL?
Employers in Bloomington must remain in compliance with Illinois laws regarding workers’ compensation coverage requirements. As an employer, you are required to carry this insurance if you have any employees, even just a single part-time worker. Exceptions are made for:
- Sole proprietors who have no employees
- Family members who are corporate officers
- Direct family members who live in the same household as the employer
While the above do not need to be covered by law, you may opt to purchase coverage for them anyway. Failure to meet the state’s requirements for carrying coverage can result in one to three years in jail and/or a fine of up to $25,000.
How Much Does Worker’s Comp Insurance Cost in Bloomington?
Every business is different, and workers’ compensation rates reflect this. Your cost for coverage depends on the types of work your employees do and your company’s overall payroll. Each job is given a certain classification code, and rates for each class code are set by the Illinois Workers’ Compensation Commission according to the risks associated with each job.
Commercial insurers use these rates as a starting point and raise or lower rates according to your company’s claims history and experience modification. The following are the average rates paid per every $100,000 in employee payroll for three of the top industries in Bloomington, IL:
- Finance & insurance: $210 a year
- Educational services: $700 a year
- Health care: $1,910 a year
Of course, these are just average rates and the costs can vary according to more specific information regarding the jobs your workers do. A claims adjuster who travels to assess insurance claims is likely to cost more to insure than a financial analyst who spends all day sitting at a desk.
Talk to an independent insurance agent in Bloomington to learn how much workers’ compensation will cost you.
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Bloomington Workers’ Compensation Pays for the Cost of Medical Treatments
If employees are injured or suffer occupational illnesses because of the jobs they do, they can report their injury to a supervisor to begin the workers’ compensation claims process. As the employer, you can designate a selection of authorized physicians that these employees can go to in order to receive treatment and follow-up care.
Workers’ compensation may pay for treatment done by physicians outside the preferred providers list if the treatment was for a life-threatening injury that required immediate attention, if the injured employee is not located near any preferred providers, or if none of the preferred providers offers specialized treatment that is deemed necessary.
Bloomington Workers’ Compensation Insurance Provides Disability Coverage
Temporary disability coverage is designed to replace lost wages if an employee must take more than three consecutive work days off in order to recuperate. This coverage can provide injured employees with two-thirds of their average weekly wages during the time they are off work under doctor’s orders.
If an employee is approved by a physician for light-duty work while recuperating, they must report for this work or risk losing their disability benefits. If the light-duty job pays less than their previously earned wages, workers’ compensation can help injured employees by covering a portion of the difference in pay.
If an injury results in a long-term disability, workers’ compensation can pay two-thirds of the employee’s average weekly wages for an amount of time that is determined according to the nature of the disability. A worker who suffers a head injury with post-concussion syndrome and a 7.5% “loss of person-as-a-whole” may be entitled to 37.5 weeks of disability pay.
Workers' Compensation Covers Fatal Work Injuries in Bloomington
Sadly, employees are sometimes killed on the job. From collisions while transporting goods to catastrophic machinery malfunctions, these accidental deaths are hard on employers and the employee’s family alike. Workers’ compensation insurance can help surviving family members get through their loss by providing them with financial compensation.
For job-related fatalities, workers’ compensation can cover up to $8,000 in burial costs. It also provides death benefits to the deceased employee’s spouse and dependents. The employee’s children are generally designated as dependents until they turn 18. They may continue to be deemed dependents after that if they are full-time students or if they have some sort of disability.
Death benefits are paid out in an amount of two-thirds of the worker’s average wages for 25 years or up to $500,000, whichever is greater. If a deceased worker’s spouse remarries, the benefits will continue only if there are dependent children involved. Otherwise, the deceased employee’s spouse will receive a lump sum payment of two years’ worth of compensation, and then benefits will cease.
How to Appeal Workers’ Compensation Claim Denials
Workers’ compensation claims are sometimes denied. This may happen if your insurance company believes that the injury occurred outside the scope of the job, or if there is reason to suspect the injury was intentionally sustained or that the employee was under the influence of drugs or alcohol at the time the injury occurred.
If you feel that a workers’ compensation claim was unjustly denied, or if you are unsatisfied with a settlement amount, the decision may be challenged by contacting the Illinois Workers’ Compensation Commission to begin arbitration hearings.
Find the Best Workers’ Compensation Insurance in Bloomington, IL
If you are among the many employers in Bloomington who are required to carry workers’ compensation insurance, a local independent agent can help you find the right policy. These agents can match you up with an insurance company that specializes in covering businesses in your industry. Your agent can also ensure that you are getting your coverage at a competitive price.
Discover the many benefits of working with a local, independent insurance professional. Contact an insurance agent with an office nearby in Bloomington to get started.