Home to Caterpillar Inc.’s largest manufacturing plant, Decatur IL hosts businesses of many different sizes and industries. If you are among this city’s employers, it is your duty to provide your workers with a safe and healthy work environment. Still, accidents sometimes happen, which is why workers’ compensation insurance is so important.
If you are looking for a reliable and competitively priced workers’ compensation policy, you can benefit from contacting an independent insurance agent with an office in or near Decatur. Find an insurance agent near you to learn more.
Do Businesses in Decatur Need to Have Workers’ Compensation Insurance?
In Illinois, if you have employees, even if just one part-time worker, you are required by law to have workers’ compensation insurance. Exceptions are made for sole proprietors with no employees and for direct family members who live with the employer. Family members who are corporate officers also do not need to be covered.
Failure to carry required workers’ compensation coverage can result in a felony conviction that is punishable by imprisonment for up to three years and a fine of up to $25,000. Let a local independent insurance agent help you find a policy that will keep your business compliant with the law.
How Much Does Workers’ Compensation Insurance Cost in Decatur, IL?
Your cost for coverage will be based on your company’s overall payroll and the types of jobs your employees do. The Illinois Workers’ Compensation Commission annually publishes rates for thousands of different job classifications. Insurance companies covering Decatur businesses must use these rates when calculating your cost for coverage.
The following are average rates paid per every $100,000 in employee payroll for the three most common business industries in Decatur, IL:
- Health Care: $1,910 a year
- Educational Services: $700 a year
- Accommodation & Food Services: $2,545 a year
Of course, these are just average rates. Actual costs can vary according to more specific information regarding the jobs your employees do. A health care worker who makes visits to patients’ homes would cost more to insure than a nurse who works in a dermatology office.
Talk to a local independent insurance agent to find out how much workers’ compensation will cost for your particular business.
Decatur Workers’ Compensation Covers Medical Care for Worker Injuries
If your employees are hurt while doing their jobs, or if they suffer an occupational illness caused by exposure to toxic substances in the workplace, they will need to seek medical attention.
Workers’ compensation for Decatur businesses is designed to cover the cost of all necessary medical treatment, medications, and follow-up care, including physical therapy and long-term care, if needed.
As the policyholder, you can provide your employees with a list of physicians who are authorized to treat work-related injuries. Exceptions are made for life-threatening injuries that require immediate care. In that case, workers’ compensation would cover treatment at the closest emergency room, and follow-up care would then need to be administered by a doctor on the preferred physician list.
Decatur Employees Get Disability Coverage through Workers’ Compensation
Temporary disability coverage is designed to replace lost wages if an employee must take more than three consecutive days off work due to a work-related injury. This can provide your employee with two-thirds of their average weekly earnings for the duration of their recovery.
If a physician approves an employee to return to work but stipulates that they can only do light-duty work, the employee must report for this work or risk losing their disability benefits. If the light-duty work pays less than their previously earned wages, workers’ compensation can help to bridge the income gap.
If an employee suffers a serious injury and becomes permanently disabled, they may be able to collect two-thirds of their average weekly wages for a number of weeks as determined by the severity of the injury. Accidents that cause disfigurement also entitle the employee to compensation, even if the disfigurement does not impair their ability to work.
Decatur Workers’ Compensation Covers Job-Related Fatalities
Sadly, workplace injuries are sometimes fatal. If an employee dies because of a severe injury or an occupational illness, your workers’ compensation policy can provide death benefits to surviving family members.
Workers’ compensation insurance will cover your employee’s burial expenses in an amount of up to $8,000. It will also provide compensation to a surviving spouse and dependents in a weekly amount of two-thirds of the deceased employee's average weekly wages in the year prior to the fatal accident. This benefit will continue for up to 25 years or up to $500,000, whichever is greater.
Find the Best Workers’ Compensation Insurance in Decatur, IL
If your Decatur business is required to carry workers’ compensation insurance, you can be certain you are getting a great policy at a competitive rate when you work with a local independent insurance agent. These agents can help you get matched up with a reliable insurance company that specializes in covering businesses like yours.
Contact an insurance agent in or near Decatur to learn more and start comparing customized workers’ comp insurance quotes.
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