Peoria Workers' Compensation Insurance

Complete Guide to Peoria, IL Workers' Compensation Insurance

(Find the right workers' compensation policy for you.)

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Peoria, IL has been a manufacturing town since 1830 when a flour mill was constructed on Kickapoo Creek. Today, there are numerous employers in this city ranging from Caterpillar Tractor Co. to the many shops in Northwoods Mall. Regardless of the types of jobs they do, if employees are injured on the jobs, workers’ compensation insurance can cover their medical treatment and lost wages.

If you are looking for a reliable and competitively priced workers’ compensation policy for your Peoria business, you can benefit from the help of an independent insurance agent. Find an insurance agent near you to learn more.  

Do Employers in Peoria Need to Have Workers’ Compensation Insurance?

In the state of Illinois, if you have employees, you are required by law to carry workers’ compensation insurance. This is true even if you only employ a single, part-time worker,

There are, however, a few exceptions. Other than when applicable to workers in hazardous jobs like roofing and trucking, it is not necessary to cover sole proprietors with no employees, direct family members who live with the employer, or family members who are corporate officers.

Knowingly and willingly failing 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. It is therefore to your advantage to allow an independent insurance agent to help you find a suitable and competitively priced policy.

How Much Does Workers’ Compensation Insurance Cost in Peoria, IL?

Your cost for workers’ compensation insurance will be based on your company’s overall payroll and the risks involved in the types of jobs your employees do.

The Illinois Workers’ Compensation Commission assigns base rates for thousands of different job classifications. Insurance companies covering Peoria businesses must use these rates when calculating costs. They are, however, able to make adjustments based on the employer's experience modifier and worker safety record, so comparison shopping has advantages.

The following are average rates paid per every $100,000 in employee payroll in the three most common business industries in Peoria, IL:

  • Health care: $1,910 a year
  • Educational services: $700 a year
  • Machinery: $6,460 a year

Of course, these are just average rates. Actual costs can vary according to more specific information regarding the jobs your employees do. Talk to a local independent insurance agent to find out how much workers’ compensation will cost for your particular business.

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Peoria 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 fumes or substances in the workplace, they will need to seek medical attention.

Workers’ compensation insurance 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. Employees are not to be charged any amount, including co-pays for these treatments and therapies.

As the policyholder, you can provide your workers 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. Follow-up care would then need to be administered by a doctor on the preferred physician list.

Peoria Workers’ Compensation Insurance Provides Disability Benefits

If an employee suffering from a work-related injury or illness must take off more than three consecutive days of work, they can receive disability compensation in an amount equal to two-thirds of their previously earned wages. There are different types of disability.

For employees who are temporarily disabled and unable to work while recovering, benefits can continue until they are able to return to work. A partially disabled worker who has been released to work but in a limited capacity while recovering can receive benefits to bridge the gap between their previously earned wages and the wages earned in a the more restricted job.

If an employee suffers a permanent disability that requires them to find a different kind of job, compensation can be paid for a length of time commensurate with the type of injury and the employee’s impairment rating. If the disability leaves the employee fully unable to work in any capacity, benefits will continue for life.

Peoria Workers’ Compensation Covers Job-Related Fatalities

Unfortunately, workplace injuries sometimes prove fatal. If a workplace injury or occupational illness results in an employee’s death within four years, your workers’ compensation policy can provide 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 death benefit 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 can continue for up to 25 years or up to $500,000, whichever is greater.

Find the Best Workers’ Compensation Insurance in Peoria

When shopping for workers’ compensation insurance for your Peoria business, 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 in your industry.

Contact an insurance agent Peoria to learn more and start comparing customized workers’ compensation insurance quotes.

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