Tinley Park is a rapidly growing village in Illinois. Many businesses, ranging from lawn care companies to clothing boutiques, can be found in this Chicago suburb. Sometimes workers at these businesses can be hurt while on the job. When this happens, workers’ compensation insurance can absorb the costs of medical treatment and lost wages.
If you are among Tinley Park’s employers, an independent insurance agent can help you find the best and most affordable workers’ compensation policy to cover your business. Contact an insurance agent near you to learn more.
Is Workers’ Compensation Insurance Required in Tinley Park?
Most Tinley Parks businesses need to have worker’s compensation insurance. The state of Illinois mandates that all employers must carry workers' compensation insurance, even if they only employ a single part-time worker.
There are a few exceptions, such as for sole proprietors and workers who are family members of the employer. However, all workers in hazardous occupations like construction and transportation must be covered, even if they meet the criteria for exceptions.
Workers’ compensation insurance can be purchased through a commercial provider. Or, with approval, your company may opt to self-insure. Fewer than 10% of Illinois businesses opt to self-insure. Most employers find purchasing a workers’ compensation policy to be a more financially sound option.
Knowingly and willingly failing to carry workers’ compensation is a Class 4 felony in this state. It can result in a fine of $500 for each day not covered (with a minimum fine of $10,000) as well as jail time for corporate officers. In other words, it’s not worth the risk. Contact an independent insurance agent for help getting coverage for your Tinley Park business.
How Much Does Workers’ Compensation Insurance Cost in Tinley Park?
Workers’ compensation costs are calculated based on how likely your employees are to be hurt on the job according to the types of jobs they do. Therefore rates can vary significantly from one industry to another.
Every occupation is assigned a classification code, and coverage rates for each of these class codes are regulated by the Illinois Workers’ Compensation Commission. Insurance companies use these designated base rates when calculating costs. Let’s take a look at the average rates paid per every $100,000 in employee payroll for three of the top industries in Tinley Park, IL:
- Health care: $1,910 a year
- Construction: $22,910 a year
- Educational services: $700 a year
Obviously, a construction worker helping to build some of Tinley Park’s new home communities is far more likely to be injured at work than a math tutor, and workers’ compensation costs reflect this. Of course, there are many different kinds of jobs under each broad industry umbrella, so even within these industries, you can find a wide range of rates.
For assistance getting actual, customized workers’ compensation quotes for your particular business, contact a local independent insurance agent.
What Does Tinley Park Workers’ Compensation Insurance Cover?
Workers’ compensation insurance is designed to cover the various costs associated with on-the-job injuries and occupational illnesses. You can expect your policy to cover the following:
- Medical treatment: Workers’ compensation will cover all costs associated with necessary medical treatment related to occupational illnesses and injuries. This includes any necessary follow-up care, medications, physical therapy, and other care. Employers are permitted to assign a list of authorized providers that their employees may go to for treatment.
- Temporary partial disability: If an employee is cleared to return to work but with temporary limitations or restrictions, workers’ compensation can cover a portion of the difference in pay until they can return to their normal jobs.
- Temporary total disability: If an employee needs to take more than three consecutive days to recuperate from a work-related injury, they will be able to collect a weekly benefit of two-thirds of their average weekly pay until they can return to work.
- Permanent partial disability: If an employee suffers a permanent work injury that enables them to continue working but in a limited capacity or a different type of job, they can receive compensation of two-thirds of their average weekly wages for a number of weeks that is determined according to the nature and severity of their impairment.
- Permanent total disability: If a work-related injury is so severe that the injured worker will be unable to ever return to work, workers’ compensation insurance can provide them with a weekly benefit of two-thirds of their average wage for the rest of their life.
- Survivor benefits: If a work-related injury or illness leads to a fatality within four years, workers’ compensation can ease the financial burden on surviving family member by covering burial expenses up to $8,000 and providing the employee’s spouse and dependents with compensation of two-thirds of the employee's average weekly wages for 25 years or up to $500,000, whichever is greater.
You can learn more about workers’ compensation insurance by speaking with an independent insurance agent in Tinley Park.
What If Your Workers’ Compensation Claim Is Denied?
Insurance companies sometimes deny workers' compensation claims. This might happen for a number of reasons, such as if your insurer suspects that the injury did not actually occur while the employee was on the job, that the injury was intentionally self-inflicted, or that the injured employee was under the influence of drugs or alcohol at the time of the accident.
If you believe that your workers’ compensation claim was unjustly denied, you can appeal the decision by filing a petition with the Illinois Workers’ Compensation Committee (WCC). The WCC will assign an arbitrator who can schedule a hearing to review the facts of the case.
Find the Best Workers’ Compensation Insurance in Tinley Park, IL
If you are looking for the right workers’ compensation policy to cover your Tinley Park business, an independent insurance agent can help. These agents can help you obtain and review rates from insurance providers that specialize in covering businesses in your industry. That way, you can be sure you are getting your coverage at a competitive price.
Discover how easy it can be to find an ideal workers’ compensation policy for your business. Contact an insurance agent in or near Tinley Park, IL to start comparing customized quotes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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