In the state of Illinois it is the law to have a Workers’ Compensation policy for your business. Maybe you have 1099 employees, or a part time employee and feel you don’t need it. That is far from the truth! Penalties for not having Workers’ Compensation Insurance start at $500 for every day without coverage with a minimum fine of $10,000.

There are generally two parts to the policy:

  • Workers’ Compensation: Benefits employees that have been injured or contract a disease during their employment. These benefits included medical expenses, rehabilitation, lost wages and death benefits.
  • Employers Liability: Protects an employer against a claim not covered by worker’s compensation including negligence by the employer.

The employer has the option to include or exclude themselves from the coverage. Workers’ Compensation premiums are based on employee payroll. If the owner elect’s coverage, his or her payroll must be included (Please Note: There is a minimum payroll amount depending on company status I.E. Corp, LLC, Sol Pro., Etc.)

When choosing limits, Winmore Insurance Services LLC. (A Chicago Based Company) recommends you choose $500,000/$500,000/$500,000. This ensures your umbrella policy overlaps this coverage and provides maximum protection.

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