Does Your Business Really Need Workers’ Compensation Insurance?

Does Your Business Really Need Workers’ Compensation InsuranceDoes Your Business Really Need Workers’ Compensation Insurance?

If you’re a business owner, insurance for workers compensation in Champaign IL is essential to ensuring your business is not held financially and legally liable for any injuries your employees may incur while they’re on the job. Typically, workers’ compensation policies cover the medical and rehabilitation costs of any injured employee, regardless of who was at fault for the accident. In return for these benefits, your employee loses the right to sue you for damages.

Not only is obtaining a worker’s compensation policy a good idea, but in most states, it is also required by law. Failing to carry this type of insurance can cause your business to be faced with stiff fines and penalties. Generally, you are required to obtain a policy once your business has one or more employees.

How Cost is Calculated

The cost of workers compensation in Champaign IL is usually calculated using a simple formula. This formula is based on your business’ classification risk and the amount of each employee’s salary. Although your premiums are based on this formula, what your business pays for insurance can be increased or decreased depending on whether or not you offer health insurance, your past safety history, and other variables.

Don’t Let Your Business Remain Unprotected

A lawsuit made against you by an employee can cause your business severe financial harm. Don’t let your business remain unprotected and make obtaining workers’ compensation insurance a priority.

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