Potential hazards and health risks are everywhere, even in industries that are seemingly safe. As a small business owner, you must protect your employees from dangers and unsafe environments. If an employee is injured, there are multiple insurance options available to them recover. Many new business owners have questions about which coverages are mandated by Illinois employment law.
Health Insurance Coverage
Employers pay hefty costs to offer health insurance, but is it necessary? Deductibles and premiums are higher than workers’ compensation insurance, but health insurance does cover a wide variety of injuries and illnesses, including those that did not occur at work.
Health insurance benefits are not required but can be an added perk to your employees. If you have a small business of fewer than ten employees, discuss the options with your employees. Some people would instead choose their own insurance rather than have the “cookie cutter” plan offered by group benefits, and they may be able to find a better price than is being provided by the group policy.
However, as a business owner, it is a good idea to shop around for group policies, because discounts are available. If you can get a good deal, it is a benefit that could keep a qualified employee satisfied and working for your company longer.
Workers’ Compensation Explained
Workers’ compensation is an insurance that offers both wage replacement and medical benefits to employees that are injured or become ill while at work. Unlike traditional health insurance, employees need not worry about covering the deductible; the insurance company sends the bill to the employer. Employers benefit from having this coverage because if an employee files a claim, they generally agree to relinquish their rights to sue their company for damages.
Illinois requires all employers, and business entities offer workers’ compensation coverage, even if they opted to purchase a healthcare plan. The only positions that Illinois excuse from the workers’ compensation insurance requirements include:
- Sole proprietors (you do not have any employees);
- Business partners;
- Corporate officers;
- Members of a limited liability company;
- Family members that live with the business owner.
Retain the Assistance of an Illinois Small Business Attorney
If you have a small business, you should have a Schaumberg small business attorney available to answer your questions at all times. Insurance, wage, and other regulation violations are costly and damaging to the reputation of any business, diminishing the potential for success. Miller Law Firm, P.C. can help you establish your business, offer sound advice with regards to requirements, and defend your interests in employee litigation. Contact our office today at 847-995-1205 for a confidential consultation.