A Publication of WTVP

As many business owners renew their workers compensation policies this year, they’ll probably see an increase. The insurance marketplace is beginning to see a reduction in the double-digit rate increases, but our new governor passed a little-known tax on all work comp policies. There’s a 1.5 percent Illinois Industrial Commission tax added to all workers compensation policies. Last year was terrorism coverage, and now more taxes. The reality is that neither is going away. So let’s take a look at some of the ways to help reduce costs when it comes to work comp insurance. 

This is just a small example of some helpful hints in controlling the costs of your workers compensation insurance, which could have a negative impact if left unmanaged. Again, I encourage you to spend time with your trusted insurance professional in reviewing the need for the above-mentioned services and others that pertain to your specific business. The insurance industry is rapidly changing based on market conditions. Make sure you do periodic reviews of your business in relation to the changing insurance marketplace. IBI