What is a workers' compensation insurance policy?

A workers’ compensation insurance policy is a type of insurance specifically designed to protect employers and employees in the event of an injury or illness that occurs as a result of work. In the state of Illinois, employers are required to carry such a policy in order to provide workers with financial protection should an injury or illness occur while on the job. A workers’ compensation insurance policy is designed to cover an employee’s medical expenses, lost wages, and rehabilitation costs associated with a work-related injury or illness. Additionally, it provides an employee with a death benefit should a workplace injury or illness result in death. The policy is paid for by the employer, however, the costs associated with workers’ compensation benefits are paid out by the insurance company. This ensures that if an employee is hurt or becomes ill due to their job, regardless of who is at fault for the incident, they are still financially protected by the employer. In the state of Illinois, employers must carry a valid workers’ compensation policy in order to be in compliance with the law. Failure to do so may result in serious penalties and fines. For this reason, employers should make sure to shop for the best possible policy for their company and employees.

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What is a workers' compensation insurance policy?

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