When Is the Best Time to Get Workers Comp Insurance in Chicago?

Chicago is one of America’s largest cities and a hub for all kinds of businesses, from major corporations to mom-and-pop shops. With so many industries operating in the Windy City, workers compensation insurance is a must for nearly every employer. When is the optimal time for Chicago businesses to secure this essential coverage?

The straightforward answer is that the best time to get workers comp insurance in Chicago is before you hire any employees. Under Illinois law, nearly all employers with even one part-time worker are required to carry workers compensation with only a few exceptions. Otherwise, being uninsured can lead to hefty fines and lawsuits if an on-the-job injury occurs.  

Chicago Workers Comp Insurance Coverage: The Sooner the Better

Ideally, you’ll want to line up Chicago workers comp insurance with a provider like EMPLOYERS (America’s Workers’ Comp Specialist®) as soon as you start planning your business. Purchasing a policy early on ensures you’ll be compliant with state regulations when you do bring on employees. It also locks in rates, as insurers may increase premiums if you wait until after hiring staff.  

Buying workers comp insurance ahead of time also enables you to shop around for the best Chicago provider. Comparing multiple quotes allows you to find the most cost-effective coverage. This prevents you from having to hastily secure a policy right before opening your doors.

In addition, going without coverage, even for a short period, leaves you vulnerable to citations, stop work orders, and civil lawsuits. It only takes one workplace incident to land you in major legal and financial trouble.

Maintaining Chicago Workers Comp Insurance Coverage

The work doesn’t stop after initially purchasing a Chicago workers comp insurance policy. It’s imperative that business owners maintain insurance without any lapses in coverage. Even short gaps can spell disaster if an employee gets hurt on the job.  

Check in with your workers’ comp periodically to ensure your policy is active and up to date. Notify them immediately of any business changes that could impact your workers comp coverage in Chicago. This includes hiring additional employees, changing job duties, incorporating new equipment or technology, and expanding to other locations. 

Your insurer can advise if your premium needs adjusting to accurately reflect your workers compensation risks. Keeping them informed ensures you remain compliant and properly covered.

Choosing the Right Chicago Workers Comp Provider 

Partnering with the right insurance company is key to getting affordable and reliable workers comp coverage in Chicago. Specialists like EMPLOYERS offer services tailored to small and mid-sized local businesses like yours. Ideally, you want a provider who offers:

  • Discounted rates for your industry
  • Proactive safety guidance 
  • Return-to-work programs
  • Local claims adjusters

Additionally, work with an experienced provider who will find the best solution for your unique needs. Specialists like EMPLOYERS can offer ongoing support and policy management to keep your business protected.

Securing Chicago Workers Comp Insurance: The Bottom Line

Securing workers comp insurance early and through a trusted workers comp specialist like EMPLOYERS ensures Chicago businesses remain protected, legally compliant, and focused on what matters most – keeping your team safe so your company can thrive. Contact a broker to discuss your coverage options today.

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