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Illinois rates have been declining over that past few years due to helpful legislative reform in the state. The median rates in Illinois have improved from the 4th most expensive to the 7th most expensive rates in the country. Evidence suggests the trend is likely to continue through 2022.
Although the average rate is still 27% higher than the median rates, the good news is that many insurance companies have began aggressively pricing workers' comp rates again in Illinois over the past few years. This new found competition, along with recent comp reform in Illinois, should help drive rates down for the foreseeable future.
Illinois is an NCCI state like most other states. This means that NCCI oversees employers' experience modifiers and collects all data for the state including claims, class codes, premiums, and payroll. They analyze this data and make annual recommendations to carriers and to the IL Department of Insurance. Every Insurance company is required to file their rates with the state for approval each year.
Workers' compensation rates still vary for the same class codes in Illinois because insurance companies can apply policy credits and debits up to 25% to adjust their filed rates. More discounts may also be added to a policy depending on the size of payroll and overall claims experience.
Don't pay too much for your workers' comp coverage in Illinois. Our agents know how to negotiate the lowest rates for your workers' comp coverage. Find out how our knowledegeable agents, expert advice and more choices lead to the best workers' comp rates.
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What influences my workers comp insurance cost?
Insurance companies file their "base manual rates" for approval with each state for all class codes. Rate recommendations are generally made to the state and carriers annually by the
National Council on Compensation Insurance.
Employee claims are reported to NCCI and statistically compared with all other
similar type businesses using the same class code in each state. An
Experience Modification Rate may apply to your business after a few years of coverage.
Insurance company underwriters are permitted to make premium rate adjustments based
on unique factors about your business, safety practices, and management
experience in most states.
Insurance companies may apply policy credits and debits to the base
manual rates. Additional discounts can be applied to premium as the total payroll &
Smart Agents with expertise in workers' compensation insurance utilize this information to negotiate your insurance rates with underwriters. A good narrative about your business helps
insurance companies justify a better price.
We Track and Monitor Filed Rates for Most State Class Codes. Select Codes Listed:
The workers' compensation insurance rates listed below for Illinois represent the current insurance rates for 2020. Illinois rates are regulated by the Illinois Department of Inssurance. Insurance companies may be able to offer discounts and credits on workers comp coverage. We also offer Pay As You Go insurance coverage in Illinois.
Illinois workers comp rates vary by their NCCI class codes and insurance company underwriting guidelines. Employers' who have an Experience Modification Factor (E-MOD) assigned to their business may have additional credits or debits applied to their insurance rates based on their premium and prior workers compensation losses or claims.
State Resources for Illinois
Illinois Department Of Insurance
320 W. WashingtonSpringfield, IL 62767217-782-4515 IL Dept. of Insurance
Illinois Workers Compensation Commission
100 W. Randolph, Ste 8-200Chicago, IL 60601312-814-6611 IL Workers Comp Commission
Illinois is under the Jurisdiction of the National Council for Compensation Insurance (NCCI) and contracts with NCCI as the state Assigned Risk Pool.
Our agency helps IL employers find state fund workers' comp in Illinois. If we can't find more affordable rates with a private insurance provider we can you help buy a state fund policy.
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Get more information about workers' compensation in Illinois:
Workers Compensation Info
Workers Comp Programs
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