According to the 2016 Oregon Workers’ Compensation Premium Rate Ranking study, Illinois was ranked as the most expensive state in the Midwest in terms of workers’ compensation costs, and is tied with Oklahoma as the seventh-most expensive state in the United States.
Aside from that, the study reveals that Illinois is not an attractive site for firms looking to start blue-collar companies within the state.
Furthermore, the study says that just because a state has higher wages, that does not mean it should apply to have higher workers’ compensation premiums, as a premium rate of $2 per $100 of payroll on an $80,000 worker produces twice the amount of premium as the same premium rate does on a $40,000 worker.
On the other side of the fence, Illinois insurers saw their profits increase by 1.7% in 2015—better than the national average—as per the Illinois Department of Insurance’s 2016 Workers’ Compensation Insurance Oversight Report.
Our attorneys at Spiros Law, P.C. work together toward a noble end: providing a favorable result to our clients’ case and, in this case, helping them obtain their much-needed workers’ compensation benefits. Get in touch with a qualified member of our legal team by calling our Champaign-Urbana in Illinois offices today at (217) 328-2828.