Do You Have Workers’ Compensation Insurance for Your Employees?
Workers’ Compensation is often overlooked by chiropractic physicians. Do you know the requirements as an employer in Illinois? We provide information on this topic this week. Watch the video to learn more!
The ICS offers discounted workers’ compensation insurance for our members. To get a quote click here.
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Transcript:
An area that is often overlooked by chiropractic physicians is workers’ compensation, and a lot of that is really wrapped up in how a practice kind of migrates from the ground up. But really we wanted to cover today to make sure that you understand what the requirements are as an employer in Illinois. The short answer is, you know, to the question of, do you need to have workers’ compensation insurance for your employees. The answer to that exact question is yes. In other words, if you have employees in your practice, then you are required to carry workers’ compensation insurance for them in Illinois.
Now, are there exceptions to that rule? There are a couple of very, very narrowly defined exceptions. For example, if you’re a sole proprietor and you have no one else working for you, and you’re the only employee as an owner, then you would not be required to have workers’ compensation insurance. Additionally, if you’re a partnership right in that, and it’s just two physicians, right, two owners of the clinic, then you could opt out of workers’ compensation insurance. However, if you have any non-physician employees working for you, then the answer is, you’ve got to have work comp insurance. You have to have it, it is a requirement, and that is really no matter how many hours they’re working. So even if they’re part-time, you’re going to be required to have work comp. Now, as an owner, as an officer of a Medical Corporation, for example, you could opt out yourself, but your employees, so it would be all non-physician employees, and all associate doctors, for example, that are just employees and not corporate officers or owners with you in a partnership, then they would also have to have work comp insurance. You can’t not purchase it for them.
Now, what are the fines and penalties? Well, it’s actually $500 a day for not having the insurance for every day that you go without work comp insurance. And instead of setting a maximum fine, they actually set a minimum, and the minimum fine is $10,000 so it’s definitely worth stepping up and getting work comp insurance. You know, of course, for your employees, it’s because it’s the right thing to do but also to avoid any kind of fines and penalties you may run into. How did you get started? I would recommend that you talk to your local insurance broker and start getting some quotes.
When you’re getting the quotes, if you weren’t aware, the Illinois Chiropractic Society does have a member benefit for workers’ compensation insurance because there are so few work comp cases that come out of a chiropractic physician’s office, then the premiums typically are lower for our doctors, as long as they’re defined properly in the in that in that quote process. And so we would encourage you to jump out and take a look at our program. It’s through AmeriProtect out of Michigan, but they are fully licensed in Illinois. We actually use them as an association, and the doctors in Illinois that have used this member benefit are seeing the savings, you know, up to 25% that’s what we realize here is an association. But you can actually go get that quote. The direct, quick, easy link is ilchiro.org/wc that’s ilchiro.org/wc and it’ll take you right over to how to get started and get those quotes for you. But you can also check with the carrier of your standard liability insurance to make sure that you have the appropriate coverage and work comp insurance for your employment level that you have and the employees that you have in your practice. Hopefully, this information helps you out. We’ll catch you next week.
