Illinois Workers' Compensation Rates

Illinois workers' compensation rates decreasing throughout 2024.

Illinois rates have been declining over that past few years due to helpful legislative reform in the state. The median rates in Illinois have went from the 24th most expensive to the 19th most expensive rates in the country. Evidence suggests the trend is likely to s through 2024.

Although the average rate is still 9% 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.