As a business owner, you can’t afford to be unaware. It is your job to be educated on all of your many responsibilities concerning your employees. Worker’s compensation insurance is one of those areas you need to be an expert in. At Martin Insurance Team, serving Evergreen Park, IL, and the surrounding areas, we are here to ensure you always have the information you need to make smart insurance choices. Keep reading to learn more about worker’s compensation insurance. 

Required By Law

The state of Illinois requires all employers with at least one employee, whether full or part-time, to have worker’s compensation insurance. This is required by law to ensure that workers are not injured in the line of work and left unassisted. This would equate to a form of exploitation, so to protect the workers of Illinois, worker’s comp insurance is required by law. 

The Employer’s Responsibility 

It is of the employer to pay insurance premiums to provide this insurance coverage to their employees. Many employers like to consider this type of coverage as an employment benefit. However, this is not entirely true because all employers in Illinois are held to the same standard. Worker’s compensation insurance is not a special benefit your company offers to attract high-quality employees. This is just the company fulfilling its legal responsibility in Illinois. 

Consequences of Lack of Coverage

If business owners fail to comply with worker compensation guidelines, they could face fines and other consequences. In addition, if an employee is injured, you will be held liable for expenses that might arise from that injury. 

If you want to learn more about worker’s compensation insurance, please contact us at Martin Insurance Team, serving Evergreen Park, IL, and the surrounding areas. 

Having a significant retirement income is great. Legally avoiding taxes on a large retirement income is even better. The Martin Insurance Team in Evergreen Park, IL suggests five legal ways to protect your hard-earned dollars from the IRS and Illinois Department of Revenue when you retire.

Fund Your Roth IRA

There is no tax deduction for your contributions to your Roth IRA, but there are no taxes on the account’s growth. In 2023, you can contribute $6,000 a year into your Roth account if you are under 50 or $7,000 a year if you are 50 or older.

Contribute To a Roth 401(k) or Roth 403(b) 

Roth 401(k) or Roth 403(b) accounts are like a Roth IRA account in that investment growth, and withdrawals are tax-free. The difference is that you can contribute up to $20,500 a year, plus a $6,500 catch-up if you are 50 or older.

Municipal Bonds and Municipal Bond Funds

The interest you earn on municipal bonds is exempt from Federal income taxes. However, you may want to invest in municipal bonds issued outside of Illinois since municipal bonds issued in Illinois are included in your Illinois income.

Health Savings Accounts

Health savings accounts offer a triple whammy of tax avoidance. You get a deduction for the money you put into the plan. You don’t pay a tax on withdrawals. And you don’t pay a tax on the growth of your investment in the plan. However, it would be best if you had an appropriate health insurance plan to open an HSA. The Martin Insurance Team in Evergreen Park, IL can give you more information on your HSA.

Cash Value Life Insurance, the "Rich People Roth" Strategy

Have you maxed out your retirement contributions? Your answer may be a cash-value life insurance policy. You won’t get a deduction for your premiums, but you won’t pay taxes on the accumulated interest on your premiums, and you can get a policy that will pay you a fixed monthly income when you retire. Ask the Martin Insurance Team in Evergreen Park, IL for the details of the life insurance plan that will work for you!

Many Evergreen Park, IL residents ask the Martin Insurance Team if disability insurance and long-term care insurance refer to the same thing. Disability insurance and long-term care insurance (LTC) cover two different things. Private disability insurance covers your loss of income while you cannot work up to the age of 65 years. LTC policies cover payment for the healthcare needed when you need long-term care.

Neither covers only the elderly, and most young professionals should carry both types of insurance. Why? Because an accident can happen at any time that temporarily debilitates you. The disability coverage goes beyond what your employer provides through workers’ compensation. If you don’t work for someone else or you’re unemployed because you care for your household and children, you still need these two types of coverage.

You can obtain either type of policy with a pre-existing condition. The insurance won’t cover those items.

Of the two, disability insurance is more critical for those not yet 65. It pays you up to 60 percent of your typical monthly income. That means that you can continue to pay your bills.

Private disability insurance covers both short-term and long-term situations. If you’re involved in an accident that causes you to need to stay home from work for three months while recuperating, this type of policy covers partial income during that time.

It also provides that partial income if your injury means you cannot work for ten years. During that ten years, as long as you continue to pay the premiums, the insurance pays for your partial income.

Protect your way of life and income in Evergreen Park, IL by purchasing private disability insurance from the Martin Insurance Team.