Illinois - Self-Insurer's Workers' Compensation — required surety bond in Illinois. Apply online in minutes.
The Illinois Self-Insurer's Workers' Compensation Bond is a financial guarantee required for employers who choose to self-insure their workers' compensation liabilities. It guarantees that the employer will fulfill their obligation to pay required medical benefits and lost wages to injured employees. If the employer defaults on these payments, the surety bond provides funds to cover the claims.
This bond is needed by qualifying businesses in Illinois that elect to self-insure their workers' compensation risks rather than purchasing a traditional insurance policy. Both individual employers and group self-insurance pools may be required to secure this bond. Requirements vary, so employers should verify their status with the state.
The obligee requires this bond to protect injured workers and the state from financial harm. It serves as a critical safety net, ensuring that employees receive their appropriate benefits even if the self-insured employer becomes insolvent or bankrupt.
Click the Apply Now button to complete our secure, roughly 5-minute online application. Once your application is processed and approved, your bond will be conveniently delivered to you by email. For assistance, you can contact Noah Insurance Agency at 814-718-0060.
Premiums vary widely based on the applicant's financial health, credit history, and the total bond amount required. To get an exact figure, please apply online or call Noah Insurance Agency at 814-718-0060.
The required bond amount varies depending on factors like your company's payroll size and claims history. You must verify your specific bond amount requirement directly with the Illinois Workers' Compensation Commission.
No, a surety bond is a financial guarantee, not an insurance policy. It is required specifically for employers who have been granted permission to self-fund their own workers' compensation claims.
Approval times vary depending on the complexity of your financial review. We recommend starting the online application as soon as possible to receive your exact rate and approval status.
Send us a note or call 814-718-0060 — a licensed agent will confirm the bond amount and requirements for you.
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