Small Business Health Insurance in Illinois
Because of Illinois’ central location, the state has been a business and transportation hub for the entire US since the early 1800s. The state is a mix of rural areas, small industrial cities, and the large Chicago metropolis. The economy is as diverse as its population. Corn, soybeans, hogs, cattle, dairy products, and wheat are outputs of the thriving agriculture industry. Other important industries include machinery, food processing, electrical equipment, chemical products, publishing, fabricated metal products, transportation equipment, petroleum, and coal. All types of small businesses of all types are doing well in this vibrant economy.
Small business owners are vulnerable because of their small workforce. They depend on retaining quality staff and keeping that staff healthy and on the job. Affordable health insurance can help owners meet this goal. These owners also know that premiums are rising because of the increase in health care costs. Fortunately, the state of Illinois actively strives to keep an atmosphere of competition among the health care providers in the state. This competition helps to keep small business costs down.
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Insurance Information Resources for Small Business
- Most small businesses will need to provide workers’ compensation insurance and unemployment insurance as well as health insurance. Comprehensive packages are available.
- Self-employed business owners may be able to deduct 100% of their health insurance costs from their taxes.
- Illinois has several online business pages specifically designed to help businesses of all sizes learn about state licensing and registration requirements. They also have information about state labor laws, funding, business incentives, and taxes. This state resource can help compare health insurance companies.
- The Illinois Small Business Administration offers counseling and training in their offices in Chicago and Springfield. They also have a start-up kit available for small business that includes information about health insurance.
Once you have completed your research about what types of insurance are necessary for your business, find out about the insurance agents with whom you are considering doing business. The Illinois Better Business Bureau has offices in Chicago and Peoria. They also send some inquiries to Evansville, Indiana and Saint Louis, Missouri. You can also examine the background of the individual insurance carriers at the Illinois Department of Financial and Professional Regulation Division of Insurance.
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