MELROSE PARK, Ill. (AP) — Companies in Illinois should see their workers' compensation premiums drop because Gov. Pat Quinn on Tuesday signed a new law overhauling the system that takes care of employees injured on the job.

"We're going to be helping the employers of Illinois, the workers of Illinois, all of those who are committed to economic growth by designing a law that will help our employers of Illinois reduce their premiums for workers compensation insurance by a huge amount," Quinn said at a bill-signing ceremony at a Navistar plant in the Chicago suburb of Melrose Park.

Illinois Retail Merchants Association head David Vite said changes in the business-funded insurance system that pays the medical costs of injured workers and compensates for lost wages would save companies between 10 percent and 20 percent on their workers compensation premiums. Quinn said the system also would become more efficient for injured workers.