Workers’ Compensation is Assurance for Employer & Employee Alike
If you’re a business owner, it’s important to have the appropriate insurance protection in place if an employee is injured on the job. Trying to obtain workers’ compensation coverage after the fact simply will not work. In other words, you need to be covered in advance. That’s exactly what a proper workers’ compensation policy does: It ensures that an injured worker's medical and financial needs are taken care of when accidents happen.
What is Workers' Comp? Who Needs It?
Workers’ compensation insurance spreads and shifts the risk for on-the-job employee injuries from employers to insurance providers. Doing so protects your business from work-related claims and legal exposure. Business owners can breathe easier knowing employees will be properly cared for if an accident happens without posing a threat to the company’s profitability or its solvency.
And workers’ compensation provides reimbursement regardless of who’s at fault for an on-the-job injury. If the injury occurs during the normal scope of normal job duties, workers’ compensation will pay all applicable benefits.
What Does Workers' Compensation Cover?
Workers’ Compensation covers several expenses related to a worker's recovery from an on-the-job incident:
When Should I carry Workers' Compensation Insurance?
In terms of required coverage, Texas workers’ compensation law provides business owners with greater flexibility compared to other states. However, even if you're not legally required to carry workers’ compensation, Lentz-Gann Insurance Agency recommends it. If an employee sustains an on-the-job injury, responsibility for related medical payments and lost wages will ultimately fall on you, the business owner.
For more information regarding Texas Workers’ Compensation, you can visit http://www.tdi.texas.gov/wc/employer/index.html.