Workers Compensation Information
Workers Compensation Insurance
Serving Texas Businesses Since 1999
You've started a business and now you're ready to bring in great talent and dedicated workers. A business is only as good as its employees, after all, so you're excited to bring in a team that will push your company to its best. But before you hire anyone, you need to make sure that your workplace is safe and inviting. This includes having workers compensation insurance in place in case an employee gets hurt. Even with the best safety measures, accidents happen. Slips, falls, dog bites and more can occur at work, and it's important that the employees are able to receive medical help immediately. Consolidated Insurance Markets agents provide comprehensive workers compensation for Texas businesses so that business owners are covered and workers feel safe.
Workers Compensation Frequently Asked Questions
The cost of workers compensation depends on the industry, payroll costs and size of the business. Larger businesses should carry more workers compensation to protect their employees. Industries that are considered high-risk, such as construction and roofing, cost more to insure due to the likelihood of a claim. On average, workers compensation starts at 75 cents for each $100 of payroll.
A businessowner purchases workers compensation for their business. When an employee gets hurt on the job, the businessowner files a claim with the insurance company that provides their workers compensation. After investigating and validating the claim, the insurance company offers the employee reimbursement for any medical expenses relating to the injury as well as compensation for income if the employee is unable to work due to the injury.
If you have employees, you need workers compensation insurance. This is especially true for high-risk industries where injuries and lawsuits are likely.
There are different categories for workers compensation. The main three are:
- Medical Treatments Coverage. This coverage helps reimburse the employee for doctor's appointments, hospital visits, medication and more in relation to the injury.
- Disability Benefits Coverage. This insurance helps cover loss of income if the employee is unable to work due to the injury.
- Vocational Rehabilitation Coverage. This coverage helps with the cost of extended care and the expense of training/education for a new career.
There is also a fourth benefit called "death and funeral services benefit" which provides compensation in the unfortunate event that an employee passes away due to a work-related accident or injury.
This depends on the size of the business and industry requirements. Speak to a Consolidated Insurance Markets agent today about insuring your business with workers compensation.
Texas does not require employers to carry workers compensation insuance, but employees must be notified that the employer does not have that certain coverage. Certain industries may require workers compensation, however. Industries that benefit the most from workers compensation include construction, manufacturing, health care and drilling.
Employers pay workers compensation insurance premiums.