Workers Compensation is Assurance for Employer & Employee Alike
If you’re a Texas business owner, it’s important to have the appropriate insurance protections 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?
As a Texas employer, you have an obligation to ensure a safe work place and the law requires a business to have Workers Compensation Insurance. Workers Comp insurance can provide the coverage to protect you from unpredictable occurrences.
Workers compensation insurance spreads and shifts the risk for on-the-job employee injuries from employers to insurance providers. Doing so protects the 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 to 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 benefit.
What Does Workers Compensation Cover?
Workers Compensation covers several expenses related to a worker's recovery from an on-the-job incident:
- Lost-time payments
- Medical care reimbursement
- Rehabilitative services payments
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, Escobar Insurance 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. How would you be able to pay for this without the proper workers compensation policy.
For more information regarding Texas Workers Compensation, you can visit: http://www.tdi.texas.gov/wc/employer/index.html