Regardless of the industry, workers can experience a job-related injury or illness. When this happens, the affected parties may seek compensation for lost wages and other financial benefits. Bowen, Miclette & Britt Insurance Agency, LLC can help Texas businesses obtain insurance coverage that provides protection for workers’ compensation claims in Texas.
What Is Workers’ Compensation?
Workers’ compensation insurance covers the losses workers incur when experiencing a work-related injury or illness on a no-fault basis. Workers do not pay for this protection — employers provide the coverage for them and bear the costs. Workers compensation is classified as Part A and Part B. With Part B coverage, also known as employer’s liability insurance, workers are covered when the employer is liable due to negligence. It includes Part A and also extends beyond this coverage.
Examples of situations that typically result in workers’ compensation claims are burns from toxic chemicals, back injuries from lifting heavy objects, or when a construction worker falls off a ladder and breaks a leg.
Why Is Workers’ Compensation Essential for Businesses?
While most states require private employers to carry a workers’ comp policy, it’s prudent for companies to do so for reasons other than legal compliance. Having this coverage enables companies to avoid substantial out-of-pocket expenses resulting from injuries and illnesses suffered by their workforce. It also demonstrates to workers that the company is concerned about their welfare, helping to foster goodwill and enhancing retention efforts.
Furthermore, the insurance applies regardless of who is at fault for the incident causing the illness or injury. This allows workers to receive compensation for incidents not covered by safety training or protocols.
Five Strategies for Reducing Workers’ Compensation Costs
What Does Workers’ Compensation Cover?
While specific coverage costs and limits vary by state, this insurance typically provides compensation to workers for their medical expenses, lost wages, ongoing care costs, and funeral expenses, if applicable. It also covers disability benefits if a worker becomes partially or permanently disabled. These benefits are crucial when an injury or illness keeps workers off the job for extended periods and prevents them from providing for their families.
The insurance also helps defray the often prohibitive medical costs, such as surgical procedures, ongoing treatments, prescription drugs, orthopedic appliances, and visits to primary care physicians, chiropractors, and physical therapists.
Workers’ Compensation in Texas
There is no legal requirement for most private companies to carry workers’ compensation insurance. However, private companies that contract with government organizations must offer this coverage to the workers on a project. Though not required for most, companies that carry a worker’s compensation policy are protected from most lawsuits by injured workers.
Businesses can also opt to offer private occupational injury benefit plans governed by the Employee Retirement Income Security Act of 1974 as an alternative. Bowen, Miclette & Britt can help Texas organizations explore all the options and make an informed decision.
Contact Us for Workers’ Compensation Insurance
Bowen, Miclette & Britt can help your Texas business find the most appropriate workers’ comp policy at a competitive rate. We also have the expertise to explain the nuances of the complex workers’ compensation laws and how they impact your choices.
Call us at 713-880-7100 or contact us online to request additional information today.
