Workers Compensation Insurance
Workers Compensation insurance
is a state-regulated insurance program that protects injured workers and employers in the event of a work related injury. Workers Compensation coverage pays for medical, death benefits, rehabilitation expenses and helps replace lost wages while injured employees are unable to work. In addition, Part II of the Workers Compensation provides Employers Liability coverage which protects and defends employers in event of lawsuits from employees injured or killed on the job.
Any company with employees needs Workers Compensation (WC) insurance. Employers who primarily employ clerical or office workers often overlook this protection, but slip and fall injuries and auto accidents while running business errands are common to any and all businesses.
Our agency represents a number of Workers Compensation insurance carriers and can shop for the best company for you. We also work with insurance companies to implement safety programs and safer workplaces.
Occupational Accident Insurance - Non-Subscription Insurance
Many employers ask is Workers Compensation insurance mandatory? The simple answer is that WC insurance is not mandatory in Texas. You will not be fined or have your business closed down because you do not carry WC insurance.
However, employers who do not carry WC bear complete financial responsibility for an employee’s on-the-job injury or death if they are found negligent. The total amount they could be responsible for is unlimited and a firm could be forced out of business due to costs associated with an employee injury.
There is no “alternative” to Workers Compensation insurance. An employer either has WC insurance which is known as becoming a subscriber to WC insurance or elects to go bare.
There are insurance companies who provide alternative products to help fund costs of work related injuries. Payments from these insurance companies include medical, death benefits and loss of wages but some of the policies often leave huge gaps in coverage, limit medical benefits and refuse to cover some illnesses, diseases and accidents. You want to look at the Occupational Accident policies very carefully and consider not only the premium savings but the benefits.