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In Texas, workers’ comp insurance is optional for most employers. Still, the majority of Texas employers choose to provide coverage to their employees.
Workers’ comp insurance is a win-win for a business. It helps them protect their employees by paying for any missed wages or medical bills from an injury or illness incurred on the job.
It also protects employers from the real costs of a workers’ compensation claim - even a single one which can cause irreparable financial harm to a business.
You can learn more about Texas's workers’ comp rates here.
“Why do I always seem to pay more than I expected for my workers comp insurance?” This question is asked by almost every executive I meet.” David R. Leng, author of “Stop being frustrated and overcharged year after year by your workers’ compensation program”
Small business owners can reduce their workers’ comp costs!
Here are some easy tips:
Workers’ comp rates vary according to the state, as well as the size and industry of your business. When purchasing your policy, you will need to provide the insurance company with an estimate of your payroll for the year. They will use that estimate to determine your premium.
After the policy term, typically one year, your insurance company will audit you to determine your actual payroll. They’ll refund you if you overestimated your payroll and bill you if you underestimated it.
Keep accurate records of your payroll throughout the year! This way you’ll get back any money coming to you at audit and you’ll save yourself the headache of a big bill at audit.
Medical bills, physical therapy, prescriptions, and necessary travel expenses for any work-related injury. In order to receive benefits, the treating doctor must be on the state’s approved list. If the injury is serious, the employee may be entitled to lifetime medical benefits.
Compensation for lost wages due to missed work.
Burial and death benefits. Death benefits are split among the deceased person’s beneficiaries. The workers’ compensation benefit would also cover minimal burial expenses.
Workers' comp coverage also protects employers from legal action. This means that if an employee sues your business because of a workplace injury, the insurance will cover the legal costs of the case.
Employers can purchase workers’ compensation insurance from any insurance company that is licensed by the Texas Department of Insurance. Kickstand Insurance provides workers’ comp coverage throughout Texas.
Additionally, employers may have the option to get certified by the TDI to self-insure.
When applying for insurance, you will need to provide your industry, classification codes, and payroll rates.
Since workers’ comp coverage is optional in Texas, there are no legal penalties for not having the coverage. However, an employer who doesn’t have workers’ comp insurance risks getting sued if an employee is injured on the job.
Getting workers’ comp coverage is a smart move for your small business as it adds a layer of protection in case of employee injury or illness. The costs associated with even one workers’ comp claim can be devastating to small business.
According to the TDI, a survivor’s death benefits are 75% of the deceased worker’s average weekly wage, with maximum and minimum limits determined each year by the state.
The workers’ compensation benefit would also cover burial expenses up to $10,000 for injuries that occurred on or after Sept. 1, 2015.
In Texas, any employee filing a workers’ comp claim must do so within one year of the date of injury.
Additionally, they must notify their employer about it within 30 days of the accident.
Start by filling out a short online form about your business. We’ll use that info to get you an estimated quote. Then, one of our experienced agents will contact you to review the quote and make sure you are getting the absolutely lowest rate possible for your business. Once the quote is finalized, you’re ready to buy the policy - often with coverage starting that day!
Unlike other online insta-quote systems,
here your quote is reviewed by experts
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