Every Business Needs Worker’s Compensation Insurance

group of workers

Every business needs to have worker’s compensation insurance. Running a business without it, is a risk not worth taking. An experienced insurance agent like Jeff Van Matre of the Jeff Van Matre Agency can help you formulate the correct amount of worker’s compensation insurance that you need.

Q:  What is worker’s compensation insurance?

A:  Worker’s compensation insurance provides coverage for an employee who has suffered illness or injury due to work-related injuries.

Q:  What is typically covered?

A:  An employee’s medical expenses, rehabilitation costs, and lost wages are usually covered.

Q:  Normally, what determines the premium amounts?

A:  There are many factors an insurance company will consider in quoting the premium required for worker’s compensation insurance. These include the classification of your industry, your company’s past record of work-related injuries, the amount of your payroll, and that the type of injuries that may occur in your business.

Q:  Can you provide an example?

A:  An oilfield services company would have a higher worker’s compensation premium than a retail store. The reasons are there are many more opportunities for serious injury than a typical retail slip and fall accident. The oilfield services company would normally have a history of former injuries and would likely have more employees on the payroll.

Q:  What can I do to get the lowest premium?

A:  Although low premium payments are the goal, consideration should also be given to the quality of the underwriter and the underwriter’s history of paying claims. An insurance agent with years of experience like Jeff Van Matre can assist you in reaching the right balance between the lowest possible premium and the using an underwriter that can be counted on.

 Q: What happens if I do not have worker’s compensation insurance and an employee gets injured on the job?

A:  The costs will be yours including the employee’s medical bills, rehabilitation costs, and lost wages. Additionally, the employee may sue your company.

About Jeff Van Matre Insurance Agency:

If you want to protect your business and make sure you have the right amount of worker’s compensation insurance from a quality underwriter, call The Jeff Van Matre Insurance Agency at 972-492-8500, which offers customized insurance policies that feature a variety of coverage options. Contact us today to discuss a policy or receive a quote. Located in Carrollton TX, we proudly serve individuals and businesses in Carrollton, Lewisville, Dallas, Irving, Plano, and surrounding communities.