As a business owner, you need to take steps to protect both your workers and yourself. After all, accidents happen and for many small or new businesses, an accident could nearly cripple your venture. Should you consider worker’s compensation insurance? Coverage can protect you should an employee become injured onsite.
Frequently Asked Questions About Worker’s Compensation Insurance
Question: What is worker’s compensation insurance?
Answer: Also referred to as worker’s comp, this insurance protects a business in the event an employee becomes injured in the workplace. The compensation allows them to pay bills while out of work and recovering and the insurance means these sudden costs don’t have to be prohibitive to you.
Question: Isn’t this covered in business insurance?
Answer: That depends on the state. In Texas, this is considered optional coverage. Not included in most business policies, you will need to purchase the coverage separately. Remember, even though the state doesn’t require it in business policies, you are still expected to cover costs associated with jobsite injury or death.
Question: Does this provide additional coverage?
Answer: The policy protects the business in the event an employee becomes injured or dies on site, the employee or family sue the business, or the worker becomes sick from illness related to the workplace.
Question: What if accidents happen outside of the workplace?
Answer: If the accident can’t be attributed to the workplace, then you are not liable. However, medical costs and lost compensation can become very expensive for a business should the injury happen on site. We urge large and small businesses alike to consider adding worker’s compensation coverage. Our agents can discuss the details and find the best policy for your company and your budget. For more information on this and other business insurance questions, please contact our office today.