If you’re a small business owner, you are going to need to know some things regarding the safety and coverage of your employees, also known as workers’ compensation.
As a business owner, you hear all about every kind of insurance. Coverage is available for just about any form of risk that you may face: general liability, business vehicle, commercial property, and of course, workers’ compensation insurance. The latter of the group can come as a surprise to some new employers, especially when your state requires it. Here’s what you need to know about workers’ compensation insurance and how it will apply to your business.
What is workers’ compensation?
As an employer, you are required to take reasonable care to make sure your workspaces are safe. Workers’ comp ensures that employees who suffer job-related injuries and illnesses get the medical care and wage replacement they need. In exchange for these benefits, the employee has limited rights for suing.
Workers’ compensation is a state-regulated program, so statutes in each state are different in determining what kind of injuries and ailments are covered, how they are evaluated, how the care is to be delivered, and the amount of benefits the employee will be receiving from their employer.
Why do you need workers’ compensation insurance?
Your state may require it. Failure to carry this insurance can leave an employer exposed not only to state fees but also paying these benefits out of pocket. So, before you open your business, it’s important to check if your state is one of the states that require workers’ comp.
For all of your business insurance needs as a Texas business owner, contact VGW Walker Insurance in Austin. As an independent insurance agency, we will work with you to ensure you have the right amount of protection for your specific needs, all at the right price to fit your budget.
