Most people know that workers compensation is a specific type of liability insurance that is designed to provide coverage for employees who are injured on the job. What many business owners don’t realize though, is that workers compensation offers many benefits for employers as well.
To help you to discover what exactly workers compensation is designed for, we have compiled a list of questions and answers. Read on to see what this insurance is for, and find out if your company could benefit from a workers compensation policy.
Workers compensation is a specific type of insurance that offers coverage to employees for their medical bills, lost wages and any long-term coverage for work-related injuries or illnesses.
Some of the injuries that are covered under workers compensation are:
Workers compensation provides valuable benefits for employers. Should an employee become injured in a work-related accident, you would be held responsible for paying their medical expenses. If you have workers compensation and the employee accepts a workers compensation settlement, they would not be able to take further legal action against you for additional compensation –except for extenuating circumstances. This valuable lawsuit protection makes workers compensation valuable coverage for any company with employees.
While workers compensation is not required in most cases under Texas law, purchasing workers compensation offers valuable protection for a company, as well as employees. Should an employee sustain a work-related injury, you could be held responsible for all of their medical expenses. Even if your company can’t afford the cost, you will still be responsible for compensation –even if that involves selling off your company to pay for them.
If you are trying to decide whether your company needs workers compensation, it’s important to ask yourself if you are willing to risk everything. Protecting your company with workers compensation is an affordable and safe way to ensure that you are protected in case of the unexpected.
At Texas Energy Insurance, we provide workers compensation liability policies for energy companies across the state. For more information regarding workers compensation, contact Texas Energy Insurance today.