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Workers’ Compensation: Important for Risk Management

Workers’ compensation is an important part of a company’s risk management system.

While for many companies, workers’ compensation isn’t required under Texas law, this insurance is a valuable -and increasingly necessary- liability policy that can help to provide valuable protection for a company.

Some companies think that workers’ comp is a policy that is strictly for the benefit of employees, but actually, a worker’s compensation policy has valuable benefits for companies as well. Because a workers’ compensation policy pays for the injured employee’s medical expenses as well as lost wages, this can help to prevent lawsuits against the company. According to Texas law, once the injured is reimbursed, they cannot sue the company for additional compensation. This protection alone makes workers’ comp invaluable for a company. But workers comp has additional benefits as well. Another benefit of workers’ compensation is that it simplifies the reimbursement process for companies.

Since the reimbursement process of paying our injury damages is more complex than just simply paying claims, the reimbursement of compensation to an injured employee is complicated and governed by statute. Many companies do not have experience –or funds- that are needed for claims analysis, management, and pay-out that employees need when an injury occurs.

If your company provides work on a per contract basis, worker’s compensation can also help your company to secure more clients. Since some clients require their contractors to have workers’ compensation, having this policy in place can give your potential clients the confidence that they need to hire you. Companies that provide contract work for the government are also required to have workers’ compensation.

With a worker’s compensation policy, you can take confidence in knowing that your insurer will handle any claims that are made efficiently and professionally, in a timely manner. Your insurer will also be able to help you to determine the best course of action that you should take after a claim is made, in order to help make the claims process smoother -an important part of resolving a claim as quickly as possible.

For more information on workers’ compensation, or to find a policy that’s right for you contact Texas Energy Insurance. (877) 952-1010