Having a good Workers’ Comp policy in place ensures that your medical bills and any lost wages are covered if you are injured while at work. As an employer, you are required to provide your employees with some form of Workers’ Comp insurance in case they are injured on the job. The benefits of this type of insurance are long-ranging and provide the highest level of financial security for both employer and employee. It also offers employers legal protection from their employees.
Is Workers’ Comp Necessary?
Texas is the only state that does not require employers to offer Workers’ Comp insurance, but it is mandatory in other states. Every state has its own stipulations on how much is required and who needs to be covered. Many industries require proof of insurance before a project can begin. Workers’ compensation insurance is a valuable asset that will protect you from financial loss if an employee is injured while on the job.
Who Benefits from a Workers’ Comp Insurance Plan?
Workers’ comp is a win-win coverage. Employers benefit from Workers’ Comp coverage because they don’t have to pay for their employee’s expenses out of pocket. Employees also benefit from it by having their lost wages and medical expenses paid for. In essence, everyone involved benefits to some degree, depending on the amount of coverage offered.
How Much Does a Workers’ Comp Insurance Plan Cost?
The original premiums you will pay for your employees will be an estimation based on the number of employees on your payroll. After the first coverage period is over, your premiums will be adjusted accordingly. The time, the amount you pay will depend primarily on the number of employees you have and their level of risk.
Who Controls Workers’ Comp?
Workers’ comp insurance is regulated by a special board or commission set up in each state. This commission aims to ensure that every employer complies with the state’s rules and regulations regarding Workers’ comp insurance. The commission or board monitors claims that are submitted and how employers handle situations involving disputes or the payment of claims.
Are There Workers’ Comp Responsibilities as a Small Business Owner?
As an employer, you have several responsibilities when it comes to Workers’ comp insurance. It is up to you to keep accurate records and ensure all accidents are reported to state agencies and your insurance company on time. It’s also up to you to let your employees have all of the information they need to file a claim if it is needed.
How Should You Choose a Workers’ Comp Insurer?
Workers’ Comp insurance is not all the same for all insurers. It’s important to work with an insurer that makes you a priority. It’s important that they have experience working with small businesses. Ask other companies who they recommend. The best testimonial comes from a company that is happy with its insurance company.
Finding the right insurance company to protect your employees is a huge task. You need to find a company you trust that will have your best interest at heart. Schedule an appointment today with our insurance experts at RMS Insurance Brokerage. Our team has years of experience and can work with you to provide you with the best Workers’ Comp policies available. Our insurance professionals can help you analyze your options and guide you through the process of buying the right policy.