Do You Need Workers Compensation?
Workers Compensation is a MUST Have, No Matter What Your Scope of Industry Might Be!
You may know that the state of Texas does not require workers compensation, but do you know why you NEED to get it?
What Is Workers Compensation?
In essence, workers compensation is insurance coverage that provides medical expenses, rehabilitation costs, and lost wages to employees who are are hurt on the job, whether that means they become ill or suffer a physical injury. In addition, workers comp can also pay death benefits to family of the deceased individual killed on the job.
What Does Workers Compensation Cover?
Consider everything that workers compensation covers. In essence, it covers employees, of any type of industry, and any injury that might occur – if they slip and fall, if they cut their finger, or if they suffer another, more serious type of injury. Essentially, anything medical, whether that is a physical illness or injury. Keep in mind, this also means in the scope of the job as well. Thus, if the employee gets hurt on vacation, then this would obviously not be related/covered.
Workers comp also covers loss of wages, their generally weekly salary, until the employee is back at work. Again, this is across industries.
What all of this means is that your company stands to benefit, because it adds additional coverage. In short, workers comp is an essential must-have for the company and its employees.