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Here’s A Few Reasons Why You NEED Workers Compensation!

Do You Know What Benefits Workers Compensation Offers?

Workers Compensation Benefits Are Vast and If You are a Small Business Owner – You’ll Need to Know Why!

The first thing you need to do as a small business owner, is to figure out whether or not your state requires Workers Compensation.  For the State of Texas – workers compensation is NOT required.

That said however, the question then becomes - should you still obtain workers compensation?

Why You Need Workers Compensation

The answer to this is a resounding yes!  Workers comp benefits are vast, and this is because it offers a mutual benefit to both employers and employees.

Consider, for example, that without worker’s compensation your employees are not covered if they have any injury caused on the job. In addition, it is estimated that there was approximately 95 billion paid to workers comp carriers last year. Coupled with that is the fact that it is also estimated that there is over 4,000 deaths a year due to work related accidents and illnesses, such as breathing in bad air.

As a whole, YOU need worker’s comp.

How Do You Get Workers Compensation?

Getting workers compensation for your employees is relatively easy, no matter what scope of industry your business falls into.  To get it, first determine what type of industry your business resides in.  It is also important to consider the following:

  • The types of employees you have under you (contractor, for example)
  • The type of work that they do (roofing, for instance)
  • The number of employees
  • Compensation

These are just a part of the information that your insurance agent will need t o know.  It is always important to open up a dialogue and voice any concerns that you might have.

 

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Insurance Settlement, Why Do They Occur?

Why Do Insurance Companies Go Forward With An Insurance Settlement?

Insurance Settlements Often Occur Because of Specific Strategies

An insurance settlement can occur all the time, as made apparent by the many commercials asking policyholders who have won some type of suit to collect their check, or simply knowing an individual who has received an insurance settlement.

However, as a policy holder, you may wonder why an insurance company might choose to settle and what that might mean for you.

What Is An Insurance Settlement?

In short, an insurance settlement is the payment or series of payments paid out by the insurance company to the insured in order to make good on a specific insurance claim.  The amount is typically determined based on a case by case basis and is typically also based on prior stipulations, set forward for the policy holder(s).

Why Does An Insurance Settlement Occur?

In general, it is because insurance companies do not want to pay over time or they typically find that they can reach an insurance settlement for a lower amount as opposed to potentially running the risk of a higher payout.  Long term injuries, especially those with chronic conditions, mean that the insurance company stands to pay out over a longer length of time. They do not want to do that!

There have been many cases in which employees are injured and that injury will be sustained over a period of time.  For example, if an employee injures their back, then it is not out of the ordinary that they will have chronic pain, require long term treatment, and so forth.

Thus, more often than not, insurance companies are eager to settle in order to avoid paying out in the long run.

It is important to know your rights!  We can help you navigate through many different types of insurance needs and answer any questions you may have.