It’s a cliche, but it’s true: a company is only as good as its employees. In other words, your people are your most important resource. And that means, for them to do their best work, they need to be well-cared-for.
Well taken care of pertains to pay, benefits, and general workplace safety. But it also means being prepared for when things go wrong, as they’re bound to do sometimes. This is where workers’ compensation insurance comes in, and we’re proud to help business owners with this service.
Do you need Workers Compensation Insurance?
The risk of injury and sickness is inevitable at any workplace, regardless of the degree of safety measures you have. Workers compensation insurance (also known as “workers comp”) protects both you and your employees in the event of a work-related malady. It covers a) any wages lost due to missed work time and b) the cost of any necessary treatments.
Although the state does not technically require workers comp, it is nonetheless an important investment– because, again, the better your employees are cared for, the better they will perform.
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As with many types of insurance, the cost of workers comp can vary widely. It depends on the number of employees you intend to cover and the level of risk in their work.
The rate is not at the discretion of your insurance carrier. Instead, each type of occupation has a standardized code for individual employees in that occupation. For example, a shipping company would have one rate for its forklift operators and another for its janitors. Its overall rate is based on the sum of those employees’ individual rates.
The potentially tricky part is ensuring that your employees are all classified correctly. If you apply the wrong rates, you may end up spending more money than necessary or, conversely, providing inadequate coverage for your employees. A knowledgeable and conscientious insurance agent will be a significant help in making sure that your policy is both affordable and comprehensive.
VOS Can Help you Navigate Worker’s Compensation Insurance in Texas.
Thanks to our wide range of experience, the Vos insurance team is uniquely positioned to help you find a worker’s comp solution tailored to the needs of your business.
Whether you’re running a tech startup or a manufacturing firm, we can break down the details of how to best protect your employees and your business. Contact us today for a free consultation – even if you don’t purchase from us, we want to help you find answers!