Houston business owners face a myriad of important logistical and financial decisions on a regular basis, especially when a business is first starting out, or when it begins to grow and expand. One of the major decisions a business owner can make is in regards to Commercial Insurance coverage and policies. Commercial Insurance needs can vary greatly depending on the industry, size of the business, location, and state or local requirements. However, one type of Commercial Insurance that is beneficial for businesses in any industry is Workers Compensation Insurance. In today's blog post, we'll take a in-depth look at Workers Compensation insurance and why Houston businesses need the coverage.
What Is Workers Compensation?
Workers Compensation is a state-regulated insurance program that replaces some lost wages and pays medical bills for covered employees who are injured on the job or have a work-related illness or injury. However, Texas does not require all businesses to carry Workers Compensation coverage, and allows private employers to choose whether or not to carry workers' compensation insurance coverage.
Benefits For Businesses
One of the biggest advantages to having Workers Compensation coverage is that businesses do not have to pay lost wages and medical expenses out of pocket for the injured employee(s). A single work-related illness or injury can result in thousands of dollars in medical expenses, as well as lost wages. Without Workers Compensation coverage, business could be held liable for all medical costs, as well as damages. Many Houston businesses simply do not have the liquid assets available to pay for these expenses, especially for larger accidents involving multiple employees. In addition, Workers Compensation coverage limits a company's total liability if an injured or sick worker files a lawsuit for damages. This protection helps businesses avoid lengthy and expensive lawsuits that could bankrupt a company.
Benefits for Employees
In addition to benefitting companies, Workers Compensation coverage also provides substantial benefits to covered employees. When a worksite illness or injury occurs, covered employees can get the urgent financial assistance they need to replace lost wages, pay bills, and cover large medical expenses. Employees working for companies that forgo Workers Compensation often have no legal or financial recourse to get help if they are injured on a worksite or contract an illness while at the office. With Workers Compensation, employees can have peace of mind knowing they work for a company that values their time and effort, and strives to ensure total workplace protection and assistance.
If your business is in need of Workers Compensation coverage, Aegis can help! Aegis offers businesses of all sizes and within all industries a full range of exceptional Commercial Insurance policies, including Workers Compensation Coverage, Commercial Property Insurance, Business Owners Policy, General Liability, Commercial Auto, and Key-Man Life Insurance. Contact Aegis today at 713-850-7622 for more information, or go online to request a free quote today!