Workers compensation insurance protects employers from claims resulting from injuries to employees. It protects your business from lawsuits and provides employees with compensation for on-the-job injuries.
Most states require all employers to have workers’ compensation. Texas is one of the few voluntary states. Workers’ comp is optional in Texas, but the Texas laws still strongly encourage businesses to have this coverage. If you choose to be a nonsubscriber (opt out of work comp), you lose your common law defenses regarding any employee lawsuit that would have been covered by work comp. There are workers’ comp alternative products, but we do not recommend those products.
Workers’ Compensation appears simple, but it is one of the most difficult policies to fully comprehend. For many businesses, the workers’ comp premium is the largest part of the business’ insurance expense. It would be smart to have a certified work comp advisor like Mike Lansford assisting your business.
Independent Insurance Counselors offers complimentary quotes on Workers’ Compensation Insurance from multiple insurance carriers so you can protect what matters most in life.