Workers’ compensation insurance, also called simply workers’ comp, is insurance that gives workers benefits when they are hurt while on the job. It is important for companies to carry workers’ compensation insurance in Houston in order to protect themselves from possible liability in the event of an accident. Companies should make sure that they have the proper policies in place to protect them financially should an accident with injuries occur.
What Does Workers’ Comp Insurance Cover?
Workers’ compensation insurance in Houston covers an employee when they are off work due to a work-related injury. First and foremost, insurance covers medical treatment for the work injury. The insurance company will provide a doctor or list of doctors and hospitals that are approved through their network. Workers are directed to these medical professionals to treat their on the job injuries.
Medical treatment also includes prescription drugs that are prescribed for their injuries. Prescriptions are filled through in-network pharmacies so employees do not have to pay any out-of-pocket expenses. Ongoing medical care and rehabilitation costs are also provided to employees as they recuperate from an on-the-job injury.
In addition to medical costs, workers’ compensation insurance in Houston also pays for a portion of the employee’s wages while they are recuperating. Generally, an employee may be entitled to a portion of his regular wages which is often equivalent to about two-thirds of the normal pay.
Purchasing Workers’ Comp Insurance
It is important to give you the peace of mind you deserve and protect your company from financial loss by purchasing workers’ compensation insurance in Houston. In the long run, insurance costs are low in comparison to the exposure that your company faces when someone is hurt on the job.
Many factors are used in determining the cost of insurance. One factor is the type of industry you are in and how dangerous the work. Costs are also determined by the number of employees that you need to cover. Worker’s classification codes may also be used in calculating costs. These are based on the type of work that is performed along with past insurance claims.
Your company’s annual payroll may also be used as a factor in determining insurance costs. You can work with a qualified agent to assist you in deciding on the type and amount of insurance coverage your company needs, including workers’ compensation in Houston.
In addition to workers’ comp coverage, your company should also make sure that you have business liability insurance. This will protect you against lawsuits and claims from anyone who was injured on your premises. It includes coverage in case an employee causes damages or injuries to someone on your premises. It may also cover libel or similar claims.
It is almost always a good idea to have proper insurance in place to protect your company from financial ruin if a large lawsuit is filed. Protect your business by making sure that you have the proper insurance and coverage in place. Contact us today to learn more about business insurance for your company.