How Workers Comp Benefits Your Business.

Employers who choose not to carry workers’ compensation coverage are
called nonsubscribers. If you’re one of them, keep reading to find out why
you should reconsider your decision.

Workers Comp Insurance offers Legal protection for you

There is no real match for the legal protection provided by workers’ comp
insurance. Section 408.001 of the Texas Labor Code explains that, with
only a few exceptions, workers’ comp benefits are the injured employee’s
sole source of recovery from an employer who carries valid workers’ comp
coverage.

Nonsubscribers, on the other hand, bear complete financial responsibility for
an employee’s injury or death if they are found negligent. The total amount
you could be responsible for is unlimited. In short, going “bare” could cost
you your business.

Medical and income benefits for your employees

Some employers think they have found a cheaper substitute for workers’ comp by purchasing so-called alternative policies. Unfortunately, alternative policies often leave huge gaps in coverage, limit medical benefits, and refuse to cover some illnesses, diseases and accidents. Workers’ comp policies continue to pay the costs of medical and income benefits for all compensable claims that occurred while the policy was in effect. Employers who subscribe to workers’ comp send a clear message to their employees: We value your health and safety, and we have taken steps to protect you on the job.

 

Workers' comp health care networks

Cost is the most common reason nonsubscribers cite for not carrying workers’ comp coverage. In 2005, the Texas Legislature took steps to control costs by allowing insurance carriers to establish or contract with health care networks.

The law stipulates that networks should focus on getting injured workers well and back to productive employment. This emphasis on return-to-work should help control claim costs and lower premiums. For more information about the workers’ comp health care network offered by Texas Mutual Insurance Company, ask your agent or visit the Health Care Network section at  

 

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