All businesses should have comprehensive workers compensation insurance in Texas. It is not worth it to assume unnecessary risks when insurance offers so much protection.
Paying Out of Pocket After an Accident
The reason many business owners avoid acquiring workers comp insurance is the cost. However, it is a cost-effective measure to protect your business in the event an employee becomes injured. Between medical expenses and legal fees, if the employee chooses to sue the company, an employer may spend thousands of dollars following an accident. Without insurance, the employer needs to pay these fees out of pocket, which can really damage a company’s revenue stream.
Being Unable to Attract Good Employees
Unlike most other states, Texas does not require private employers to have workers comp insurance. This means that while the employer will not incur any fines, the business owner may be unable to bring in good employees. Workers want to be somewhere they know they are safe. Having good benefits, which includes an effective workers comp policy, may attract people to apply for positions at your organization.
Workers compensation insurance in Texas is a small expense to make for complete peace of mind. Your employees will definitely appreciate you taking the extra step to ensure everyone remains safe.