Workers Compensation is Assurance for Employer & Employee Alike
If you’re a business owner, it’s important to have the appropriate insurance protections in place if an employee is injured on the job. Trying to obtain workers compensation coverage after the fact simply will not work. In other words, you need to be covered in advance. That’s exactly what a proper workers compensation policy does: It ensures that an injured worker's medical and financial needs are taken care of when accidents happen.
What is Workers Comp? Who Needs It?
Workers compensation insurance spreads and shifts the risk for on-the-job employee injuries from employers to insurance providers. Doing so protects the business from work-related claims and legal exposure. Business owners can breathe easier knowing employees will be properly cared for if an accident happens without posing a threat to the company’s profitability or to its solvency.
And workers compensation provides reimbursement regardless of who’s at fault for an on-the-job injury. If the injury occurs during the normal scope of normal job duties, workers compensation will pay all applicable benefits.
What Does Workers Compensation Cover?
Workers Compensation covers several expenses related to a worker's recovery from an on-the-job incident:
Lost-time payments
Medical care reimbursement
Rehabilitative services payments
Standard boat and watercraft policies also provide reimbursement for damage to numerous items related to boating. Such items include the boat itself, of course, and the motor too. Coverage also extends to the trailer deployed to tow the vessel to water. The list of covered items also includes equipment permanently attached to the boat, along with anchors, oars, trolling motors, extra fuel tanks, tools, removable canopies, seat cushions, life jackets and preservers, skis and tow ropes, dinghies, and more.
Many watercraft insurance policies also cover labor costs for repairing and/or replacing the boat and any related equipment. Most standard boat insurance provide basic liability coverage, too. Texas law doesn’t require boat coverage, but not carry some degree of coverage is not worth the risk.
When Should I carry Workers Compensation Insurance?
In terms of required coverage, Texas workers compensation law provides business owners with greater flexibility compared to other states. However, even if you're not legally required to carry workers compensation, Smith & Sharpe Insurance recommends it. If an employee sustains an on-the-job injury, responsibility for related medical payments and lost wages will ultimately fall on you, the business owner.
For more information regarding Texas Workers Compensation, you can visit: http://www.tdi.texas.gov/wc/employer/index.html.
Contact Smith & Sharpe Insurance Agency Inc For a Free Workers Compensation Insurance Quote
At Smith & Sharpe Insurance, we’re dedicated to helping all our clients make informed coverage decisions. That’s why we’re here to answer your every question regarding workers compensation or about any of our other numerous commercial insurance products.
If you’re ready to see how much you could save on workers compensation insurance for your business, call Smith & Sharpe Insurance Agency today at (325) 646-4578! For a free online workers compensation insurance quote, fill out the quote form on our contact page.
