The Importance of Providing Workers’ Compensation Benefits for Your Employees
For many, owning a successful business is the ultimate dream. Becoming your own boss while doing what you love is something many of us want. For those of you who’ve recently realized your dream or are in the process of making it real, there are many things to consider. Protecting your business and workers should be top priorities, and Shepard Walton King can give you a helping hand. One insurance-related feature that should never be overlooked is a workers’ compensation plan. Let’s go over what this is and how your business benefits from having one.
Shepard Walton King can help you find business insurance for your company. Our insurance agents in McAllen are ready to help you.
A Safe Environment
Even though a business owner is afforded many rights, they are first and foremost required to provide a safe work environment for all of his/her employees. This means taking all actions within reason to protect the safety and health of all workers. Workers’ compensation is a state-regulated insurance system that provides employees with income and medical benefits if they suffer a work-related injury or illness.
When an employer decides to purchase coverage for his/her employees, they are required to obtain coverage from an insurance company licensed by the Texas Department of Insurance and the agency’s Division of Workers’ Compensation.
What Are the Benefits?
Workers’ compensation benefits come in four categories:
- Income benefits – When you miss time from work, this replaces or supplements any lost wages.
- Medical benefits – This covers employees’ medical costs stemming from work-related injuries or illnesses.
- Burial benefits – If you pass away due to a work-related injury or illness, this pays for funeral expenses.
- Death benefits – This replaces the portion of income lost to eligible family members who die on the job.
An Employer’s Rights
Texas employers who don’t carry workers’ compensation benefits are required to report their non-coverage status and work-related injuries to the Division of Workers’ Compensation, or DWC. Reporting to the DWC is required if an employee happens to miss more than a day of work. Failure to meet these requirements can result in administrative penalties. As the head of your own business, the State of Texas allows employers certain rights, such as:
- The right to contest any compensation claim if an insurance provider accepts the liability claim to proceed with a payment of benefits. Businesses are even afforded the right to dispute any proceedings in an insurance claim filed by a worker by presenting evidence in the filing.
- Being notified of any agreements related to a claim made on behalf of a business’ employees.
- Being allowed to report any suspected fraud to the Texas Department of Insurance.
- Continuing to provide an employee with income or medical benefits if an insurance carrier has contested compensation or not completed their investigation of an injury.
Helping Business Owners
Owning a business isn’t easy, especially when many employees are involved. This is why Shepard Walton King goes out of its way to help entrepreneurs do whatever they can to ensure that their enterprise is well-taken care of. For more information about workers’ compensation benefits and how we can help you, contact our insurance agency in McAllen today.
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