Running a company can be incredibly fulfilling and profitable, especially if you have a detailed business plan and dedicated employees. However, an accident could damage employee morale and your financial future. Many business owners purchase workers’ compensation insurance to protect their employees and ensure a smooth operation. Here are a few answers to questions you might have about this coverage.

What to Know About Workers’ Compensation

What does it cover? 

Workers’ compensation replaces missing income and helps with medical bills if an employee is injured at work. Illnesses caused by the environment may also be covered.

It provides coverage regardless of who’s at fault. Your employees could be covered even if the accident was caused by the negligence of themselves or a coworker.

Is offering workers’ compensation required? 

Whether this cover is required or not depends on where you live. While most states require employers to offer workers’ compensation, it’s optional in Texas and Oklahoma. However, laws are constantly changing, so talk with an insurance agent in your area before making any final decisions.

What is excluded? 

Although many incidents are covered, there are a few exceptions. If an employee starts a fight, comes to work intoxicated, or causes their own injuries on purpose, they won’t be eligible for coverage. Emotional problems that don’t accompany workplace trauma may also not be covered. 

What are the benefits of offering coverage? 

Many employers choose to offer workers’ compensation regardless of state mandates because it can protect their bottom line. If an employee is injured or becomes sick because of their work, you can provide them with the resources they need to recover without worrying about sudden financial losses. Instead, you simply pay monthly premiums to protect your workers.

If you have questions about business insurance, contact Barry Insurance in Texarkana, TX. Since 1962, this trusted agency has provided families, businesses, and individuals with the coverage they need to move forward confidently. Their experienced agents will customize a plan that suits your specific needs and concerns. To learn more, visit their website or call (903) 831-3493.