What Is Workers Compensation?

Workers’ compensation helps provide insurance coverage in the event an employee is injured or killed at work. When injured, workers’ compensation helps pay for medical bills and lost wages while the employee recovers. In addition, workers’ compensation helps protect you as the business owner, reducing the risk of being sued for damages and negligence associated with an employee’s injury. Business owners in Coppell, TX, should call the experts at The Select Insurance Agency today to discuss how workers’ compensation can protect their business assets. 

What is Workers Compensation Insurance?

Workers’ compensation insurance provides money to cover medical expenses, rehabilitation costs, and lost wages to employees who become injured or ill, related to the scope of their job. 

Who is Required to Carry Workers Compensation Insurance? 

All states require businesses with non-owner employees to purchase workers’ compensation insurance to cover their employees in the event of an on-the-job accident. Business owners who do not provide workers’ compensation coverage may face severe repercussions when they have to pay for injury claims and fines out of pocket. Additionally, business owners who fail to purchase this insurance may face imprisonment or lose their right to conduct business in the state. 

How Does a Workers Compensation Claim Work? 

When an employee becomes injured on the job, they must visit a healthcare professional immediately to document injuries to support their claim. Employees can begin the claim process by filing the necessary paperwork, and when approved, they will receive compensation payments. Then, when ready, the employee can return to work. 

Business owners in Coppell, TX, needing help with their workers’ compensation insurance policies, can reach out to the experts at The Select Insurance Agency. Our agents can help answer your questions and get you the best insurance plan for your business needs. 

4 Benefits of Getting Small Business Insurance

It’s a great thing to have insurance for your small business. As a small business owner, it’s ideal to learn all the ways that this can protect and help you to maintain your operations for as long as possible. The agents at The Select Insurance Agency of the Coppell, TX area can help you get all the coverage you need. 

The Benefits of Having Small Business Insurance 

1. Business insurance helps when it comes to liability claims and property damage. There are various risks involved with running a business and many of these are not expected. It’s in your best interest to know that you’re covered with adequate insurance in the event that something occurs. You’ll be able to minimize your financial losses this way. 

2. It’s important to make sure your employees are protected with insurance. If someone is injured or becomes sick as a result of the job, you can offer them workers’ compensation insurance. This will provide them coverage for medical care, replace at least some of their lost wages, and offer a financial benefit to the family of a deceased employee. 

3. Business insurance lends credibility to your company. Not only will employees feel more comfortable working for you, but clients and customers will see your level of professionalism. They’ll know that the work you do is protected. There are certain industries that even require proof of insurance before you start to provide any services or work on a project. 

4. A natural disaster can strike at any time. For this reason and others, be prepared by getting insurance for your business. You won’t have to deal with the burden of paying for repairs and replacement costs completely out of pocket if you have a policy in place. 

When you’re ready to get business insurance, reach out to a reputable company in the Coppell, TX area. Professionals at The Select Insurance Agency are happy to assist you.