Three things you might not know about workers comp insurance

Business owners must be adequately informed about their workers’ comp insurance needs. Those who run a business in Coppell, TX can purchase workers comp insurance from The Select Insurance Agency. 

The following are three things that business owners might not be aware of regarding workers comp insurance. 

Workers comp insurance is required for many companies.

Many companies have to invest in workers comp insurance to protect their employees. Workers comp insurance is one of the most commonly required and basic types of insurance that many companies carry. 

The exact responsibilities of a company regarding workers comp insurance depend on state laws where a company operates. 

Workers comp benefits are typically not taxed.

One of many advantages workers enjoy when they are compensated for a work injury by workers comp insurance is untaxed benefits. In most cases, workers’ comp insurance payments are exempt from taxes. However, there are some exceptions. For example, social security disability benefits may be taxed. 

Workers comp coverage can provide coverage for numerous types of injury. 

Workers comp insurance is a comprehensive benefit for workers who experience injuries. This type of coverage can compensate employees who experience various types of injury.

Some of the many on-the-job injuries for which workers comp benefits include slip-and-fall, overexertion, and repetitive motion injuries. 

If you’re on the market for workers comp insurance in Coppell, TX, we can assist you with meeting your insurance needs at The Select Insurance Agency. Contact us today to ask questions or get quotes on a workers comp insurance policy. 

Commercial Insurance Required in Texas

When you own a Texas business, there are specific laws about the type of commercial insurance you may require. While the state doesn’t mandate some of the types required in other states, you can get any kind of commercial insurance that you need, even if it isn’t required. If you need commercial insurance in Coppell, TX, you can give us a call at The Select Insurance Agency to find out more. 

Commercial Auto Insurance

This type of insurance is required for your business if it owns a vehicle. All Texas business-owned vehicles must include a few different kinds of coverage in their policies. The state mandates that these policies have to contain property damage liability coverage as well as bodily injury liability coverage. These protections pay for the damage done to someone else’s vehicle and the medical bills incurred by someone else after an accident. This is essential coverage to protect your business from lawsuits and substantial medical bills that it could be liable for. If you have a personal auto insurance policy on a company-owned vehicle, the policy will not likely pay after an accident. 

Workers’ Compensation Option

Unlike most states, Texas does not require its business owners to have workers’ compensation insurance for a company’s employees. But, it’s a good idea to get this insurance anyway. Suppose someone were to have an accident while on the job. Your business would likely be liable for all their medical bills and lost wages. These can be paid to your employee by the policy instead of coming straight from your business. 

Get Commercial Insurance for Your Business

To get the insurance you need in Coppell, TX, call us at The Select Insurance Agency.