workers compensation insurance plano txIf you have employees but do not have a workers’ compensation policy in place, you need to drop everything you are doing, read this article, and then purchase one as soon as possible. While Texas is one of the few states that does not require employers to have workers’ compensation, work-related injuries or fatalities are often devastating for a small business. The legal fees alone are often too much for small companies to handle. However, for many business owners, the task of deciding which workers’ compensation policy to purchase can seem like too much. Luckily for you, you have the experts at Arthur Blake Insurance to help you navigate this process!

Buying the Best Workers’ Compensation Policies

Know Your State’s Requirements

Like we said above, Texas does not require businesses to have workers’ compensation policies. However, there are regulations on the amounts and types of coverage you can purchase. Be sure to read up on those regulations here!

Create a Safety Plan

Not only will a safety plan inspire a culture of safety and accountability in your workplace, but some insurers offer premium discounts or credits for having a workplace safety policy in place. Remember, claims still are not free after you have a workers’ compensation policy in place, but an established safety plan will help you mitigate future claims.

Group Your Employees

Workers’ compensation rates are often based on what kind of work each employee does. Be sure to keep a chart detailing every employee’s role and how much of the payroll they take up.

Research what Workers’ Compensation Covers

Before you even start shopping around, try to get a good understanding of your state’s regulations and what the policies cover. In general, workers’ compensation can be divided into two parts:

  • Bodily Injury Coverage – Workers’ compensation covers any accidental bodily injury that your employees suffer while working. It also covers damages brought on by a disease caused or made worse by work conditions. Typically, policies will include medical treatment and disability coverage for those employees as well.
  • Employers’ Liability – The other critical part offered by worker’s compensation is protection for employers. Employers’ Liability protects the employer from any civil liability that arises out of injury claims.

Ask about Credits or Discounts

For the most part, employers cannot control what their premium will be. However, employers can control how many discounts or credits they receive. Here area few common discounts and credits:

  • Workplace Safety Programs – As we mentioned above, developing a workplace safety program is a fantastic way to get a premium discount or credit.
  • Payment Plans – Paying for your insurance annually, semi-annually, or quarterly is a great way to avoid extra monthly billing fees.
  • Formal Training – A set training process for all new hires is a great way to cut down on claims and often results in a policy credit.
  • Owner Exemptions – While we generally do not recommend this, some policies will include discounts for owners who exempt themselves from their policy.

Arthur Blake Workers’ Compensation Policy

Arthur Blake Insurance in Plano and Dallas, TX has been assisting North Texas businesses with all their commercial insurance needs since 2001. Our team will take a thorough look at your business and determine the best workers’ compensation policy for your company. Contact us today for your free workers’ compensation quote!

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