Does my small business need workers compensation insurance even though I only have a few employees?

Austin, TX is a great place to live, raise a family, and own a business. One thing Texas is known for is supporting businesses and people who work hard.

That’s one reason why Texas laws are designed to give your business flexibility.  Most states require businesses to pay for workers compensation insurance if there are employees, but Texas is different. 

You can choose whether or not to offer workers compensation 

If you want to discuss all the different options you could have with a workers compensation policy, we at Southwest Insurance Center would be happy to spend the time you need to explore your options.  You can choose coverage tailored to your business and its specific needs.

If you decide not to have worker’s compensation insurance at your business, you need to let your employees know when they are hired, and if the status changes. 

Opting out carries risks 

With workers compensation policy, there are limits as to how much an employee may be compensated for an injury. Without the policy, an injured employee can sue your business for an unlimited amount if there is a qualifying injury. The business would have to pay for the judgment without help. 

Kinds of worker’s comp

There are three basic kinds of worker’s comp benefits:

1. Medical benefits 
2. Income benefits 
3. Death benefits 

Almost any injury will qualify if it occurred while working unless the injury was caused by the employee’s own reckless or illegal behavior. 

If you have a business in Austin, TX, you want to protect your workers to the best of your ability anyway. Having worker’s compensation insurance makes sure that if an employee is injured he or she can get the necessary care right away. If you are thinking about whether or not your business could benefit from worker’s comp insurance, please call Southwest Insurance Center today.