One of the biggest challenges of risk management is simply assessing the potential problems your business may face so you can take the appropriate measures to reduce or eliminate those risks. If you run a commercial operation, there are several vital risk management strategies you can use to protect your business:
By assessing your business risks from multiple angles with a qualified commercial insurance agent, you can more adequately protect your company from the challenges that can undermine your company's financial health. (Source: TrustedChoice.com)
- Spend some time identifying your company's specific risks, from customer relations challenges to employee safety concerns, property risks, business interruption and corporate fidelity.
- Identify the specific proactive methodology you want to implement to mitigate each risk. This step will help you to develop a multi-pronged approach to reducing risk that includes everything from workplace safety measures to security systems, employee education and commercial insurance.
- Work with a knowledgeable commercial insurance agent to choose the specific business coverage you need to reduce the financial impact on your enterprise in the event of accidents, injuries, property damage, fraud and the other risks you have identified.
Workers Compensation in Texas
Workers' compensation is a state-regulated insurance program that pays medical bills and replaces some lost wages for employees who are injured at work or who have work-related diseases or illnesses.
Workers' compensation will pay for the medical treatment of an injury or illness if:
- The injury occurred at work or the disease or illness is job-related; and
- The worker's employer has workers' compensation insurance or is certified by the Texas Department of Insurance, Division of Workers' Compensation to self-insure.
Workers' compensation will also replace some of the worker's lost wages if:
- The injury or illness caused the worker to lose some or all income for more than seven days.
Texas employers may choose whether or not to maintain workers' compensation insurance. Employers who choose to have insurance may:
- Purchase insurance policies from private insurance companies; or
- Self-insure, if they meet the requirements of the Texas Workers' Compensation Act and are certified by the Texas Department of Insurance, Department of Workers' Compensation. Self-insured employers have the same rights and responsibilities as employers who buy policies from private insurance companies.
At Ed Weeren Insurance Agency of Austin, we know insurance. We know that when you're making decisions about insurance coverage, you want to work with an insurance agent in Austin that can help you select the right policy for your needs, whether you're looking for business, commercial, workers compensation insurance or general liability coverage. Call us today at 512-454-5266 for an Austin business insurance quote.