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Workers Compensation Information
Workers Compensation Insurance in Austin
Workers Compensation is a type of business insurance purchased by employers that is very different from the more traditional property, liability, auto and marine policies. While the types of policies mentioned above contain very detailed descriptions of the coverage provided, a workers compensation policy simply refers to the state workers compensation law.
A workers compensation policy states that it provides the employer coverage for those benefits required of him by the state workers compensation law. In other words, the policy will provide benefits to an injured employee that are necessary to bring the injured employee back to full recovery. The policy is unique in that it does not specify limits to the dollar to be spent for a particular injury including necessary rehabilitation.
Why Does My Business Need Workers Compensation Insurance?
The main point of this approach to coverage is that it removes what could be a very difficult relationship between employer and employee due to a work related injury. The benefits paid to the injured worker are considered the employee’s exclusive remedy against the employer since the employer is said to have “subscribed” to the workers compensation law. While the policy itself does not spell out benefits, the state workers compensation law does specify benefits to be provided. These complete medical and rehabilitation benefits include certain payments for loss of hand, limb, etc as well as loss of life.
In addition to the statutory benefits prescribed by the workers compensation law, the policy also provides coverage for the employer’s legal defense for employee injuries that fall outside of the scope of the exclusive remedy provisions of the law. Since the exclusive remedy provision does not prohibit the attempt by a surviving spouse or heirs of a deceased employee to attempt to receive benefits due to the gross negligence of the employer or for the loss of companionship to the spouse.
How Much Does Workers' Comp Insurance Cost?
The cost of this policy is based upon the payroll of the employees and the types of work in which they are engaged. For example, the rate for $100 of payroll for a window washer of a high rise office building will be much higher than an office worker. The policy is also unique in that when it is written the premium is based upon an estimate of the annual payroll by class of work. A provisional premium is charged and then after the policy year ends an audit of the actual payroll by class of work is conducted and the final premium is determined.
At Ed Weeren Insurance Agency Inc. we not only shop our clients Workers Compensation policy with many good companies to obtain the best rates possible, but we also promote loss control. If an employer can reduce their losses they will be able to help lower their workers compensation insurance costs.
Other Commercial Coverages
Learn more about the other types of business and commercial insurance we offer.