Texas is the only state in the U.S. that doesn’t require business owners to purchase worker’s compensation insurance. However, there are several reasons why every Colleyville, TX business owner should seriously consider buying this form of coverage.
It May be Required
Any Texas-based business that contracts with a federal government entity must purchase worker’s compensation insurance. Furthermore, you may have to buy this coverage if you work with large contractors that require subcontractors to have this type of insurance.
It Can Help You Find and Keep Employees
You’re legally required to post notices in your office and inform current and potential new employees that you don’t offer worker’s compensation insurance. Failure to offer this coverage won’t work in your favor if you have (or are trying to hire) employees with specialized skills.
It Protects You if a Worker Has an Accident
If a worker has an accident and you don’t have worker’s compensation insurance, you can be sued for medical bills, damages, and lost wages. You could also face a wrongful death lawsuit if the injured worker dies. On the other hand, businesses with worker’s compensation insurance don’t have to worry about these expenses. They’re all covered under the insurance policy.
Contact Jason Ridley Agency for More Information
Jason Ridley Agency helps Colleyville, TX, business owners find and buy insurance coverage that meets their needs without breaking their budget. We also offer personalized help and advice to make selecting the best policy or policy bundle easy. Contact us for more information, a policy quote, or to start the process of buying insurance for your business.
