Texas is the only state in the union that doesn’t require most private employers to buy worker’s compensation insurance for employees. However, that doesn’t mean that Ft. Worth, TX, business owners can or should ignore this vital coverage option. First of all, select businesses in certain industries are legally required to buy workers’ comp coverage. Second, clients in some industries may not work with businesses or self-employed individuals who don’t have this type of insurance.

Who Needs It?

You’re legally required to buy worker’s compensation insurance if you contract with a government entity or hire inmates who are working through a work furlough program. You also need this type of insurance if you work in the motor carrier industry and your company provides transportation over public highways. 

If you’re self-employed, customers may require you to have worker’s comp coverage so they aren’t held liable if you have an on-the-job accident. This same point applies to companies that work for other commercial entities (i.e., construction companies). 

Understanding the Potential Savings

At the same time, even companies that aren’t legally required to buy worker’s compensation insurance should seriously consider doing so. This type of insurance covers medical bills, lost wages, and other expenses if an employee gets hurt while on the job. It also prevents lawsuits related to on-the-job injury, as employees get compensated no matter who’s at fault for the incident. 

Call Main Street Independent Insurance Agencies Inc. for More Information

Are you weighing up the pros and cons of worker’s compensation insurance for your business? Would you like to see if you can bundle this coverage with other commercial insurance policies? Our team at Main Street Independent Insurance Agencies Inc. is always happy to help business owners in and around Ft. Worth, TX, get good coverage. Call us to get answers to your questions, policy quotes, and expert help and advice.