Low Cost Workers Compensation for Texas Home Health

Low Cost Workers Compensation for Texas Home Health

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Operating a home health business in Texas is no inexpensive matter, especially where insurance costs are involved. As you may already be aware, there are a multitude of different policies which provide different types and amounts of coverage for very specific liabilities. Do your employees drive? Here- a commercial auto policy. Could someone be injured on or by your property? Liability insurance is your best bet. What happens if someone gets injured on the job? Worker’s compensation insurance is a must! With all these costs, it is easy to become bogged down in budget sheets, trying to figure out how to turn a profit without cutting corners. If you find yourself in this situation, the topic of low cost worker’s compensation for Texas home health may be something to consider.

In terms of insurance policies, worker’s compensation may be the most tempting to “give up” if finances become an issue. Why? In Texas, worker’s compensation insurance is merely recommended and not required. However, temporary savings in this area may not be worth the long-term risk. If your employee is injured on the job, worker’s compensation provides the finances to cover their medical bills and provides a stipend as a form of income replacement while they are unable to work. When an employee signs the paperwork necessary to receive such benefits, they also are often forfeiting their right to sue for additional damages. In short, worker’s compensation insurance provides two levels of financial protection to your business.

The first step in finding low cost worker’s compensation insurance for your Texas home health business is to consider your sources. Most businesses choose to find a local, regional, or national insurance agency who can provide them with a privately underwritten policy. With a large number of agencies offering worker’s compensation insurance, you will be able to do some “comparison shopping” and discover if there are any variances in policy premiums and select the policy that best fits your needs and budget. In the event that you are not able to find a private insurer, the Texas Department of Insurance can guide you to a “last resort” policy which is offered to businesses who have not been able to find insurance policies from any other source.

A second step in finding worker’s compensation insurance at a low cost is reducing risk factors. This is a two-pronged approach- First, educating employees to be mindful of certain injury risk factors may lower the incidence of injury. Lower injury rates equals lower claims, resulting in lower premiums. Second, when multiple businesses experience lower injuries and file fewer claims, the rates for worker’s compensation premiums are lowered as a whole. This type of savings has been observed as recently as April 2014.

The decision to purchase worker’s compensation insurance for your Texas home health business is voluntary, but should not be avoided simply because of financial concerns. There are several ways to find low cost worker’s compensation insurance policies, and each are realistic and attainable. Talk with your insurance agent today to see what you can do to find your own low cost worker’s compensation insurance policy.

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All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.

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