Texas is one of the nicest places to work. The state has excellent benefits for employees and employers. In Texas, you get temporary income benefits if your work-related injury makes you lose some or all wages for more than seven days.
Workers’ compensation insurance is a vital part of any business. When an employee is hurt, workers’ compensation insurance helps cover the costs of medical treatment and lost wages.
Choosing the right worker’s compensation insurance company for your business is essential. Here are eight things to know when choosing a Texas worker’s compensation insurance company:
- Make Sure The Company Is Licensed To Do Business In Your State.
When considering a workers’ compensation insurance company, the first thing you should do is to make sure they are licensed in your state.
Each state has its requirements for what insurance companies must do to be licensed, so you should check with your state’s Department of Insurance to determine the requirements.
You can find a link to your state’s DOI on the National Association of Insurance Commissioners website.
Additionally, you will want to check with your local Chamber of Commerce or Better Business Bureau to verify complaints have been lodged against the company.
- Check To See If The Company Has A Good Reputation
Customer reviews can give a good idea of what to expect from a company.
You can ask for referrals from businesses that have used the company’s services. It will help give you some peace of mind knowing that others have had good experiences with the company.
- Compare Rates Between Companies
The Texas Department of Insurance is the only place to compare rates between workers’ compensation insurance companies.
You can use the TDI’s online Rate Comparison System to compare up to four companies at a time. The system doesn’t include every company that offers worker’s compensation insurance in Texas, but it includes most major carriers.
To compare rates, you’ll need the following information for each company:
-The name of the insurance company
-The company’s Texas Department of Insurance (TDI) Company Number
-The policy form number
-The effective date of the policy
-Whether the policy is self-insured or assigned risk
-The policy premium
You can find this information on your current insurance policy or contact the company.
- Look For A Company That Offers A Wide Variety Of Coverage Options
There are different coverage options like:
-Workers compensation
-Liability insurance
-Property damage insurance
So you will want to ensure that the company you are considering offers all of these options. You can ensure that you are getting the coverage you need.
Liability insurance can help protect you from lawsuits from accidents at your workplace.
Property damage insurance can help if there is any damage to your workplace.
- Ask About The Company’s Claims Processing Time Frame And Procedures
It is crucial to know how long it will take for your claim to be processed and paid out.
You should also inquire about the company’s claims procedures.
Are you required to submit documentation?
What is the process for appealing a denied claim?
It is essential to have this information upfront not to be caught off guard if you need to file a claim.
- Make Sure The Company Has Experience Dealing With Workers Compensation Claims In Your Industry Sector
Different sectors use different types of materials and have different processes. If a company has experience in your sector, they will know what injuries are common and how to rectify them quickly and efficiently.
Additionally, they will be familiar with any unique aspects of claims in your industry that could save you time and money. For example, many companies are now using robotics in the manufacturing sector.
If a company has experience with this type of technology, they will be able to help you if a robot injures an employee.
On the other hand, hospitals must deal with contagious diseases and dangerous drugs in the healthcare sector.
7 . Check To See If The Company Offers 24/7 Customer Service Support
Customer service and support should be available when needed, not just during regular business hours.
Additionally, the company should have a customer service team that knows about workers’ compensation laws and can offer guidance and support when needed.
Ensure the company has a solid financial rating. A company with an excellent financial rating is more likely to be able to pay claims promptly and have the resources available to provide excellent customer service and support.
Final Thoughts
Keep these factors in mind when you are ready to shop for Texas workers’ compensation insurance. By researching and finding the right policy for your business, you can ensure that you are adequately protected against potential risks.
