Several reasons exist why Texas employers must meet workers compensation insurance needs. The main reason is that all states require companies that hire employees to carry this liability coverage. It pays the medical bills for injuries that occur on the job. Here are important facts for small business owners in Texas to know about workers comp.
Small Retail Business Injuries – A Real Thing in Texas
The Texas Department of Insurance (TDI) tracks worker injury claims in the state. Over 30,000 injury claims a year are filed by Texas retailers alone. Many more claims come from the combination of industries such as manufacturing, transportation, and construction. About 25 percent of worker injuries involve missing at least a day of work, paid for by workers comp. Alternative forms of insurance typically only pay a little for the loss of employment.
Why Are There So Many Worker Injuries in Retail?
TDI statistics show the retail industry experiences many injuries involving slips and falls. Laborers who lift heavy items commonly suffer from strains or other injuries. Due to so many injuries in retail, retail employers must pay close attention to workers compensation insurance needs. The more injury risks a company poses to its employees, the more coverage it must carry.
According to OSHA, claims have increased among retailers due to an increased retail workforce and longer shifts. These factors affect individuals’ physical and mental health, creating conditions for worker burnout and accidents on the job. All it takes is a moment’s lack of focus to get injured while loading or moving goods.
Retail employers need to ensure they carry adequate workers comp and must work on risk management strategies to mitigate at-work injuries. Posting safety signs in the workplace is one way to reduce risks, which can help lower insurance rates. Another helpful tip is offering thorough employee training, mainly when working with dangerous equipment.
Accident Insurance Is Not the Same
Accidents on the job are not covered by alternative accident, health, or disability policies. You need to rely on workers comp to pay medical bills due to a worker accident. A company that avoids carrying proper workers comp insurance or tries to replace it with a different type of coverage can result in costly lawsuits and pay high fines to the state.
Some companies explore surety bonds as an alternative to various types of insurance. As a business owner, you need to be aware of your legal responsibilities when it comes to commercial insurance in Texas.
Retail Companies Need Workers Comp Insurance
Businesses of all sizes in the retail industry must emphasize workers comp benefits to attract the right professionals. Many small retailers need workers comp due to and beyond legal reasons, as it helps avoid lawsuits that can topple a business quickly. A retail business that requires workers to regularly participate in a strenuous activity is particularly at risk if it does not carry sufficient workers comp insurance.
Consult with Family Financial Insurance Group
Meeting workers compensation insurance needs is very important for retailers due to the industry experiencing a rising number of accidents in recent years. It’s crucial that your business insurance matches your operational risks, particularly when it affects the well-being of employees. If you have any questions regarding workers comp coverage, contact us at Family Financial Insurance Group, and we will assist you.