What is workers’ compensation?

From your property to your pets, there are many reasons to buy insurance. For a business owner, workers’ compensation insurance provides protection against the serious consequences of workplace injuries. Watch the video below from our Workers’ Comp Expert Minute Series to get a better understanding of workers’ comp.

As the video explains, workers’ compensation is an insurance policy that a business owner buys to pay for medical care and lost wages for an employee hurt on the job. It provides peace of mind because without workers’ comp coverage, employers have few financial protections if an injury occurs in their business. With a workers’ compensation provider like Texas Mutual Insurance Company, we are committed to helping you keep your employees safe and we work hard to get your employees back to a productive life after an injury.

Workers’ compensation also provides important protection for employees. In the insurance world, the services and payments a claimant (in this case, the injured worker) receives are known as benefits, and in workers’ comp, there are a few different types of benefits. Benefits are based on the wages the injured worker was not able to earn as a result of the injury he or she experienced and the severity of the injury. Below is a brief overview of the types of benefits an injured worker could receive.

  • Income benefits, also known as indemnity or lost wages benefits, replace a portion of the wages that are lost because of the work-related injury. For more information on the types of income benefits, click here.
  • Medical benefits cover the costs of medical care and treatment for a worker’s compensable injury or illness.
  • Death benefits are provided to an injured worker’s surviving family in the event of a fatality.

Workers’ compensation insurance protects businesses from the serious consequences that can result from workplace injuries. Texas Mutual also goes the extra mile and not only protects your business financially but also works hard to help you keep your workforce safe. We are your partner in preventing the injuries from happening in the first place. With more than 2,000 resources in our safety resource center including 200 e-Learning courses, we give you the resources you need to keep your employees safe on the job.

If you are interested in purchasing workers’ compensation coverage, speak to your agent. You can retrieve a list of agents in your area by visiting the Independent Insurance Agents of Texas website.

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