Workers’ Compensation Insurance in Odessa, TX
Your employees are among your business’s most valuable resources. Regardless of size or sector, your company needs a reliable and productive staff to maintain operations, meet deadlines and cultivate growth. However, work-related injuries and illnesses may eventually impact your employees and potentially incur short- and long-term financial repercussions. Workers’ compensation insurance can make all the difference in helping your employees recover and your company maintain course.
What Is the Purpose of Workers’ Compensation Insurance? 
Even minor or isolated workplace accidents can have dire ramifications for your employees’ health and well-being. Subsequent injuries and health issues can adversely impact their ability to perform their jobs and may also incur other financial consequences, such as medical bills. Fortunately, a suitable workers’ compensation insurance policy can provide affected staff with a means to access financial assistance and enable an ideal recovery process.
What Does My Insurance Cover?
Workers’ compensation insurance can offer multifaceted financial aid in the wake of workplace injuries and illnesses. Specifically, your policy may help pay for the following:
- Medical bills—If employees require health care products or services following a work-related incident, your coverage can help manage expenses.
- Lost income—Payouts may also compensate employees if their ability to work is adversely affected by on-the-job injuries or illnesses.
- Disability benefits—Your policy may provide ongoing aid if employees develop a temporary or permanent disability that keeps them from working.
- Vocational rehabilitation—Workers’ compensation claims can assist with training and education costs if an employee cannot return to their previous job and must learn new skills.
- Death benefits—In the event that workplace injuries or illnesses prove fatal, your policy may compensate employees’ families.
- Employer legal costs—Most policies can also provide aid for attorney fees, settlements and judgments if employees sue your business over their injuries or illnesses.
Do You Need a Policy?
Although workers’ compensation insurance is not legally required for all employers in Texas, certain mandates may apply, such as if your company contracts with government entities. Workers’ compensation insurance is a generally advisable loss control measure even if formal obligations do not apply. Without proper coverage, your employees may lack the means to recover from work-related ailments and may have little recourse but to file a lawsuit against your business. Additionally, lacking insurance could make employees uncomfortable and may negatively affect attraction and retention.
How to Get Workers’ Compensation Insurance Near Me
Contact Five Star Insurance today to learn more about workers’ compensation coverage and get a free quote.