Workers’ compensation is one of the PEO services we offer to our clients at UniqueHR, and while it is a recognizable term, it’s not always easy to explain its ins and outs.
When it comes to a business’ priority assets, its employees are high on that list, and ensuring you have workers’ compensation goes a long way toward protecting them, as well as yourself.
WHAT IS WORKERS’ COMPENSATION AND WHY IS IT IMPORTANT
If an employee is injured or becomes ill because of something work-related, workers’ compensation insurance is there to pay essential benefits such as treatment, lost-wage coverage, and ongoing care.
There are even death benefits that usually include the cost of a funeral and compensation to the worker’s family.
By law, 49 states require employers to have coverage, with the only exception being Texas.
In Texas, businesses will not be penalized for not having coverage, but those that elect not to and aren’t able to maintain compliance can still face penalties.
You also must, by law, notify your staff and new hires that you are not providing workers’ compensation coverage, potentially hurting company morale during a time when workers have left jobs in droves, and retaining employees has been tough.
Furthermore, even businesses without workers’ comp are required to notify the Department of Workers’ Compensation in the event of on-the-job injuries and occupational disease, lest they face fines up to $25,000 a day.
Employers who don’t have coverage also put themselves at risk of personal injury lawsuits by employees injured on the job, costing attorney’s fees and damages.
WHERE WE CAN HELP
UniqueHR is just one of 18 private Texas companies authorized by the Texas Workforce Commission’s Division of Self-Insurance Regulation to certify self-insure. That allows UniqueHR to pay its own worker’s compensation liabilities while retaining the protection of worker’s compensation insurance coverage as provided for by the Texas Workers’ Compensation Commission Act.
UniqueHR is the only PEO in Texas that has met the strict financial, as well as worker’s compensation and claims management requirements needed to self-insure.
UniqueHR’s coverage benefits include $1,000,000 coverage, no premium down payment, remedy protection under workers’ compensation regulations, and worker’s compensation certificate of insurance. We also take the burden of handling workers’ compensation administration claims management, and provide relief from annual audits, adjustment of payments, and hearings by state.
Our clients have a lot of things to worry about while running their respective businesses, but UniqueHR can assist in protecting your employees through workers’ compensation so that isn’t one of them.
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