Workers’ compensation is one of the PEO services we offer our clients at UniqueHR. 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. Ensuring you have workers’ compensation goes a long way toward protecting them and yourself.
WHAT IS WORKERS’ COMPENSATION, AND WHY IS IT IMPORTANT
Suppose an employee has a work-related injury or illness. Workers’ compensation insurance is there to pay essential benefits such as treatment, lost-wage coverage, and ongoing care.
That also includes death benefits to help with the funeral cost and compensation to the worker’s family.
By law, 49 states require employers to have coverage, the only exception being Texas.
There are no penalties for Texas businesses without coverage. However, those who elect not to and cannot maintain compliance can still face penalties.
By law, you must notify your staff and new hires that you are not providing workers’ compensation coverage. That potentially hurts company morale when workers have left jobs in droves, and retaining employees has been challenging.
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 daily.
Employers who don’t have coverage also risk personal injury lawsuits by employees injured on the job, costing attorney’s fees and damages.
WHERE WE CAN HELP
The Texas Workforce Commission’s Division of Self-Insurance Regulation authorizes UniqueHR as one of 18 private companies to certify self-insure. That allows UniqueHR to pay its worker’s compensation liabilities while retaining the protection of worker’s compensation insurance coverage provided by the Texas Workers’ Compensation Commission Act.
UniqueHR is the only PEO in Texas meeting the financial, worker’s compensation, and claims management requirements needed to self-insure.
UniqueHR’s coverage benefits include $1,000,000, 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 many things to worry about while running their respective businesses. Still, UniqueHR can assist in protecting your employees through workers’ compensation, so that isn’t one of them.
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