Workers Compensation Insurance, Dallas TX

Name: Thumann Insurance Agency, Inc.
Address: 12770 Coit Road Suite 110, Dallas, TX, 75251
Price range: $$$

Workers in a factory with Workers Comp Insurance

The Thumann Agency offers customized Texas Workers' Compensation Insurance. As an independent Insurance agency, we can compare your quote from 80 top insurance companies to provide the best coverage at the most affordable rates. Our helpful agents are here to answer your questions and help guide you through the process of selecting the right Workers' Compensation policy for your business.

What is Texas Workers' Compensation Insurance?

Workers' Compensation Insurance is a state-regulated program designed to provide medical benefits and wage replacement to employees who are injured or become ill as a result of their job.

This insurance helps cover medical expenses, rehabilitation costs, and a portion of lost wages for employees who are unable to work due to a work-related injury or illness.

For employers, Workers' Compensation Insurance protects them from potential lawsuits filed by injured employees by offering legal liability protection. However, unlike in many states, Texas does not mandate Workers' Compensation Insurance for most private employers. This means that Texas employers have the option to provide this coverage or opt out, but those who do not participate in the program (non-subscribers) risk facing lawsuits from employees injured on the job.

Key points about Texas Workers' Compensation Insurance:

For businesses, obtaining Workers' Compensation Insurance can provide peace of mind and financial protection against unforeseen accidents or illnesses in the workplace, such as:

Medical Benefits: Covers the costs of medical treatment for work-related injuries or illnesses.
Income Replacement: Provides wage compensation for employees who miss work due to injury or illness.
Legal Protection: Protects employers from certain lawsuits, but only if they participate in the state’s workers' compensation program.
Optional Coverage: Unlike many states, Texas does not require employers to carry workers' compensation insurance, except for specific industries, such as construction contractors working on government projects.

What are the Benefits of Texas Workers' Compensation Insurance?

Medical Coverage: Provides medical expenses and income replacement for employees injured at work.
Legal Protection: Shields employers from potential lawsuits arising from workplace injuries.
Peace of Mind: Offers benefits to employees injured on the job, regardless of fault.

Why Choose the Thumann Agency for Workers' Compensation Insurance in Texas?

We are an independent insurance agency, which means we are not limited to one insurance provider. This allows us to shop for and compare quotes from over 80 top insurance carriers, ensuring you receive the best possible coverage options for your business.

Key Advantages of Working with an Independent Insurance Agency

Personalized Service: We tailor your coverage to fit the unique needs of your industry and business.
Cost Savings: Our extensive network of over 80 insurance providers, allows us to find policies that reduce your costs both now and in the future.
Expertise: Our experienced agents navigate complex insurance requirements and proactively manage your Workers' Compensation insurance to minimize expenses.
Consultants for a Lifetime: We are your consultants for a lifetime, reviewing your policies to ensure they adapt as your needs change, offering ongoing guidance and support.

What Injuries Are Covered with Workers Comp?

These examples demonstrate how Workers' Compensation Insurance protects both employees and businesses from unexpected events:

On-the-Job Injuries:
Injuries that occur at the workplace or while performing job duties are covered. These include falls, cuts, and burns.
Stat: Slips, trips, and falls account for 27% of workplace injuries .
Work-Related Traffic Accidents:
Injuries sustained in car accidents while driving for work purposes are covered, whether in a company vehicle or personal car.
Stat: Traffic accidents are the leading cause of work-related deaths in the U.S. .
Repetitive Stress Injuries:
Injuries like carpal tunnel syndrome or chronic back pain caused by repetitive motions over time are covered.
Stat: Repetitive motion injuries cost businesses over $20 billion in workers' comp claims annually .
Illnesses Caused by Work Conditions:
Workers' comp covers diseases contracted due to exposure to harmful chemicals or substances at the workplace.
Stat: Occupational illnesses make up about 10% of workers' comp claims .
Workplace Violence:
Injuries sustained from acts of violence, such as fights or assaults in the workplace, are covered under workers' comp.
Stat: Workplace violence is responsible for around 18% of all fatal work injuries .
Natural Disasters and Emergencies:
Injuries due to natural disasters, such as hurricanes or fires, while at work are also covered.
Death Benefits:
Workers' comp provides death benefits to the families of employees who die from work-related injuries or illnesses.
Stat: Around 5,190 workers died from work-related injuries in the U.S. in 2021 .

Are Employers Required to Have Workers' Compensation Insurance in Texas?

In Texas, private-sector employers have the unique option of choosing whether or not to provide workers' compensation insurance. This makes Texas the only state where carrying workers' compensation coverage is not mandatory for private employers. Businesses that opt for coverage are known as “subscribers,” while those that choose not to offer this coverage are referred to as “non-subscribers.”

The concept behind workers' compensation stems from the "Grand Bargain," a compromise established during the early 1900s. This system, born during the Industrial Revolution, provides employers protection from lawsuits related to workplace injuries. In exchange for relinquishing the right to sue their employer, employees gain access to immediate medical treatment and income replacement benefits for work-related injuries or illnesses. Additionally, workers' compensation may offer financial support to beneficiaries of employees who suffer fatal workplace injuries.

This trade-off benefits both parties by ensuring that injured workers receive prompt care and compensation while shielding employers from potentially costly legal battles. However, it’s crucial for Texas businesses to weigh the risks of being non-subscribers, as those who opt out of workers' compensation insurance may face significant legal and financial liabilities.

How to Choose the Right Workers' Compensation Insurance

Assess Your Industry Risks: Identify potential hazards in your workplace.
Work with an Independent Insurance Agency: Thumann Agency offers the advantage of shopping for multiple quotes to find the best solution.
Review Coverage Limits: Ensure your coverage includes medical costs, wage compensation, and legal protection.
Proactive Policy Management: We work with you to adjust your policy as your business grows.

Types of Businesses that Typically Need Workers' Compensation Insurance

High-Risk Industries:

Construction Companies: Due to the high risk of injuries, construction companies must cover workers for medical expenses and lost wages.
Manufacturing & Industrial Companies: Employees in these sectors face hazards related to machinery and potentially harmful substances.
Healthcare Providers: Medical facilities and care centers require coverage for injuries like lifting-related strains or disease exposure.

Moderate-Risk Industries:

Retail & Hospitality: Although not as risky as construction, slips, trips, and falls are common in these environments.
Transportation and Logistics: Workers in these industries face risks related to driving accidents, heavy lifting, and equipment-related injuries.

Other Sectors:

Agriculture & Farming: Coverage is necessary to protect workers handling animals, operating equipment, or facing harsh outdoor conditions.

How Much Does Workers' Compensation Insurance Cost in Texas?

The cost of Workers' Compensation Insurance depends on several factors, including:

Industry and Risk Levels: High-risk industries (like construction) generally face higher premiums.
Payroll Size: Premiums are based on the employer’s total payroll. More employees mean higher costs.
Claims History: Businesses with a history of frequent claims or workplace injuries are deemed riskier and therefore face higher premiums.
Coverage Limits: Higher limits for medical expenses, lost wages, and rehabilitation increase policy costs.

Average Costs:

In Texas, Workers' Compensation rates average $0.54 per $100 of payroll for low-risk office-based businesses, while high-risk industries like construction may range from $2.50 to $5.00 per $100 of payroll.
The median cost for small businesses typically ranges from $500 to $1,500 per year, depending on industry and employee count.

Start protecting your business today, call (972) 991-9100 or visit our website to get started with a free, no obligation quote.