Cheap Workers Compensation Insurance Quotes Texas

Texas is one of few states in the US that does not require workers compensation insurance for businesses and employers. Even though it is optional for businesses, it is important to obtain this policy to give your business, as well as your employers, peace of mind and security against financial loss.

The above law is applicable only to private companies and businesses, however. All businesses that have a contract with government entities are required to obtain this type of insurance.

Aside from companies working with government entities, those that belong to the following industries also need workers comp insurance:

Cheap Workers Compensation Insurance

Why Is Workers Compensation Insurance Essential in Texas?

Injuries and accidents can happen in the workplace, no matter how you practice safety among your employees. In Texas, getting this type of coverage is essential given the alarming workplace injuries and fatalities in the past five years.

According to the Texas Department of Insurance, the rate of occupational injuries in Texas from 2015 to 2019 peaked at 2.3% (with the national average at 3.0%). This data is calculated on a per 100 employees basis. As of 2019, the Survey of Occupational Injuries and Illnesses reported that there are 187,600 cases in the private sector.  In the total reported cases, majority of the injuries took place in the service-providing industry.

The affected industries include the following, according to the report from the Texas Department of Insurance (2019):

  • Retail trade
  • Health care
  • Food services
  • Manufacturing
  • Transportation
  • Warehousing

Cost Guide to Workers Comp Insurance in Texas

Finding cheap workers compensation insurance is easy because there are plenty of price comparison websites now available. You can also seek the services of an insurance advisor to help find the right fit for your needs.

In your quest to find affordable coverage and policy, you need to compare quotes from various insurance providers to find the best deal. The estimated cost of workers comp insurance in Texas is at $0.54 per $100 in an employee payroll.

The actual rates on your workers compensation insurance will be influenced by a variety of factors. There are different classification codes for every industry or nature of business. This code will determine the level of risk associated with each industry. For example, jobs that are riskier in nature cost more to insure your employees as compared to low-risk jobs.

The estimated quote given by insurance companies will vary significantly. Therefore, you need to obtain at least three quotes to get a more accurate assessment of insurance cost.

Cheap Workers Compensation Insurance

What is covered in the Texas Workers Compensation Insurance?

A typical coverage for workers compensation insurance in Texas includes the following benefits: 1) medical expenses, 2) income replacement or supplement, and 3) death/burial benefits.

The medical benefits will cover the cost of treatment of an illness or injury, including medicines and rehabilitation. For serious injuries, the employee can receive long-term medical benefits. However, the amount and length will be determined by the specifics of your insurance policy.

The income replacement or supplemental benefits provide your employees with access to income if they are unable to work due to the injury sustained.

Meanwhile, the death and burial benefits are provided for the family of the employee to cover the burial expenses and support for the family (in lieu of the lost income).

Cheap Workers Compensation Insurance Quotes Near Me

Cheap Workers Compensation Insurance Quotes Texas

Best Workers Compensation Insurance Companies

Texas Department of Insurance - Division of Workers' Compensation

7551 Metro Center Dr #100, Austin, TX 78744

(800) 252-7031

Employers Risk Insurance - Business & Commercial Insurance Houston, Commercial General Liability Insurance Texas, Workers Compensation Insurance Companies Houston TX

1304 Langham Creek Dr, Houston, TX 77084

(281) 578-5588

Texas Mutual Insurance Co

433 E Las Colinas Blvd, Dallas, TX 75247

(214) 689-8400

Texas Workers Compensation Safety Group

11200 Jollyville Rd, Austin, TX 78759

(800) 749-1772

Texas Department of Insurance - Division of Workers' Compensation

1250 W Mockingbird Ln #200, Dallas, TX 75247

(800) 252-7031

Texas Department of Insurance - Division of Workers' Compensation

6900 Anderson Blvd Ste 200, Fort Worth, TX 76120

(800) 252-7031

Texas Department of Insurance (TDI)

333 Guadalupe St, Austin, TX 78701

(800) 578-4677

Texas Mutual Insurance

827 N Frio St, San Antonio, TX 78207

(512) 224-4021

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