Texans know the value of hard work. And if everything really is bigger in Texas, it’s no surprise that the people there put their hearts into every job, large or small. The one thing you don’t want, though, is a big injury on the job that costs you valuable employees. That’s why having the right workman’s comp is so important.
At Benzinga, we’ve researched the best workers’ compensation insurance to help you find comprehensive coverage that suits your needs and the needs of your company. Our top picks are below, but first, it’s important to understand exactly what it is you’re investing in with workers’ comp insurance.
Get Workers Comp Insurance in Texas
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The Best Workers Compensation Insurance in Texas:
- Best for Superior Claims Payout Service: Berkshire Hathaway
- Best for Affordable Rates and Online Quotes: Progressive
- Best for Small Business Workers’ Comp Insurance: Chubb
- Best for Small Businesses Looking for Affordable Coverage: BiBerk
- Best for Scalable Workers Compensation Insurance: Suracy
- The Best Workers Compensation Insurance in Texas:
- Texas Workers’ Compensation Insurance: An Overview
- How Does Texas Workers’ Compensation Law Work?
- Employer Cost for Workers’ Compensation
- 4 Types of Workman’s Comp Benefits
- Best Workers’ Comp Insurance in Texas
- Buying Workers’ Compensation Insurance in the Lone Star State
- Frequently Asked Questions
Texas Workers’ Compensation Insurance: An Overview
Workers’ compensation insurance in Texas is designed to provide coverage for medical treatment for an accident, illness or injury that happens at work. Not only does it provide medical coverage of financial responsibilities, but it also covers lost wages and rehabilitation. Depending on the severity and impact of the injury, it may also help cover retraining to help the injured individual adapt to their disability, or provide for other forms of training if the disability permanently affects their ability to perform in their line of work.
- Number of fatal injuries annually: 4.4 per 100,000 full-time employees
- Employers cost per $100 of covered payroll: $839,873
- National ranking (1= largest % increase from 2012–2016): 48
- Low rate per $100 in payroll: $0.07
- High rate per $100 in payroll: $13.29
How Does Texas Workers’ Compensation Law Work?
Workers’ compensation law in Texas is administered by the state and financed through mandatory employer contributions. These laws help reduce the risk for both employer and employee and help replace the traditional process of personal injury lawsuits. Although there are exceptions to these rules, the law is designed to help employees recover quickly and return to work fully.
Workers’ comp insurance is a no-fault insurance program, which means there’s no need to prove negligence to recover costs associated with medical care or a portion of lost wages. For this process to be successful, there are certain obligations that both the employee and the employer must adhere to.
Employer Cost for Workers’ Compensation
In researching the cost of workers’ compensation insurance in Texas, you will consider premium costs are coverage needs. The cost of coverage depends on different classes of work that cover particular industries. Each state calculates these differently. The table below outlines the rates for Texas.
|Class Code||Class Code Description||Rate||Annual Pay||State Fee||Annual Employer Premium|
|2157||Winery – Wine Makers||$1.81||$50,000||$250||$5,775|
|9079||Mobile Food Truck||$0.58||$20,000||$250||$1,830|
|9052||Hotels and Motels||$1.06||$52,800||$250||$4,048.40|
|7600||Alarm Installation and Repair||$1.33||$48,000||$250||$4,442|
4 Types of Workman’s Comp Benefits
- Wage replacement benefits: These benefits replace all or part of a worker’s wages while recovering from a covered injury or illness.
- Permanent partial disability benefits: These benefits are paid to individuals who, as a result of their injury, have some type of lasting impairment that affects their ability to do the work that they were doing before they were injured. It may mean having to do the same work, but in a modified way or at a lower pay rate.
- Vocational rehabilitation benefits: These benefits allow for the recovery or rehabilitation of vocation skills used in either the same or similar line of work or if the disability is too severe, to help retrain the individual to seek employment in a line of work that is better suited to their circumstances.
- Medical benefits: The core of workers’ comp insurance in Texas, medical benefits help pay for the costs associated with treating and recovering from an injury sustained on the job.
Best Workers’ Comp Insurance in Texas
There are several notable workers comp insurance companies in Texas worth getting a quote from. Our top picks take into account businesses of every size and in nearly every industry. We recommend getting a quote from the companies profiled below so that you can determine the best rate and coverage needs for your specific business.
1. Berkshire Hathaway: Best for Superior Claims Payout Service
Rated A++ (Superior) by AM Best, Berkshire Hathaway is backed by excellent financial strength and stability. Claims are processed quickly and coverage is available nationwide for a wide range of business classes.
Beyond guaranteed cost coverage, Berkshire Hathaway provides flexible payment plans and a variety of deductible options to help make workers’ comp insurance more affordable without sacrificing coverage. Customer service for both employees and employers and all associated personnel is also highly rated.
2. Progressive: Best for Affordable Rates and Online Quotes
On average, members in Progressive’s Advantage Business Program paid just $192 per month for their workers’ compensation insurance. (This is only an average and the actual rate will depend on a variety of factors.)
The good news is Progressive makes it easy for you to get a custom quote on workman’s compensation insurance through its dedicated online quote platform. Use the website to guide you step by step through the process to determine precisely what your cost would be for your line of work in Texas.
3. Chubb: Best for Small Business Workers’ Comp Insurance
As one of the leading names in providing workers’ compensation insurance, Chubb has a variety of flexible plans designed to meet the needs of small- to medium-sized businesses.
Chubb also works with larger, global corporations and provides customized coverage and resources to help provide quality care while minimizing risks and enhancing safety across the workplace. If you self-insure predictable losses yet need coverage for catastrophic exposures, be sure to check out Chubbs’ excess workers’ compensation packages.
4. BiBERK: Best for Small Businesses Looking for Affordable Coverage
BiBERK is the small business workers’ compensation division of Berkshire Hathaway. While Berkshire Hathaway concentrates on providing larger companies with more comprehensive workman’s compensation insurance, BiBERK is tailored to small businesses that want to save money while still getting complete coverage.
With this focus in mind, the company caters to a variety of small business categories including service businesses, retailers, restaurants, transportation companies and much more.
5. Suracy: Best for Scalable Workers Compensation Insurance
When your business is in a period of fast-paced growth, the last thing you want to think about if an employee gets hurt or sick on the job is whether you have enough workers’ comp insurance. Fortunately, that’s exactly what Suracy focuses on.
Its online quote process takes the time to understand your current needs as well as your projected business growth so that you can be sure you have plenty of coverage for unforeseen accidents. Knowing that your business can continue to grow while employees recover is important, and ensuring that they get the best care while following all requirements and obligations is what Suracy is all about.
Buying Workers’ Compensation Insurance in the Lone Star State
It may be tempting to grab life by the horns in the Lone Star State, but when it comes to finding comprehensive workers’ compensation insurance, you don’t have to go it alone. No matter what size your company is, how many employees you have or what industry you’re in, accidents can happen. You want to be sure that you’re protected and that your employees are getting prompt and timely service so that they can recover and focus on fully returning to work.
By getting a free online quote from the companies reviewed here, you’ll be able to better compare and determine your needs and budget while providing for those who work hardest for you.
Frequently Asked Questions
1) Q: How long can an employee stay on workers’ compensation?
The length of time that an employee can remain on workers’ compensation is set by the state. Usually, the range is from 3 to 7 years. In addition to that, there is generally not a limit for permanent disability benefits unless you live in a state that terminates the benefits at age 65. For employers seeking the cheapest workers’ compensation insurance, check out these top providers.
2) Q: Who pays for workers’ compensation benefits?
3) Q: Do I have to get workers’ compensation insurance?
This depends on which state you have employees. The following states require workers; compensation under specific requirements: AK, CA, CO, CT, DE, HI, IL, IA, KS, KY, MD, MA, MI, MN, MS, NH, NJ, NY, NC, OH, OK, SC, SD, UT, WA. To get the best workers’ compensation premium, enter your zip code here.