Workers Comp Insurance Details
Many people do not understand workers compensation laws of The Woodlands TX. Workers comp must be provided for every worker, whether full or part time, by their employer. This is something that is required by law. Failure to provide workers comp coverage to an employee could result in heavy fines by the state labor commission and possible closure of the business.
Workers comp in The Woodlands TX on the surface may seem like a simple insurance coverage, but the reality is it is very complicated. Each type of business has been assigned a workers comp code. This code determines how the company is charged for its insurance coverage. If the company has been coded incorrectly it could have an impact not just on their own premium, but also the premiums of other businesses. This is because all of the loss information for each business is submitted to the labor commission and is added to a national database that determines the typical loss ratio for each type of business.
Once your business has been reporting to the National Council on Compensation Insurance (NCCI) you will get a factor assigned to your company that is an indication as to whether you are operating above or below the national average for losses. This factor can have a huge impact on your workers comp premium. This is why it is so important to practice workplace safety. If you have fewer than the average losses within your industry you could earn a reduction in premium.
The industry you are in will also have an impact on your workers comp premiums, the higher the risk the higher your premiums. This is when having a safety program in place becomes almost critical, most importantly for your employees, but also for your workers comp insurance premium. Having a loss control person inspect your business and give you recommendations will go a long way to improve your workplace safety.
Managing your workplace safety should be a consideration whether you work in an office or a construction site. All businesses have hazards of some sort. The goal is to identify and manage the risk involved with your company. In reality you will not only be helping yourself but your industry as a whole. And if your employees believe you are looking out for their health and safety you will be creating a better work environment. Having a reputation for caring about your employees will attract better employees. Browse the website for more information.