November 22, 2019

As an employer you work to keep your employees safe on the job, but accidents can happen. When a workplace injury occurs, workers’ compensation coverage ensures that your people and your business are protected. There are many benefits to workers’ comp coverage, and it’s important to know the process of buying workers’ comp and what to expect. To help you get started, this article covers the cost of workers’ comp, how you can purchase coverage and what you can expect with Texas Mutual.

How much does a workers' comp insurance policy cost?

Workers' comp insurance is paid by the employer and not the employee. The premium that you pay highly depends on factors related to your business such as:

• You company’s total annual payroll
• The risk level of the jobs you’re paying your employees to do, which is evaluated through classification codes
• Your company’s past safety record, which is evaluated through your experience modifier, also known as an e-mod

Your agent can use our convenient Internet Quoting tool to get a custom estimate according to your business, industry and claims history. 

How do I buy workers' comp?

In most cases, business insurance policies are purchased through a licensed agent. The agent who handles your car, home or life insurance may be able to help. If not, they can refer you to another agent who deals with workers' comp. You can also find a list of agents in your area by visiting the Independent Insurance Agents of Texas. At Texas Mutual, any Texas licensed agent can write business with us allowing us to work with over 7,000 agents across the state.

What should I look for when I'm buying workers' comp?

Your agent will present you with your workers' comp options and they will help you identify the best solution for your business. A few things you should consider are the insurance company's reputation, their financial stability, what kind of safety resources they provide and other perks like if they pay dividends.

How does it work?

When an on-the-job injury occurs, and you're covered by Texas Mutual, here's what happens:

• You report the injury to us, and it becomes a claim in our system.
• In an emergency, make sure your employee gets immediate care. Otherwise, you can find a doctor using our Texas Mutual Provider Directory app or on our homepage.
• A specialized adjuster will gather any additional information needed to determine if a claim is compensable. A compensable claim means that claim was accepted as part of a work-related injury or illness. It also means that the injury or illness is covered by your workers' comp provider, so you don't have to worry about a deductible. 
• Our compassionate adjusters, who are trained to handle worker's comp claims, will get in contact with you. They will help you navigate your claim and work to keep you informed every step of the way.
• Your employee's doctor will let Texas Mutual and your employer know what the next steps are in terms of recovery and returning to work. 

Read our guide on The Steps of a Claim with Texas Mutual to learn more.

What are the benefits of choosing Texas Mutual?

Texas Mutual is the state's leading workers' comp provider, providing coverage to 44 percent of the market. We are a policyholder-owned company focused solely on workers' comp insurance. By doing business with Texas Mutual, our policyholders can benefit from:

• Dividends– Texas Mutual has paid $2.8 billion in dividends back to our policyholders since 1999.
• Health care network – Policyholders can receive a 12 percent premium discount by participating in our medical network, WorkWell, TX
• Safety groups – Businesses may join one of 28 safety groups to take advantage of group-purchasing discount and potential group dividends.
• Safety resources – Access free safety services that include education, consultations, training, e-Learning, monthly webinars and more.
• Fraud protection – We have dedicated fraud teams that help identify and prevent millions of dollars in fraud each year.
• Grants – Texas Mutual awards millions of dollars in grants each year to help our policyholders create safer, healthier work environments.

To learn more about the Texas Mutual difference, read our Quick Facts.

We’re proud to serve over 70,000 businesses across the state helping to minimize workplace accidents and providing compassionate service when they need us. Choosing Texas Mutual means that we’re by your side to make your business the best it can be.

This is the second article in our workers’ comp basics series. Read part one to learn what every business should know about workers’ comp. You can also explore our website for more workers’ comp resources.