Texas workers compensation insurance, by the numbers, is a very popular loss mitigation strategy in the state. The majority of Texas businesses carry one form or another of this insurance, but few realize how important it is to keep policies up to date. On one hand, an outdated policy might cost a business more money than necessary— especially if job descriptions, practices or active positions change due to downsizing or restructuring. On the other hand, a growing business might have outstripped its policy’s protections, opening the door for fraudulent lawsuits to succeed. In both situations, the insurance product is not doing its job of protecting the company.
It is relatively easy to get a Texas workers compensation insurance checkup. Most analysts can do the job via a comprehensive review of these select documents:
- Rating adjustments based on losses
- Payroll information
- Your current policy
Business owners in Texas like to get what they pay for. Insurance companies understand this, and so they often offer these services along with renewals. However, many Texas workers compensation insurance are just as happy to give a business owner a policy re-appraisal at any time. Companies that have gone through expansion, contraction, merger or any other game-changing process often do well to assess their current secondary service situation, including but of course not limited to their workers compensation policies.