Texas has many unique and successful businesses, and they all rely on their employees to work hard and stay safe in a protected environment. Workers’ compensation is tool for businesses to provide coverage for their employees in case of injuries on the job. However, workers’ comp can be expensive, and many businesses struggle with keeping up with it financially. Fortunately, the cost of coverage for these workers’ comp premiums has dropped exponentially.
Why is Texas Workers’ Comp Cheaper?
Since 2005, the Division of Workers’ Compensation has been working at reducing premium costs and overall improving workplace care. These premiums have dropped 63 percent, and the average premium for each $100 of payroll has decreased from $2.32 in 2003 to 86 cents in 2015 (and they are still dropping today). More Texas businesses are providing workers’ compensation insurance coverage because of this cost reduction. Also, fewer employees are filing workers’ compensation claims, which has also contributed to the decline in premium costs. Claims have dropped 28 percent since 2004, and non-fatal workplace injuries are down 36 percent since 2005.
This is a large indication that employers are working harder to making workplace environments safer. Employees are also getting medical treatment sooner, because financial resources are being provided quicker as a result of lower costs. Eighty four percent of injured employees are receiving medical care within seven days of their injuries, compared to 76 percent in 2000. Injured employees are getting healthy and getting back to work faster.
Even though this news is optimistic for Texas employers and employees, workplace injuries can and do still happen. If you have been injured at work and need a workers’ comp attorney to help you financially recover, contact The Law Offices of Aaron Allison.