Workers compensation insurance is a type of insurance that protects both Texas businesses and their employees.
Applicable to all business sizes and types, insurance agencies find that there is a myth that smaller retail businesses don’t really need this coverage since fewer employees doing less risky work mean fewer compensation claims.
In truth, statistics on workplace accidents in Texas reveal the exact opposite, suggesting that small retail companies are the ones that need this coverage the most!
Small Retail Business Injuries - A Real Thing In Texas
According to the Texas Department of Insurance (TDI), small retail businesses in Texas see a lot more employee injuries than might be expected.
In 2018 alone, more than 33,000 Texas employees working for a smaller retail establishment sustained some type of on-the-job injury, a number that actually dwarfs the injuries sustained in manufacturing (20,400), transportation (17,700), and even construction (12,300).
Of these injuries, one fourth or about 8,000 involved the employee missing at least one day of work and about 5% involved the employee missing 30 days or more of work.
These numbers prove one very important thing that Texas small retail business owners need to pay attention to: small retail needs workers compensation insurance just like any other business.
Just because the company does not deal with seemingly more dangerous work does not mean the chance for injury is not there.
Why So Many Worker Injuries In Retail?
Based on statistics gathered by TDI, the retail sector sees more injuries like floor slips and trips, falls from ladders, injuries from lifting, moving, and lowering boxes, sprains, strains, and tears, and repetitive motion injuries than in most other sectors.
It’s a prime reason why any smaller retail business in any mall, shopping center, or anywhere else would want to purchase insurance protection from their workers compensation insurance agency.
These are injuries that can happen at any retail establishment, whether the company has 10 employees or 10,000.
Interestingly, the above employee injury statistics also represent the only increase in injury numbers from 2017 to 2018 in any industry in the nation.
OSHA cites things like increasing numbers of retail employees over the past few years, longer workdays, and irregular work schedules, all of which are thought to negatively affect physical and mental health in ways that can make workplace accidents more likely.
Accident Insurance Is Not the Same
Another problem noted among many small retail businesses in Texas is the idea that these types of employee injuries can be covered under alternative policies like accident, health, and/or disability policies when this is not the case.
Not only do these policies not work the same as worker's compensation policies in terms of monetary and employee limits, they also do not protect an employer from being sued by an injured employee where a worker's compensation policy does.
As such, it is illegal for employers to offer other types of coverage types as a replacement for worker's compensation coverage, though they may offer it in addition.
Retail Companies Needs Workers Comp Insurance
The lesson to be learned where workers compensation insurance is concerned is simply that small and retail businesses also need these policies from their business insurance agency.
In truth, smaller Texas businesses, no matter what their industry, likely need this protection even more than bigger companies as one claim against them could be enough to put a smaller company out of business.
Texas small retail businesses can protect their profits and their employees with this essential business coverage!