In Texas, should the owner of a company participate in his own company's Workers Compensation Policy?
Answer:
YES and NO .. .Workers Comp covers injured employees .. pays medical costs and partial payment of lost wages while the worker is unable to work. If the MEDICAL costs are an issue then put him on the workers comp policy, otherwise save your insurance money and leave him off. MOST businesses do NOT carry officers on the workers comp policy .
workers comp is to protect the business and any and all employees who could be hurt including yourself should be included. If you want to keep the costs down then lower the number on the policy. I would recommend incorporation to protect your personal assets and to separate yourself from any legal action that could possibly happen. Just an opinion
Absolutely. His health insurance PROBABLY has an exclusion for any injuries that happen at work, but even if it doesn't, the medical costs are the SMALL portion of what workers comp pays - it also pays LOST WAGES. If he should have a horrible accident and be in the hospital & rehab for six months, health insurance will NOT pay any lost wages! If he should be killed at work, his wife and kids won't collect a blessed dime from health insurance.
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