Texas has made dramatic improvements with regard to the average cost of workers' compensation over the past decade. The state has improved from the 12th most expensive to the 18th least expensive state between 2012 and 2022, according to a bi-annual study conducted by the Department of Consumer Business and Services. Insurance companies are coompeting aggressively in Texas as this line of coverage has been the most profitable line of coverage in the state.
Texas is a file and use state for private insurance companies. This means insurance companies don't need to have their rates approved by the state before they can offer insurance coverage. Therefore, rates will vary quite a bit between insurance companies in Texas. Employers shopping for lower workers' compensation rates are well served to get quotes from several carriers to ensure they find a company with good rates for their workers' comp class codes.
Texas Mutual serves as the State Fund for Texas. They are required by law to provide coverage if no private insurance carriers will offer coverage due to claims or the risks associated with the business classification codes.
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