What to Know about Workers’ Compensation Insurance

in Colorado

Laws & Facts about Workers’ Compensation Insurance in Colorado

In Colorado, if you have employees, you must have workers’ compensation insurance. Sole proprietors with no employees can purchase this coverage if they wish, but it is not required. Workers’ comp is designed to cover the costs associated with injuries and illnesses your employees may suffer because of the jobs they do. It can be purchased through a commercial provider; or, if approved, your company may self-insure.

More Colorado workers' compensation insurance facts

  • CO workers average 31,817 job-related injuries per year.
  • Of these, about 26,000 require time off or work restrictions.
  • On average, 81 CO workers suffer fatal injuries each year.
  • Vehicle accidents are the main cause of workplace deaths.

How Much Does Workers’ Compensation Insurance Cost in Colorado?

In Colorado, workers’ compensation rates are about 19% lower than the national average Your company’s cost for coverage will be based on the types of jobs your employees do. In this state, each job type is assigned a risk value by Pinnacol Assurance, and this is what is used to calculate rates. If your company also has an assigned experience modifier, your rates may be higher or lower depending on your claims history.

Cost Range of Workers Compensation Insurance in Colorado (per $50,000 in payroll)

workers compensation insurance chart

What Choose an Independent Insurance Agent?

  • Independent agents work for you not an insurance company
  • Local agents understand the needs of people in your community
  • Independent agents do the comparison-shopping legwork for you

Find an Independent Insurance Agent

I was searching for a business insurance for workman's compensation, and I wanted a local company. I used Trusted Choice Business Insurance to find an agent for me. Navigating through their website was easy. They have many agents there so it was easy for me to choose - I entered my information and what I wanted, afterwards, I had qualified agents contacting me the following day.

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Whats Does a Workers’ Compensation Insurance Policy Cover? 

Workers’ compensation insurance ensures that workplace injuries do not place undue financial burdens on employees or employers. Claims may be denied if your employee’s injury was the result of intentional negligence, impairment due to drug or alcohol use, or if the claims investigator believes the injury occurred outside the workplace.  If you or your employees wish to contest a denied claim, you can appeal the decision through the Colorado Division of Workers’ Compensation.

  1. Medical care for workplace injuries: If your employees are injured on the job, workers’ compensation will pay for emergency treatment for their injuries. A worker at your ski resort slices his hand while doing maintenance work.
  2. Medical care for job-related illnesses: If your employees become ill due to exposure to toxic substances, workers’ comp will pay for their medical treatment. An employee at your demolition company contracts a serious lung disease after inhaling toxic mold.
  3. Necessary follow-up or long-term care: Workers’ comp covers the cost of long-term treatment like occupational therapy if it is required for a work-related injury. A secretary at your law firm needs physical therapy after carpal tunnel surgery.
  4. Compensation for lost wages: Sometimes, employees need several days off to recuperate from a workplace injury. Workers’ comp covers their lost wages. A worker injured at your hog farm needs six weeks to recover from back surgery.
  5. Restitution for work-related fatalities: If a workplace injury proves fatal, your workers’ comp can pay out a death benefit to family members to help ease the financial burden. A fire starts in your building and one of your employees loses their life escorting people out.

Top Insurance Companies That Support Independent Agents in Colorado 

There are currently 252 independent insurance agencies in Colorado who are ready to help you with all of your insurance-related needs. When you work with a local agent who is familiar with workers’ compensation and other business insurance policies, you can rest assured that you are purchasing coverage that is both appropriate and competitively priced. Talk to an insurance agent near you to learn more.

Why go Independent

Why Go Independent when looking for Workers Comp Insurance

  • Expertise in Your Business
  • Multiple Quotes From One Agent
  • Get More Value for Your Money