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.
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.
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.Pierre of Denver, CO Consumer Affairs
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.
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.