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Colorado Workers' Compensation Insurance
Protect your business and employees with Colorado workers' comp
Whether you own a startup in Boulder or a corporation in Denver, it's important to prioritize the safety and well-being of your employees. Workers' compensation insurance in Colorado offers financial and medical support to employees who suffer work-related injuries or illnesses. This coverage also reduces your company's liability and ensures compliance with state laws.
Confidently run your business with Colorado workers' comp. Let Progressive Commercial connect you with the right policy to protect your team.
Who needs workers' compensation insurance in Colorado?
According to Colorado workers' compensation rules, if your business has one or more employees, you're generally required to have workers' comp coverage. This applies to all employees whether they're full-time, part-time, or family members. You may also need workers' comp insurance to comply with professional licenses and contract terms.
Exemptions to Colorado workers' compensation requirements include:
- Independent contractors
- Ski volunteers
- Corporate officers
- Some part-time farm or maintenance workers
- Commission-only real estate agents
- Sole proprietors
- Certain motor carriers leasing vehicles
- LLC members
Opting out of workers' comp can leave employees unprotected if they're injured at work. Learn more about Colorado workers' compensation guidelines.
What are the penalties for not having workers' comp in Colorado?
Since Colorado workers' compensation coverage is required, not having it can lead to serious penalties like a cease-and-desist order which forces you to stop all operations. Additionally, you can face fines up to $500 for every day you are uninsured.
The best way to avoid these risks is to follow Colorado workers' comp requirements and get coverage.
How much does workers' comp cost in Colorado?
Colorado workers' compensation rates are based on different factors, including:
- Job classification code: The National Council on Compensation Insurance (NCCI) sets specific class codes for different jobs in Colorado based on their risk levels.
- Payroll: Workers' comp rates in Colorado are calculated per $100 of your payroll. A higher payroll can mean a more expensive policy.
- Claims history: Your claims history affects the cost of workers' comp. More claims can increase your premiums, while fewer claims can reduce them.
- Insurance carrier: Insurance companies may offer different rates based on their own risk assessments and pricing options.
How can you get workers' comp in Colorado?
Some of the ways you can get Colorado workers' comp insurance are:
- Private insurers: Many companies choose to buy Colorado workers' compensation from private insurers. These providers can customize coverage to meet your unique needs and may offer extra benefits and discounts. Talk to a Progressive Commercial agent about special features and get a quote today.
- Self-insurance: In Colorado, businesses can choose to apply for self-insurance. If approved, this can help reduce premiums by using reserved funds to cover workers' comp claims and payments. But keep in mind that you'll need to be ready to handle all financial risks and administrative tasks.
How does workers' comp work in Colorado?
Colorado workers' comp helps employees deal with job-related injuries or illnesses. After an employee reports an incident, the employer files a claim. If approved, the employee will receive financial support. The length of time this support lasts depends on the severity of the injury or illness.
Common workers' comp benefits include:
- Medical expenses
- Disability benefits
- Lost wages
- Rehabilitation costs
Workers' comp insurance protects your company and helps get employees back to work. It also guards you from fines or lawsuits since employees who accept these benefits generally can't take legal action.
Colorado workers' compensation death benefits
Colorado workers' comp insurance provides financial support to the spouse and dependents of a deceased employee. Benefits include:
- A lump-sum payment of up to $7,000 for funeral expenses
- Payments equal to 67% of the deceased worker's weekly wages
- Lifetime assistance for spouses unless they remarry, and benefits for children until age 18
Colorado workers' compensation statute of limitations
According to Colorado workers' comp laws and the statute of limitations, you typically have two years from the date of injury or diagnosis to file a claim.
However, it's important to report injuries promptly to allow enough time for claim processing. Encourage employees to report any on-the-job accidents within 10 days.
Get a Colorado workers' comp quote with Progressive Commercial
Getting workers' comp insurance in Colorado is easy with Progressive Commercial. We're here to provide great customer service and help you find the coverage you need to protect your business.
Call us today to speak to an expert or start a quote online.
