Worker’s Compensation in Colorado

Worker's compensation insurance – also commonly referred to as workman's comp or worker's comp, provides benefits if your employees suffer injuries or illness due to their job. These benefits assist with their medical expenses, a portion of lost wages (if they need time off of work to recover), disability benefits, and death benefits (such as paying for a funeral in the event of a fatality related to a work accident or job-related illness).

For business owners, worker's comp also provides liability protection in the event that they face a lawsuit from an injured employee or their family. The reduction of financial liability is one of the biggest benefits worker's comp offers an employer. Without coverage, employers would be financially responsible for the cost of an ill or injured employee's medical expenses, rehabilitation, and lost wages.

We all strive to run our businesses as safely as possible, however we know that accidents can and do happen. When clients visit your business, your general liability will extend coverage in the event that they are injured on your property. However, it will not extend protection to an employee who suffers an injury at the workplace – this is where worker's compensation can offer benefits.

In the state of Colorado, employers are legally required to carry work comp if they have one or more full-time or part-time employee. This requirement extends to all employees who get paid for the work they perform. The only exemptions are workers who perform casual repair work for less than $2,000/year, part-time private domestic and maintenance work, real estate agents and brokers paid by commission, independent contractors with no employees and drivers working for a contract carrier, and volunteers.

Policy costs vary from business to business based on a number of factors such as the industry, payroll, claims history, and type of work performed by employees. For a custom quote for your business, call now and one of our licensed agents will be happy to assist you.