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Worker’s Compensation Insurance

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Worker’s Compensation Insurance, What Does It Cover?

Workers’ compensation coverage pays for diagnoses costs, medical care and physical rehabilitation of employees injured at work. It also provides disability income while the injured employee is unable work (typically about 2/3 of the regular salary.) Additionally, this coverage protects an employer from being sued by an injured worker in most cases.

Colorado – What Every Employer in the State Needs to Know About Workers Comp Insurance

The State of Colorado requires allpublic and private employers (with limited exceptions) to provide workers’ compensation coverage for their employees or face monetary penalties. This insurance must be paid for by the employer and can be purchased through a local commercial insurance broker or (if qualified) through self-insurance programs. No portion of the premium may be deducted from an employee’s wages. Employers should include this as a mandatory ‘cost of doing business.

In Colorado, there are three ways in which an employer may obtain workers’ compensation coverage

  • Commercial Insurance purchased through a local agent.
  • Self-Funding (Individual); or
  • Self-Funding (Groups and/or Pools)

Employer Requirements

  • Obtain and maintain workers’ compensation insurance
  • Display a Notice to Employer of Injury poster at all times
  • Keep a record of all lost time injuries and occupational diseases
  • Report lost time injuries by filing Employer’s First Report of Injury with the insurer within 10 days (insurer sends form to Division)
  • File Supplemental Report of Accident form with the insurer upon an employee’s return to work or termination from employment

If your business is located in Golden, Lakewood, Arvada, Wheat Ridge, Littleton, Evergreen or anywhere in Colorado and you need more information about this or other products and services give us a call 303-960-5290. We have licensed agents on staff who are ready to answer your questions.