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Workers Comp Insurance

Workers Comp Insurance

What Is Workers’ Compensation Insurance and How Does It Work in Colorado?

Workers’ compensation insurance or “Workman’s comp” insurance for short, is a type of business insurance that protects injured workers when they are injured at the workplace.

In general, all employees of public or private businesses in Colorado must be covered by workers’ compensation policy, with a few exceptions for sole proprietors, certain types of business partners, and members of limited liability companies (LLCs).

In Colorado, like most other states, workers’ compensation insurance policies do not take fault into account. No matter who caused the accident, the injured worker can get compensation. Work injury insurance is also an “exclusive remedy.”

This means the injured worker can only get compensation from workers’ compensation. Unless there are exceptional circumstances, they are unable to file a personal injury lawsuit or take other legal action against their employer.

What’s Covered by A Workman’s Comp Insurance Policy?

Workers’ compensation insurance policies cover all injuries experienced on the job. If an employee is injured in any way, they are able to file a claim to cover the costs of their medical treatment, lost wages, and other costs such as permanent or temporary partial or full disability.

 

Factors That Impact Coverage

The industry you work in is a major factor that impacts the cost of coverage. For example, construction represented 21.1% of workplace deaths in 2018, according to OSHA. Other high-risk industries include forestry, fishing, hunting, and agriculture. Contact us for a Workmans' Comp Quote!

Additional factors that impact coverage include the overall size of your payroll, the specific roles of employees, and how many work injuries have occurred at your company in the past.

Workers’ Comp Death Benefits

Work injury insurance also must include a death benefit policy. Spouses and dependent children under the age of 18 or 21 (if full-time students) may claim these benefits if a worker dies of a work-related injury.

Typically, 2/3 of the workers’ weekly wage is awarded to both the spouse and dependents up to a certain legal maximum. Spouses receive this benefit until they remarry or for life. Children receive this benefit until they turn 18 (21 if they are full-time students).

Some Workers Comp coverage can include:

  • Innovative payment systems
  • Medical disability case managers
  • Utilization management nurses
  • Certified life care planning nurses
  • Vocational rehabilitation consultants
  • Physician consulting services
  • Legal staff
  • Contracts with medical network providers
  • Managed prescription drug program


Contact Us to Explore Your Options for Workers Compensation Insurance in Colorado

Whether you’re starting a new business and need a workers’ compensation insurance policy, or you’re interested in replacing your existing coverage, our team is here to help with all your Business Insurance needs. Contact us and explore your options for workers’ comp insurance in Colorado.