Colorado law states that it is necessary for the employer to purchase workers’ compensation insurance Colorado if the company or business only has one or more part-time or full-time workers. In Colorado, workers compensation insurance has few exceptions in which you need to cover public and private employers. The workers’ compensation law provides the authority to levy fines and impose penalties.
Requirements of Business Owners Before Purchase:
Below we mentioned some basic requirements that every employer has to fulfill:
- Purchase and Maintain the Workers’ Compensation Insurance.
- Display a Notice to Employer of Injury Poster (WC 50) at all times.
- Keep all the records of all the lost-time injuries and occupational diseases.
- Employers have to report all the injuries to the insurance company within 10 days.
- Maintain and provide a designated provider list to the injured worker.
- Employers have to file the supplemental report of return to work form or termination of the employer.
Cost of Workers Compensation in Colorado:
The average cost of workers’ compensation in Colorado is $50 per month. The average cost of workers’ compensation insurance in Colorado is $0.95 per $100 in earnings. It is one of the cheapest or low rates in the United States. It compares well with California at about $2.75 per $100 earnings. Several options are mentioned which are important for the employer before buying Workers’ Compensation Insurance:
- Employers can purchase the Workers’ Compensation Insurance policy from an authorized commercial insurance company. The Company provides you with an easy online application so that you can easily compare the top insurance carrier and licensed agents if you’re running Colorado Business.
- Employers can purchase the insurance through Colorado’s State fund. Colorado runs a competitive workers’ compensation state fund administered by Pinnacol Assurance.
- Large businesses can opt the self-insurance. Employers must have at least 300 employees or $100 million in assets to qualify for self-insurance. Public sector employers and professional associations may join a group or pool for workers’ compensation insurance through a program administered by the Division of Insurance.
Best Companies of Workers Compensation in Colorado:
Here we’re going to provide you the information about the best companies for workers’ compensation insurance in Colorado:
|Company name||Medical Expenses||Death Benefits||Lost Wages||Referral Bonus||24/7 Nurse Hotline|
|Travelers Insurance Company||✔️||✔️||✔️||✔️||✔️|
|Liberty Mutual Insurance Company||✔️||✔️||✔️||❌||❌|
|Central Insurance Companies||✔️||✔️||✔️||❌||✔️|
|Nationwide Insurance Company||✔️||✔️||✔️||❌||✔️|
Travelers Insurance Company:
|Company Name||Travelers Insurance Company|
|Headquarter||New York, United States|
|Situated In||Centennial, Colorado, United States|
|Contact Number||+1 800-252-4633|
The Travelers company is known as Travelers which is an American Insurance Company. It is the second-largest company situated in the United States commercial property casualty insurance and the sixth-largest is personal insurance through independent agents. This worker’s compensation company works for more than 165 years and now it earned a reputation as one of the best property casualty insurers in the industry.
Liberty Mutual Insurance Company:
|Company Name||Liberty Mutual Insurance Company|
|Established||November 28, 2001|
|Situated In||10800 E Geddes Ave, Englewood, Colorado 80112|
|Contact Number||(303) 200-9695|
Liberty Mutual Insurance Company was founded on November 28, 2001, as an American Diversified Global Insurer. Now, it’s the sixth-largest property and casualty insurer in the United States. It is ranked 71st position in the fortune list of largest corporations in the United States based on 2020 revenue. This company has more than 45,000 employees working in 29 countries.
Central Insurance Companies:
|Company Name||Central Insurance Companies|
|Headquarter||Van Wert, OH|
|Situated In||Colorado Springs, Colorado|
|Contact Number||(719) 329-4441|
Central Insurance Companies is founded in 1876 and offers quality, affordable insurance coverage for your home, auto, and business. Central Insurance Services offers a variety of insurance plans through multiple companies to help meet your healthcare insurance needs. It also covers all the medical benefits and wages replacement for employees injured on the job, workers’ comp insurance can provide benefits to dependents and family members of employees.
Nationwide Insurance Company:
|Company Name||Nationwide Insurance Company|
|Situated In||Lone Tree, Colorado|
|Contact Number||1 (877) 669-6877|
Nationwide offers you insurance, retirement, and investing products that provide protection. Nationwide Mutual Insurance Company and affiliated companies is a group of large United Insurance and financial services. The company also operates regional headquarters in Scottsdale, Arizona; Des Moines, Iowa and San Antonio, Texas.
What is covered under Workers’ Compensation in Colorado?
Workers’ Compensation in Colorado will help you to cover various losses. As per this insurance policy, you will get the benefit like it will pay your medical expenses and lost wages of an employee who is a work-related injury or illness. Some injuries are includes in the policy:
- Traumatic injuries
- Repetitive injuries
- Some mental or cognitive injuries
- Occupational illnesses/diseases
We’re going to tell you some exemptions like in Colorado there are certain aspects or exemptions which is covered by workers’ comp insurance. The following exemptions are:
- Domestic workers who work less than 40 hours per week and less than 5 days per week
- Real estate brokers or agents who work entirely on commission
- Certain motor carriers who lease to or from drivers
- Casual farm or ranch laborers
- Ski volunteers
In summary, the article has the positive impacts of Workers Compensation Insurance Colorado. We discussed the best companies that provide the services of Workers’ Compensation Insurance and also focuses on some exemptions.