Call us today: 720-800-9495
Call us today: 720-800-9495
As a business owner, you do all you can to keep your work environment safe. It’s critical to the health and welfare of your employees and to your operation’s productivity and bottom line. But accidents do happen, causing your workers to take time off while they get the medical treatment they require. Workers Compensation insurance, mandatory in Colorado, is designed to help cover an employee’s recovery needs as well as lost income that results from an on-the-job injury or illness. It will help with hospital and physician’s bills, medicine, physical therapy, and other recovery-related expenses. It also protects you as the employer from lawsuits stemming from workplace injuries and illnesses.
The professionals at Mountainside Insurance Management will secure the Workers Comp your business requires to adequately protect you and your employees. We’ll help you understand how to best present your company’s strengths to insurers and how to address your weaknesses so you can improve your safety record, claims experience and premium.
We will also review your loss history to ensure its accuracy and to identify where any problems may lie. Our staff will assist you in classifying your employees properly so you aren’t surprise at audit time.
If you conduct business activities out of the state or send employees on business travel, let’s talk about what benefits your Workers Compensation policy affords beyond Colorado’s borders.
In addition, many of our Workers Compensation carriers offer return-to-work programs and loss-reduction programs, and we have numerous resources from OSHA and other regulators and associations that can help you improve safety and reduce Workers Comp claims.
To learn more about our services to help contain your Workers Comp costs, please visit here.
Yes. Colorado requires nearly all employers to carry Workers’ Compensation insurance once they have even one employee, whether full-time, part-time, or seasonal, with very few narrow exemptions. Operating without it when required can result in significant fines and personal liability for workplace injuries.
Workers’ Comp covers medical expenses, a portion of lost wages, and rehabilitation costs for employees injured or made ill on the job, regardless of fault. In exchange for carrying this coverage, employers generally receive protection from most direct lawsuits by employees over workplace injuries covered by the policy.
Premium is primarily driven by your payroll, your industry’s assigned classification code (which reflects job risk), and your company’s experience modification (mod), a factor based on your claims history relative to similar businesses. A lower mod, accurate classification, and strong workplace safety practices all help control your premium over time.
It depends on how those workers are classified and how much control your business has over their work — misclassifying someone as an independent contractor when they function like an employee is a common and costly mistake. Many general contractors also require subcontractors to carry their own Workers’ Comp and provide a certificate of insurance before starting work.
Operating without required Workers’ Comp coverage in Colorado can expose you to state penalties, fines, and — critically — direct personal liability for the full cost of an employee’s medical care and lost wages, without the protections the insurance would normally provide. It also removes the legal limits on damages that typically apply when coverage is in place.
Yes — the most effective ways are maintaining a documented workplace safety program, reporting and managing claims quickly and accurately, confirming your class codes reflect the actual work performed, and reviewing your experience mod worksheet annually for calculation errors, which are more common than most employers realize.
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