Workers Compensation Insurance in Denver
What Does Workers Compensation Cover?
Workers compensation insurance is a type of commercial insurance policy that provides your business with lawful protection from injury and illness claims made by your employees. The Colorado General Assembly Commission put in place the Colorado Workers’ Compensation Act in 1915 and since then, it has been a must-have type of coverage for most of the state’s businesses. And, there’s good reason for it.
Why Do You Need Workers Compensation Insurance in Colorado?
The cost of medical care in the United States is on the rise. If an employee is hurt on the job, he or she may require thousands of dollars in medical care. Or, if the employee becomes sick after exposure to a hazardous chemicals used at your company, you could be financially responsible for long-term medical care for treatment of the disease or illness. Workers compensation benefits alleviate a great deal of this financial stress on a business. That’s why most businesses, including small businesses, need to have comprehensive insurance coverage in place.
Here are some important statistics that can show you the sheer cost of employee illness or injury:
- The National Safety Council reports that the average claim for an injury that occurs within the workplace is over $36,500
- According to the U.S. Department of Labor’s Bureau of Labor Statistics, the median number of days an employee took off time to recover from a workplace injury or illness was nine days
The cost of injuries and illness at the workplace isn’t just about the medical bills, though. It also hampers your business’s ability to function at the highest level. For example, there are doctor fees, emergency room costs, lost time at work compensation, administrative expenses, and even productivity losses as a result of these instances.
What’s Workers Compensation Cover for Your Colorado Business?
Each insurance policy is different. You’ll need to read through the details to learn what’s covered on your plan specifically. However, most workers compensation plans cover:
- Medical expenses such as doctor bills, hospital costs, emergency room costs, ambulance charges, and other costs associated with an employee who is hurt at work
- Lost time at work claims such as an employee’s loss of hours worked at work and pay due to the injury or illness
- Long-term and chronic care needs for those who suffer debilitating conditions that leave them in need of medical care for a long period of time
- Return-to-work programs that can help employees get back on the job faster
- Pain and suffering claims
- Employee fatality
You may believe that your company is safe and that there’s no need to worry about such extensive business insurance protections. That’s not often the case. The state of Colorado requires most types of businesses to carry workers compensation coverage if they employ individuals. In this way, workers compensation policies help you to meet all state law compliance requirements (which saves you money in fines and fees later on).
How Workers Compensation Protects Your Business
In Colorado, workers compensation insurance helps your company to recoup in situations where a worker is injured or becomes ill on the job. It can help with:
- Coverage for claims made, such as settlements for medical bills and other financial losses
- Legal defense support in situations where you are sued by employees
- Coverage for instances in which expert testimony or witnesses are necessary
Common Workplace injuries include:
- Being struck by an object
- Same-level falls
- Lifting injuries
- Exposure to substances
- Transportation-related accidents
- Claims related to violence at the job site
- Repetitive motion injuries
- Falls to a lower level
- Equipment failures
Workers compensation does not pay for injuries not related to work activities, injuries brought on by employees that are intoxicated while working, self-inflicted injuries, or wages for replacement workers. It also does not pay occupational safety and health administration fines or independent contractor or other non-employee claims.
How Can You Minimize Workplace Injury and Illness?
Even locations that have the best safety procedures and training in place can suffer workers compensation claims. It happens in virtually every industry even with outstanding safety protocols. You may be able to minimize claims by installing a comprehensive workplace safety program. Ensure your company is using the latest OSHA standards as well. And, don’t allow employees that are not feeling well or otherwise unable to function well to work.
Getting Workers Compensation in Colorado for Your Business
At C&I Insurance, we know you value high-quality but affordable commercial insurance. Contact us today to receive a customized quote with no obligation. We’re confident you’ll appreciate our dedication to exceptional service and comprehensive support for your specific Colorado workers compensation needs.