Workers’ comp is required in Colorado for most businesses, no matter the number of employees or the size. Employers must provide coverage so they are protected in the case of work-related illnesses or injuries.
There are several ways available to reduce your costs, including:
While workers’ comp rates will vary depending on your state, as well as from industry to industry and even business to business, the process is the same.
When you purchase an insurance policy, you’ll have to estimate your payroll amount for the next 12 months. This is what your premium is based on.
At the end of your term (most often 12 months), the insurance company will audit your payroll and determine the exact amount you paid your employees.
If your actual payroll is lower than projected, you receive a refund. If it’s more than projected, you’ll owe more money.
Workers' comp coverage also protects employers from legal action. This means that if an employee sues your business because of a workplace injury, the insurance will cover the legal costs of the case.
The most common method to get Colorado workers’ comp insurance is by reaching out to a insurance agent for a quote. You can visit Kickstand Insurance to receive an online quote in moments.
There is no state fund for insurance in Colorado, but some businesses may choose to self-insure. To qualify, the company must have been in business for at least five years or be a subsidiary of another company that has.
In addition, it must have at least 300 full-time workers in Colorado or be or have a parent company with assets of $100 million or more.
Colorado takes the requirement to protect businesses and workers extremely seriously. There could be very serious repercussions for a business that does not have the appropriate insurance coverage, including the following:
Death benefits in Colorado can be paid out to dependents. If dependents do not exist, the benefits can be used for hospital, medical, and funeral expenses.
Monetary benefits include:
Workers’ compensation settlements in Colorado can be composed of a single lump sum payment or a series of payments over time. The settlement type depends on the specifics of the case.
Claims cannot be settled before an administrative judge approves the agreement. If an employee doesn’t wish to negotiate or settle, the process can go to trial. If this happens, a judge will choose a fair settlement amount and the insurance company is responsible for paying the claim.
Most of the time, you will have two years to file a claim. In some cases, this can be extended to three years if a judge agrees.
Start by filling out a short online form about your business. We’ll use that info to get you an estimated quote. Then, one of our experienced agents will contact you to review the quote and make sure you are getting the absolutely lowest rate possible for your business. Once the quote is finalized, you’re ready to buy the policy - often with coverage starting that day!
Unlike other online insta-quote systems,
here your quote is reviewed by experts
