In a perfect world, there wouldn't be a need for workers' compensation benefits. But every day, employees sustain work-related injuries and occupational illnesses.
Like most states, Colorado requires businesses with one or more employees to be insured with workers' compensation.
This remains true even if you only have one employee, or if your employee is a friend or family member.
In the event of a work-related accident or illness, workers' compensation insurance protects employers and employees. Additionally, policies cover employee medical care, a portion of lost wages—and protect employers from legal action.
Workers' compensation (also known as workers' comp) covers:
In the long run, workers' compensation benefits often save money employers a lot of money and stress through:
In most cases, Colorado workers' comp laws prevent employees from filing personal injury lawsuits against their employers.
Policy premiums take into account your business and industry, as well as wages and salaries paid to your employees.
The National Council on Compensation Insurance (NCCI) provides a "classification code" that's based on accidents within your specific industry.
NCCI also assigns an "experience modifier" (or e-mod) that compares your company's accident history to others within your industry.
Learn more about e-mods in this quick video.
If your e-mod rate reflects a safety record that's better than the industry average, you can qualify for discounted premiums.
Discounts are also available for participating in safety group programs and using designated medical providers.
Workers’ compensation insurance offers significant financial protection for employers, and it often proves to be a more cost-effective solution than managing workplace injury expenses directly. It’s also legally required for most businesses in Colorado to carry workers’ comp. Failure to do so can result in hefty fines and penalties.
Insurers dedicated to being a safety partner, like Pinnacol, help businesses create a return to work program to support the recovery of injured workers and their safe, swift transition back.
Colorado workers' compensation benefits help employees recover from a workplace injury or occupational illness, including:
Workers’ compensation benefits cover expenses like medical care, injury-related prescription medicine, and physical therapy.
Injured employees unable to work three or more scheduled shifts, may have two-thirds of their average weekly pay covered.
They may also receive benefits when employers can't provide work that meets medical restrictions.
Colorado workers' compensation covers funeral expenses of employees killed on the job and death benefits for their dependents.
Choosing the best workers' comp partner provides peace of mind when you need it the most. And it can also help your workers recover for a safe return to work.
With over 100 years of workers’ comp experience, Pinnacol provides businesses with reliable coverage and free:
See why over 50,000 employers trust us to protect their business and workers. Get a quote online or connect with an agent partner to see if Pinnacol is the right fit for your business.
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