Workers’ compensation is there for businesses and employees if a workplace-related injury occurs. Workers’ comp helps employees receive the care they need to get healthy and protects businesses financially.
When you choose Pinnacol, you get access to a team of compassionate experts dedicated to providing exceptional service, proactive solutions and personalized support.
All Colorado businesses with one or more employees must carry workers’ compensation insurance. There are very few exceptions to this requirement.
Display the required workers’ compensation posters in your workplace.
Report all work-related injuries or illnesses to your carrier as soon as possible.
Colorado law requires most businesses with employees to carry workers’ compensation insurance. Requirements vary by state.
Costs vary based on factors like the nature of your business, the number of employees and your claims history.
Workers’ comp protects employers and employees by covering medical expenses and lost wages and ensuring compliance with state laws.
Employers without workers’ comp insurance can be fined up to $500 for each day they don't have insurance and even be shut down. If an employee is injured or sick while the employer is uninsured, the employer will have to pay for the claim out of pocket. The business also faces an additional penalty totaling 25% of the injured worker’s benefits.
Typically, independent contractors aren’t covered by workers’ compensation insurance. This is because they’re not considered employees. It’s important to determine whether a worker is an independent contractor or an employee, as misclassification can have legal and financial consequences. If you have any questions about classification or coverage, consult a legal professional.
The duration of benefits varies depending on the injury's severity and state regulations, ranging from a few weeks to ongoing permanent disability benefits.
