Workers’ Compensation

Did you know the injury rate for workers in the U.S. is about 4.5 out of every 100 workers?

Colorado Worker’s Compensation Insurance protects your employees should an injury occur during the course of employment. Payments are made to the injured party and can consist of medical payments, loss of wages and/or therapy.

Most states require all employers to carry some sort of Worker’s Compensation Insurance and each state regulates and enforces individual laws that must be met.

At the very minimum, Colorado Worker’s Compensation Insurance policies will cover an employee’s medical expenses and reimburse employee for a percentage of lost wages. Policies can provide coverage for:

  • Medical expenses
  • Lost income/wages
  • Rehabilitation costs
  • Death benefits
  • And more…

Almost all states are “open market”, meaning that coverage is underwritten by private insurers. In states that are open, like Colorado, rates can vary between insurance carriers depending on the type of business the carrier wants to write business with. In an open market, the rates for workers’ compensation are most competitive.

Employers with one or more employees are subject to the requirements of their states Disability Benefits Law. This law provides benefits to employees who may become disabled due to injuries/sickness off the job or that may arise from other conditions, such as pregnancy. Payments for these types of benefits are only allocated for the payment of wages, unlike that of worker’s compensation, which provides payment for medical costs.

Rates for these policies are dependent upon the degree of hazard each individual occupation presents. Each occupation is coded and individually defined by state laws. Premiums are determined by the amount of payroll in each occupation code and are subject to annual audit for verification.

Having worker’s compensation coverage can save you and your business from costly lawsuits and unforeseen employee issues. Worker’s compensation insurance protects your business AND your employees, who are a huge part of the structure of your company.

Our experts at LF Insurance Group can provide you with a coverage program that is specifically tailored to meet your needs. We can also provide you with a free worker’s compensation insurance quote. Many of our clients are surprised at how much their business can save by choosing to place their policy with LF. Feel free to contact our office today to further discuss a worker’s compensation plan that is right for you and your business.

Call us with any questions about Insurance or schedule an appointment. Let LF Insurance help you secure your future with the right Insurance policy. 303.422.2018

 

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