Workmans Compensation for All U.S. Employers and Employees
Workers' compensation is mandated for all U.S. employers and employees. Insurance coverage provides medical and other benefits to an injured worker. In Colorado, workers' compensation is required even for just having one employee, whether they're full-time or part-time employees. There are some exemptions, but it is a requirement for all other types of employees.
Workers' Compensation Coverage
Workers' compensation insurance coverage is nearly the same in all states that require it. As long as the work-related injury or illness happens in the workplace, the employee will receive all the due benefits. Colorado workers' comp is the same. It gives coverage and benefits according to what the state mandates.
Coverages and Benefits of Employees
Medical treatment and care
Temporary or permanent disability benefits
Rehabilitation
Return to work training
Death benefits
Workers' Comp Cost
Policy premium varies depending on several key factors. It can depend on state laws, the type of business, and your industry. It is charged based on every $100 of a company's payroll. Also included in the calculations are the following:
Claims history
Location
Number of employees
Insurance Carrier
Although workers' comp in Colorado is a state-mandated program, there is no state fund where you can purchase insurance like there are in other states. Private commercial carriers sell all workers' compensation insurance in Colorado. The option of self-insuring employees is also available subject to requirement compliance.
There are over 500 licensed insurance companies that can provide coverage in Colorado. You can find them on the Colorado Department of Labor and Employment website to find all other information. You can also find requirements for self-insurance on their site.
The Need for Colorado Workers' Compensation Insurance
If you have an employee injured or taken ill during working hours, you as an employer need to ensure that the employee gets the required medical treatment at the soonest possible time. A trip to the emergency room can cost you hundreds or even thousands of dollars, depending on the severity of the injury. If there is more than one, imagine how much it will cost you to have them treated.
Workers comp insurance will help you avoid out-of-pocket expenses when an accident in the workplace happens. It will ensure that your employee gets the proper treatment and other benefits even if they cannot get back to work. Colorado workers' comp insurance will ensure that your worker is well taken care of with the coverages they can get.
Every U.S. employer and employee will need workers' compensation insurance to ensure that all are protected in their workplace. The benefits of having a workman's comp outweigh the disadvantages. It is mandated by law as a safeguard for everyone in the workforce. Ensure that you have workers' compensation to secure yourself and your family when you go to work.
Comments