If you operate a company in Colorado (and many other states) and you have employees, you’re required to have Workers Compensation insurance to cover your employees in case on of on-job injuries or illnesses. Your rates are determined by a number of factors, including, the number of employees you have, the amount of payroll you spend annually, whether you include yourself or exclude yourself and the type of business you run.
There’s no exemption for being small. You’re required to have Workers’ Compensation insurance even if you have only one employee. You can be fined up to $1,000 a day for each day you don’t have Workers Comp insurance for your employees. Even if you have no employees, and you’re a tradesman, you may be surprised to learn that a general contractor may require you to carry workers compensation on yourself. In Colorado, construction workers can legally waive workers compensation on yourself by filling out form WC45, Rejection of Coverage by Partners and Sole Proprietors performing Construction Work on Construction Sites.
We offer Workers’ Compensation insurance, and we offer discounts for bundling it with your regular business-liability insurance. We even offer discounts on your home insurance and auto insurance when you insure your workers compensation with us! We also offer discounts if you select a medical provider you want your employees to use. And discounts are available for membership in certain associations.
We’re also able to integrate your Workers’ Compensation billing with the payroll reporting systems of many payroll companies. This means a much easier audit process at the end of each billing year.
Why do you need Workers Compensation insurance when you already have general business-liability insurance? Your general liability insurance covers injuries to your customers and other people visiting your business. It doesn’t cover injuries to your employees.
Questions? We can help. Call me at 303-922-1001.