Colorado is one of the fastest-growing markets for small business ownership. One of the most important aspects of starting a commercial business is insurance. While the CO Insurance Specialist offers a wide range of insurance solutions for Wheat Ridge, CO, today we are discussing Worker’s Compensation, and what the law says employers must do about it.

What Is Worker’s Compensation?

Worker’s Compensation is a type of insurance employers are legally required to have. It covers work-related injuries or illnesses, regardless of who is at fault. The trade-off is an employee cannot sue their employer for such illness or injury, as long as it’s covered by the insurance.

What Are My Obligations As An Employer?

If you employ at least one person at full- or part-time then you are required by Colorado law to have worker’s compensation insurance. There are few special cases where this requirement is expected. As an employer, you are responsible for reporting an employee’s injury within 10 days. You also have the right to designate a medical provider to care for your employees. 

What is covered by Worker’s Comp?

In general, worker’s compensation insurance benefits cover health care expenses occurring because of an accident during normal business operations. This includes incidents that result in temporary disability, permanent disability, and death. The types of expenses deemed reasonable and necessary are determined by the Colorado Division of Worker’s Compensation. All filings and claims are handled by this entity. 

What Is NOT Covered By Worker’s Comp?

When an employee is injured due to being intoxicated by drugs or alcohol on the job, then compensation may be reduced or forgone altogether. This is also true in cases where an employee failed to use designated safety equipment. 

If you are a Wheat Ridge, CO business owner looking to learn more about commercial insurance, please reach out to the CO Insurance Specialist today!