Protect your business with customized coverage from basic general liability to full BOPs with property, professional liability, workers comp and more.
What does it do?
Workers' compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue their employer for the tort of negligence.
It also covers services needed to help an employee recover and return to work.
Workers' Compensation Insurance can pay for three things when an employee is injured at work:
Partially missed wages
If an employee dies, Workers' Comp can cover funeral costs and benefits to the worker's family. Depending on state laws and contract requirements, you may need this policy to cover employees, contractors, freelancers, or even yourself.
3 ways it's necessary for your business
1. Employee Work Illness & Injury Expenses
Workers' Comp can help pay for medical expenses and missed wages for employees who are hurt on the job.
*Avg. Workers compensation claim costs ~$36,000.
2. State Law Compliance
Most states require employers to carry Workman's Compensation Insurance as soon as they hire their first employee.
*Fines can cost $250-500 a DAY of being uninsured.
3. Employee Injury Lawsuits
If your employee suffers an occupational injury your state doesn't require Workers' Comp Insurance to cover, the employee may sue you to recoup medical expenses.
*Avg. of settled and defended employee lawsuit is $125,000!
Colorado Specific information about the process here!
Commercial policies depend on your companies needs, reach out and we can put together a quote from all the top carriers.