Contractors in Colorado are required to obtain workers compensation insurance. This insurance protects businesses from common accidents and injuries. It also covers property damage and injury to customers. It is important to note that professional liability insurance is additional coverage that can protect a business from financial claims arising from professional negligence.
Workers compensation covers accidents that occur while a person is working on a job. Even if the job involves a desk job, a worker can slip and fall in a wet entryway or develop carpal tunnel syndrome. Without workers compensation insurance, an employer is responsible for paying the employee’s medical bills. Each year in Colorado, more than 20,000 workers file compensation claims.
Workers’ compensation insurance is a necessary part of doing business in Colorado. It covers medical expenses for injured employees and helps prevent losses for a business. Depending on the type of business, this insurance can differ greatly between different agencies and insurance companies. If you are unsure about your needs, contact an insurance agent to get an accurate quote.
Contractors Workers’ Compensation Coverage Colorado
The workers’ compensation program is designed to protect employees from financial ruin due to injury on the job. If an employee sustains an injury on the job, they can claim compensation for medical expenses and lost wages. However, the program has historically only covered employees and has limited coverage for independent contractors. This can make collecting worker’s compensation benefits in Colorado a challenge.
General contractors in Colorado are required to carry workers’ compensation insurance in Colorado. Additionally, general contractors may need certain other types of insurance, such as builder’s risk insurance and surety bonds. Many general contractors also purchase general liability insurance to cover damages to a client’s property and injuries to clients. This type of coverage is also required by most commercial leases.
Workers’ compensation insurance in Colorado is required for all statutory employers, and a general contractor may have workers’ compensation coverage on all tradesmen hired by his company.
Workers’ Compensation Insurance Premiums
The cost varies depending on the number of employees you hire. General contractors may require workers’ compensation coverage for their tradesmen, but they can also legally waive it if they choose to work for themselves.
In Colorado, workers’ compensation insurance premiums are lower than in other states, and companies with lower payrolls may qualify for a discount. However, employers should still remember that the cost of workers’ compensation coverage increases with payroll, so if you have high payroll, you will pay more to insure workers. Insurance companies use complicated formulas to set rates and can offer discounts to companies with lower payrolls.
Workers’ Compensation Quote
Most insurance companies offer different quotes for workers’ compensation coverage. These quotes are designed to fit your needs and budget. You can choose the coverage you need and other optional benefits that may benefit your business. In addition, many companies have agents who can help you enroll in the policy.
If you work in a trade, you can benefit from a general contractors insurance Colorado umbrella policy. It will protect you against lawsuits resulting from an accident. This type of policy is affordable, and you can usually purchase one for less than $57 per month. In the event that your liability insurance coverage is insufficient, this type of insurance can be extremely valuable.
If you work on a public road with heavy machinery, you are particularly vulnerable to accidents. One such accident could result in an investigation into faulty work or in a lawsuit. In the construction industry, accidents are common, so a contractor who is working on a project with a high risk of property damage is wise to consider an umbrella policy.
Getting Contractors Insurance
If you are looking for contractor insurance in Colorado, there are several options available. Among these options are General liability and Professional liability. This type of insurance will cover the costs of repairing damage to the personal belongings of customers or visitors. In addition, it pays the medical expenses of injured people.
There are several types of contractor insurance available in Colorado. These include builders’ risk insurance and workers’ compensation insurance. Choosing the right type of insurance is important for evaluating risk and meeting contractual obligations. Taking advantage of competitive Colorado rates can help you save money on your insurance coverage.
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