Not everyone understands that workers’ compensation insurance is designed to protect both the worker and the employer. The protection for the employee comes from the fact that employers in the state of Colorado are required by law to carry workers’ compensation insurance. The employer must pay for this insurance and cannot deduct the expense from employees.

By having workers’ compensation insurance, employers are protected from lawsuits by employees due to on-the-job injuries. Employers who need help with workers’ compensation insurance should contact an agent at Colling Insurance Services Inc. serving Lakewood, CO.

Legal Responsibilities of Employees

If an employee suffers an on-the-job injury, the worker must promptly report the injury, file a claim with the help of the employer, and follow the rules. When an employee does this properly, the employee is entitled to compensation for medical expenses and may be entitled to lost wages for the time the employee is unable to work. If an employee dies due to an on-the-job accident, the employee’s surviving family members or beneficiaries receive a death benefit.

Legal Responsibilities of Employers

Employers in Colorado must have workers’ compensation insurance if they have a single worker or more.

Additional requirements for employers are:

• The business must put up a poster called “Notice to Employer of Injury” in a prominent place where all employees are able to see it.
• The employer must maintain records of all the on-the-job injuries and occupational diseases that happen and the work-time lost because of these.
• Employers must report injuries that cause lost work-time within ten days of injury’s occurrence by using the “Employer’s First Report of Injury” form. This form is sent to the insurer and then the insurer forwards a copy to the Colorado State Division of Workers’ Compensation.
• Upon an injured employee’s return to work, employers submit a “Supplemental Report of Accident” form to the insurer and then the insurer forwards a copy to the Colorado State Division of Workers’ Compensation.

The Extra Benefit of Maintaining a Safe Working Environment

Employers with a worker safety program in effect for one year and those that can document their safety record may qualify for a certificate that gives them a 10% reduction on the payments for workers’ compensation insurance.

Get a quote from your agent at Colling Insurance Services Inc. in Lakewood, CO for any workers’ compensation needs.

Having a successful small business is terrific. Many business owners who find success with a particular business style do well by expanding it. They take a successful style and copy it by establishing a second branch in another location. Work with your agent at Colling Insurance Services Inc. serving Lakewood, CO and the nearby areas, to replicate your business success with a commercial insurance review that incorporates the needs of the original and the new location(s).

If the new location is within the state of Colorado, it is possible to combine coverage in ways that are beneficial to the business owner. If the new location is not within the state of Colorado, your agent can help with recommendations of how to get commercial insurance coverage in another state.

Commercial Insurance Review

In general, having a yearly review of commercial insurance is a good idea. A review is critical before establishing a new location(s). Commercial insurance needs to be put in place prior to starting the business operations to make sure there is no gap in coverage. Even during the period when a business sends staff to get a new location(s) ready for operations, there needs to be commercial insurance already in place.

It is important when considering the impact on the business by a new location to think about business interruption insurance. If a business has two locations or more and there is a business interruption, it can take substantial resources to keep the business from failing. This type of commercial insurance helps the business survive if there is no cash flow coming in to the business.

Compare Increasing Policy Limits with New Policies

Increasing policy limits may be an alternative that may be possible and advantageous when compared to getting a brand new policy for the new location(s). Other considerations include thinking about the use of any commercial vehicles that may be driven by employees from more than one business location.

It is an exciting time when a business wants to open a new location. Contact your agent at Colling Insurance Services Inc. in Lakewood, CO to make sure you have adequate commercial insurance in place for your business expansion.