If you’re starting up a new business in the Lakewood, CO area, you may be curious if you will need to carry workers’ compensation insurance.  In Colorado, all private and public employers are required to provide workers’ compensation insurance if one or more persons are hired for full- or part-time employment.  By law, a person hired to perform services is considered an employee and there few exceptions to this definition.  Here are the few exceptions to a business being required to carry workers’ comp insurance.

Exceptions

• Some casual repair or maintenance work is done for a business that does not exceed $2,000 in a calendar year.
• Domestic work for a private homeowner that is not full time.  Work consisting of over 40 hours a week or five or more days a week.
• Licensed real estate brokers and agents that work on commission.
• Independent contractors that perform hire for transport jobs and other independent contractors that do not fall under the employee definition. 
• Drivers under a lease agreement that have a common contract carrier.
• Some volunteer work may be an exception.
• Host home services that are part of residential support services.

There may be other situations that can fall under the exception rule, but you want to be sure.  In general, unless your business falls under these few exceptions, your company will need to carry workers’ compensation insurance.

Colling Insurance Services, Inc.

Colling Insurance Services, Inc. operating in Lakewood, CO specializes in customized insurance products to meet the simple or complex needs for your business. If you are uncertain about the need for workers’ comp insurance for your business, contact a Colling agent today.  Our agents can help you navigate the workers’ compensation laws and feel confident you have the coverage necessary.

If you are a business owner, you likely have spent a lot of time and effort to get your business off the ground and running well. Because it is such an important asset, you need to make sure that you keep your business properly insured. Having a quality commercial insurance policy in place at all times will provide a Lakewood, CO area business with a variety of different benefits.

Protects Your Assets

One of the main benefits of having commercial insurance for your business is that it will help to protect your business assets. Every business will need to invest some money in inventory, equipment, and even real estate in order to grow their organization. If you have commercial insurance in place, you will have financial protection in the event this these assets are damaged. 

Liability Protection

As a business owner, you are taking on a lot of liability whenever you sell a product or a service to a customer. If someone happens to get injured as they are using your product or service, you could be facing major liability even if it is a freak accident. If you do not have liability commercial insurance in place, the amount of money you could lose could be very devastating for your business. Commercial insurance will help to ensure your financial stability remains intact even if you are sued for liability.

When you are looking for insurance coverage for your business in the Lakewood, CO area, you should speak with the insurance professionals at Colling Insurance Services Inc.  The insurance professionals at Colling Insurance Services Inc. are very knowledgeable about the commercial insurance options available to you. They can then help you get into a new policy that will give you the right level of coverage.