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Colorado Workers Compensation Insurance

Workers Compensation - What is it?

Colorado Workers Compensation is a state mandated coverage for all Colorado companies to cover employees income and medical costs for injuries that occur while working. The coverage is mandatory for most Colorado companies and employees with a few exceptions.

Do I need Colorado Workers Compensation for my company and employees?

Colorado Businesses need to provide coverage if they have one or more part-time or full time employees. There are a few exceptions including: Maintenance or repair work for less than $2,000 per year, certain domestic work, maintenance or repair work for a private homeowner on a part-time basis, Licensed real estate agents and brokers working on commission, for-hire transportation jobs done by independent contractors, drivers with common or contract carrier lease agreement, home services as part of residential services and supports, and Federal employees covered elsewhere.

Sole Proprietors and officers of Colorado businesses with 10% or more ownership in the company and members of an LLC can elect to opt out of coverage. There is an opt out form that would need to be filed with the state to be in compliance. Additionally, they would need to provide coverage for their full or part time employees with few exceptions.

If you have a question regarding your business and Workers Compensation, please feel free to call a Madison Insurance Group Agent to discuss.

What information should I have ready when I speak to an agent?

Please have a copy of your current plan and bill, FEIN #, number of current full time employees, number of current part time employees, annual payroll for W-2 employees, annual payroll for 1099 employees, Tax ID #, name and location of your business. Also, please be prepared to answer a few questions about your business. We are looking forward to speaking with you.