While many workers’ compensation insurance laws are similar throughout the states, there are certain regulations and benefit eligibility factors that vary from state to state. Here are five lesser-known facts about Colorado’s workers’ compensation rules and regulations:

  1. Claims must be submitted within a limited time frame

An injured worker must submit written notices to their employer within four days of the incident. The employer of the injured must notify their insurance provider within ten days of the injury. If the injury is not reported in this time frame, the insurance company may still cover a portion of the cost, but penalties could apply.

  1. Colorado operates under a “No Fault” system

Colorado’s “no fault” system is a comfort to both employers and employees, as it guarantees that compensation will be provided regardless of the circumstances when claims are submitted accurately and within the allotted time frame. However, if the injury was caused due to the use of a controlled substance, the “no fault” system will not apply.

  1. Small businesses are required to hold a Workers’ Comp Policy

All businesses with at least ONE employee are required to hold a workers’ compensation policy. This applies to both full-time and part-time employees.

  1. Workers’ compensation coverage isn’t required for sole proprietors

Sole proprietors or business partners do not qualify as employees in the state of Colorado and do not need to purchase a workers’ compensation policy for themselves.

  1. Employers certified in safety and loss control are eligible for premium discounts

The state of Colorado provides business owners with a 5% discount if they can demonstrate a commitment to risk management for at least one year. For more information on how to complete this process and receive a discount on your workers’ compensation policy, click HERE.

It is crucial that business owners as well as employees have a full understanding of workers’ compensation rules and regulations. If you have any questions or would like more information on worker’s compensation insurance, please contact our office. One of our team members would be happy to assist you.


(source: https://www.pinnacol.com)