Do you have questions about workers’ compensation insurance? Our team at RSS has the answers.

Colorado law requires businesses to have workers’ comp insurance as soon as they hire their first employee. A workers’ compensation policy protects both you and your employees. However, it’s not always clear to business owners who exactly should be covered by their workers’ comp policy.

For example, it can often be confusing for our clients in the construction industry to determine who on the job is actually covered under their policy because workers are often independently contracted to work on the job site. It’s important to remember that a workers’ compensation policy only covers the direct employees of the company (those on the company’s regular payroll). To learn about the difference between employees, independent contractors and subcontractors (in any industry), please watch this helpful video provided by Pinnacol Insurance by CLICKING HERE. 

What determines how much workers’ comp insurance coverage costs?

  1. Payroll (number of employees): payroll is one of the primary factors used to determine workers’ comp premiums.
  2. Experience Modifier (e-mod): Experience modifiers, or e-mods, compare your accident and claim history with the average claim history for businesses like yours in Colorado. If your experience is better than the average, your e-mod and premium may be lower.
  3. Classification Codes: Different industries have different National Council on Compensation Insurance (NCCI) codes that help to standardize risk across all types of businesses. Classifications distinguish between types of work being done.
  4. Discounts: Many discounts are available to employers who take steps to ensure the health and safety of their employees. To learn more about the cost containment certification program, CLICK HERE. 

How does the claims process work?

Step 1: Call your agent to report the injury.

Step 2: Go to specified doctor for initial treatment.

Step 3: Return to Work.

Step 4: Receive ongoing care until the injury has been taken care of.

Step 5: The claim will be closed after treatment for the injury is complete.

Workers’ Compensation Insurance doesn’t have to be confusing. Having a knowledgeable agent in your corner takes the stress off of you, the business owner, and can also help you save on your premiums. Please feel free to contact our office with any questions you may have or to get a quote started.