Do I need coverage?
Most businesses do. Colorado law requires businesses to have workers' compensation insurance as soon as they hire their first employee. Your insurance policy is meant to protect both your company and your employees. Watch this short, informative video to learn more about the difference between employees, independent contractors, and subcontractors.
Full-time or part-time employee coverage
Whether you pay employees a salary or an hourly wage, state law requires that they be covered by workers' comp insurance. Read more about Colorado's requirements.
Sole proprietors and business partners
Sole proprietors and business partners are not considered employees; therefore, the state doesn't require them to be covered by workers' comp insurance.
Independent contractors don't have employees and aren't an employee of any company. They work on a contract rate for different companies and don't receive benefits from these companies. Therefore, they are not covered by an employer's workers' comp insurance policy. Still have questions? More about independent contractors.
For the most part, individuals with a corporate officer title who own at least 10 percent of the business may reject workers' comp coverage. There are a few exceptions to this so be sure to ask a customer service representative for more information.
Do I need an agent?
Agents aren't required, but they can make the process easier for you in many different ways. We partner with hundreds of agents across the state, ready to help you at a moment's notice.
How quickly can I get coverage with Pinnacol?
How much does coverage cost?
Every employer is different and so is every policy. Based on your industry, annual payroll and other factors, your policy will be customized just for you.
Payroll (number of employees)
Payroll is one of the primary factors used to determine workers' comp premiums. Read more about how payroll affects your premium.
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.
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.
Read more about how e-mods work and the many ways you can help keep your premiums lower.
We offer a range of discounts for those who take steps to proactively ensure the health and safety of their employees.