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Workers' compensation insurance is designed to benefit both employers and their employees.
Though it is difficult to imagine, any employee at your company could become ill or injured on the job.
If that employee does, the cost of their medical treatment could be the responsibility of your business. Workers' compensation insurance alleviates that burden.
Workers' comp ensures employees receive the care they need to get healthy.
Since businesses can't be prepared for every possibility, workers' comp is designed to be there in the event of a workplace-related injury or illness. Workers' comp covers expenses including but not limited to lost worker wages and ongoing care.
And in the event of an unfortunate work-related fatality, workers’ compensation pays benefits to the employee's family.
Workplace injuries and ailments do happen, and often. In fact, as of August 2022, nearly 20,000 workers' compensation claims have been filed in Colorado.
So, what should you do if workplace-related injuries or illnesses occur? It’s best to follow the Colorado workers' compensation process for the resolution of each claim.
All Colorado businesses must carry workers' compensation insurance. There are very few exceptions to this requirement.
Employers without workers' comp insurance can be fined up to $500 for each day they don't have insurance. They could even be shut down.
If an employee is injured or sick while the employer is uninsured, the employer will have to pay for the claim out of pocket. The business also faces an additional penalty totaling 25 percent of the injured worker's benefits.
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