Workers' compensation

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What is workers' compensation insurance?

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.

Learn how it works
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Understanding workers' comp

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.

Injury at work and workers’ compensation claims

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.

About the workers' compensation claims process
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Do I need workers’ compensation?

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.

Who pays for workers compensation?

Employers pay for workers’ comp insurance and no part of the premium can be deducted from employee wages.

Get the answers to more frequently asked workers' comp questions.
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How much is workers compensation?

Your premium, or the amount you pay for workers' comp insurance coverage, is based on three things: Payroll, classification codes and your experience modifier.

Learn more about how your premium cost is calculated.
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How does workers’ comp work?
(and other FAQs)

How does workers' comp work?
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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.
How much does workers' comp cost?
expand_more
Your premium, or the amount you pay for workers' comp insurance coverage, is based on three things: Payroll, classification codes and your experience modifier.

Learn more by read the above article on workers' comp cost calculations.
How should I respond to an injury at work?
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Whenever an employee is injured on the job or falls ill, the employee must report it to you in writing and within ten days of the occurrence.

If the injury or illness is critical, the employee should immediately seek medical treatment from the nearest health facility.
More workers' compensation FAQs
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What does workers’ comp cover?

Pinnacol helps customers reduce costs and risk with our complementary, expert safety services.

Join the 56,000 Colorado businesses that trust us to protect their workers.

Get covered online in 5 minutes or less.

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