What Does Workers’ Compensation Cover?
Workers’ Comp typically covers a wide range of injuries, illnesses, and work-related conditions that occur during the course of employment. The specific coverage can vary depending on the jurisdiction and the regulations in place, but in general, workers’ compensation may cover the following:
Work-Related Injuries
This includes injuries that take place as a result of accidents or incidents that take place while the employee is performing their job duties. Examples include falls, slips, trips, lifting injuries, and machinery accidents.
Occupational Diseases
Workers’ compensation can cover illnesses or diseases that develop as a result of the employee’s work environment or exposure to hazardous materials. Examples include respiratory conditions from inhaling toxic fumes, occupational cancer due to exposure to certain chemicals, or skin conditions caused by contact with harmful substances.
Repetitive Stress Injuries
Injuries that develop over time due to repetitive motions or overuse of certain body parts from lifting heavy objects may be covered.
Medical Expenses
Workers’ compensation typically covers medical treatment and expenses related to the work-related injury or illness. This may include hospital visits, doctor consultations, surgeries, medication, physical therapy, and rehabilitation services.
Lost Wages
If the employee is unable to work due to the injury or illness, workers’ compensation may provide wage replacement benefits. The amount of compensation and the duration of benefits depend on the severity of the injury and the laws in the specific jurisdiction.
Disability Benefits
In cases where the injury or illness results in temporary or permanent disability, workers’ comp may provide disability benefits to compensate for the loss of earning capacity.
Ongoing Care
If the sustained injury or illness requires more than one treatment session, workers’ comp can help cover these costs, including physical therapy or several surgeries.
Death Benefits
If an employee loses their life as the result of a work-related incident, workers’ compensation can help cover funeral costs that may fall to the beneficiaries of the deceased worker.
It’s important to note that the specific coverage and benefits may vary significantly between different states, as each jurisdiction has its own workers’ compensation laws and regulations.
Colorado Workers’ Compensation Regulations
In almost all cases, Colorado requires all businesses who have employees to carry workers’ compensation coverage. If your business has one or more employees, part-time or full-time, you need to carry workers’ compensation insurance.
Exceptions to this requirement include:
- Sole proprietors
- Corporate Officers
- Limited Liability Company Members
Other requirements for Colorado businesses
Coverage requirements for workers’ compensation in Colorado mandate that employers must:
- Have at least one part- or full-time employee
- Display a Notice to Employer of Injury poster at all times
- Record all lost time injuries and occupational diseases
- File Supplemental Report of Accidents forms with their insurer when employees return to work or are terminated.
Workers’ Compensation FAQs
How much does Workers’ Comp pay?
Small business workers’ compensation benefits give your employees a percentage of their average weekly wage. The percentage amount depends on the level of disability the employee was facing, but will not exceed a wage of $1,158.95 per week in Colorado.
How much does Workers’ Compensation Insurance cost?
While there is no standard cost for workers’ comp insurance, there are some factors that determine your premium payment, including the industry, payroll, claims history, and the type of work your employees are doing. Typically, any business with less than $300,000 in payroll will pay less than $100 per month on Workers’ Comp.
What happens when I file a claim?
Any worker injured on the job within the scope of their job duties must report the injury or illness within four days of the occurrence, in writing, to their supervisor. They will, in turn, fill out the “Employers’ First Report of Injury” and file it with the State Office of Risk Management.
What is a “designated provider”?
By Colorado statute, employers can designate medical providers for workers’ compensation. This is for a few reasons:
- To provide employees with appropriate medical care for on-the-job injuries
- To give the employer a working relationship with the medical provider to help employees get back to work
However, if your employee wants to see their own doctor, they can do so after contacting their adjuster. It’s worth noting that they may be liable for their medical bills if seeing a doctor other than their designated provider.
Do you need workers’ compensation insurance for your Colorado business? Schedule your free consultation with a Boxelder Insurance expert today and learn how Boxelder Business Insurance can help you reduce costs and maximize protection.