Get Compensation Insurance for Workers

Amid the pursuit of workers comp insurance, Colorado or otherwise, intelligent business owners realize that workers compensation is both legally mandated and necessary to run the business effectively. Regardless of the type of company, workers comp insurance is a necessary step in ensuring the solidity of the business. Even society as a whole benefits from the implementation of workers comp insurance.

A Mutual Bargain

Producing jobs in the community has always been a difficult task for employers. If one spends too much money, one cannot afford to continue hiring and expanding. But if one skimps on something important, such as obeying safety regulations, the results can be a diminished workforce with low morale and a large amount of legal repercussions that the business has to deal with.

Early in modern worker relations, injuries and deaths on most kinds of jobs were far more common than they are today. Because of this, strikes and lawsuits were also more common. Law makers finally intervened, and brought about the use of workers comp insurance. In the realm of workers comp insurance, Colorado and everywhere else, the goal was to keep businesses operating effectively. The resulting legislation limited the rights of workers to file suit against their employers, but it forced companies to provide at least a basic level of coverage for workers who are hurt on the job.

Setting Up Your Colorado Insurance to Protect Workers

Workers comp is useful for protecting workers from the potential harm that any working environment can cause. Particularly for more dangerous occupations, workers compensation offers money necessary for continuing to meet expenses if something unfortunate happens. Further, this system is not contingent on the legal system and having to proceed with a trial that would delay everything. While this is far from an optimal solution for injured workers, it is the best system that has been built to date.

Protecting the Company

Companies need a level of stability in order to operate effectively. When a worker becomes injured, this can hurt the morale of everyone else in the organization. For the company to continue to function well, the worker must be taken care of to some extent. Workers comp insurance allows the company to continue working at a reasonable capacity by excluding the legal process and helping to maintain a reasonable level of morale in the remaining workforce.

Legal hassles have driven many companies to serious damage, and in some cases injured workers have put a significant damper on the company’s ability to operate effectively. Endless litigation is a serious drain on resources, and workers can see what happens to their colleagues. If the company treats one worker poorly, others can easily update their resumes and demonstrate very little loyalty moving forward. To protect the company from a mass exodus or workers who operate like the least loyal of mercenaries, workers compensation is a solid solution that allows the business to operate in peace.

Protecting Society

Society as a whole is protected considerably by workers compensation. Without this step in place, society would quickly find itself with less companies that can continue to function. This would result in having less jobs for the work force, and ultimately the jobs that would remain would be under greater threat due to lower morale. It may even be possible that with a lack of workers comp, workplace safety conditions may not be at the relatively high level they are today.

work-injury-compensation-claim-formBusiness owners need to protect their interests, as well as those of their workers. Interested Colorado business owners who need to set up the right insurance should speak to one of our agents via live chat here on this website or call (720) 445-9941 today and get their workers comp handled.

Car, Auto and Vehicle Insurance Coverage Plans in Colorado

The requirements for auto insurance are location-based. In Colorado, car insurance for drivers is a must. The Colorado Department of Regulatory Agencies, through the Division of Insurance, is responsible for enforcing all regulations on auto insurance.

Up until 2003, the state of Colorado was “no-fault”. This meant that the cost of auto insurance was lower as small insurance claims were taken out of court. The insurance company was expected to compensate its policy-holders for minor injuries without considering who would be at fault. However, the law changed as a step to minimizing insurance premium costs and also to prevent abuse of claims.

Currently, car insurance in Colorado is a tort system. This means that fault has to be established before the insurance company pays for claims. So what insurance coverage plans does one need to ensure that he or she is covered and safe in Colorado?

Required insurance

It’s a requirement by law that drivers in Colorado have liability insurance. This covers the other car only and/or the driver if the accident is the first car’s driver’s fault.

The required car insurance in Colorado minimums for drivers are:

Bodily injury liability

This covers the expenses incurred by the injured or dead if the accident is your fault.

The minimum per person is $25000 for bodily injury.

The minimum per accident is $50000 for bodily injury.

Property damage liability

When the accident is your fault, this covers any expenses realized after the damage of property of another person including vehicles, buildings and homes among other structures.

The minimum per accident is $15000 for the damage of property.

All other insurance is optional.

Optional insurance

There’s also a variety of cover types that are optional in Colorado. They include:

  • Coverage for collision: Damages to one’s car caused when the car hits other objects (including cars) are covered under this type.
  • Comprehensive: Factors such as wildlife, theft and extreme weather which aren’t directly related to an accident. If the car is damaged the comprehensive coverage covers it.
  • Coverage for medical payments: The law requires that medical pay coverage be offered as part of any car insurance policy within Colorado. It’s offered in increasing amount of $1000 towards injuries caused by accidents. It’s however possible for one to opt out of the plan or purchase higher limits if they are offered by their insurance company.
  • Underinsured/uninsured motorist: In cases where one is involved in an accident and the driver does not have insurance or it is too little, this type of coverage covers the former.

Other optional car insurance coverages include:

  • Lease or loan gap coverage
  • Coverage for rental car
  • Towing or roadside assistance coverage

It is important to note that leasing and finance vendors will require one to have comprehensive and collision coverage on all financed vehicles.

What to consider before choosing an insurance cover

Before choosing an insurance cover for your car, it is important to consider some factors:

  • The type of insurance that is most convenient for you and the limits.
  • The benefits offered and how perfectly they meet your needs.
  • Special riders. These are the unique options available to your situation.
  • The costs of premium.
  • The company offering the coverage and the reputation.
  • The number of complaints received by the company over a certain period of time.

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Summary

To remain on the safe side of the law in Colorado, it is important to ensure one has all the required insurance covers. It’s also always important to know the type of insurance you need and read the fine print. This shields you in times of accidents and other related incidents.

All About Business Interruption Insurance

Business interruption insurance is a constructed portion of broader types of policies for commercial insurance. This specific coverage is generally located in insurance policies for commercial property and BOP (business owner’s policies).

It can only be triggered within three types of limited circumstances that include the following:

  1. The physical damage that a property sustains is so severe that the company has been forced to stop operating.
  2. Physical damage to other types of property that has occurred from loss that would have been covered by the company’s insurance. This damage has partially or totally prevented employees or customers from being able to gain access into the company premises.
  3. Government has made the decision to shut an area down caused from property damage that has been caused by perils that are covered by a business’s insurance policy that now prevents employees or customers from being able to access the premises.

Even after covered events occur, many policies will state that there are waiting periods that are usually up to several days. This waiting period will need to progress before the insurance is activated. Once this insurance is active, the coverage will not be retroactive in regards to the exact day of the accident or event.

The coverage will be limited, especially once waiting periods have expired. The coverage can be used for expenses related to temporary relocation, loss of net income and for ongoing expenses like payroll that will allow the company to carry on paying their employees opposed to letting them go.

The coverage is never open ended. This type of coverage is only available as long as it may be necessary in order for the company to be in full operation again. The coverage will generally not extend past 12 months. Additionally the company will need to provide all losses related to business interruptions to their insurer.

Insurance For Business Interruptions Is Limited

It is important for business owners to understand that the coverage involved in business interruption should not be regarded as a “blank check” that can be used for every type of business disruption. Added to the above mentioned limitations, this coverage has restrictions that include the following:

Suspension Of Operations

Cessations, slowdowns and suspensions that are considered to be a covered event will be covered.

Net income that is lost caused from unfavorable business conditions after a loss will not be covered by business interruption insurance.

Misconceptions

One of the misconceptions that have arisen is that this coverage does not serve a useful purpose. However, this type of insurance can provide vital protection in the circumstances that a company undergoes an event that they are unable to control.

The primary purpose of this insurance is essential in protecting a company from losses that come about due to the inability to operate normal operations and the inability for customers or employees to enter or occupy the company premises. This insurance can save a company from going under.