by Greenpoint Insurance Advisors, LLC
? 2012 All Rights Reserved
If your business has been operating without workers compensation insurance you might want to think twice about it. The fines can result in thousands of dollars assessed against your business by the Colorado Division of Workers Compensation.
A recent client who unfortunately allowed their workers compensation to lapse or terminate, despite numerous attempts to reinstate the policy by our agency resulted in over $8 thousands in fines assessed by the Division of Workers Compensation.? This would have paid their entire annual premium payment. ? The penalty is typically assessed each day a business fails to have workers compensation insurance.? In this situation, the business was penalized $250 per day.
If you have employees in Colorado or any state for that matter, workers compensation insurance is required by law.? Workers compensation covers workplace injuries, illness or death.? There are more than 3 million workplace injuries or illnesses throughout the United States every year. There are certain Colorado industries that have greater risk for employee injuries.? They include roofing, contracting, oil and gas, farming, ranching, and hunting.
In 2010, Colorado had 80 workplace fatalities or deaths.? The largest percentage of deaths were from driving on the job.? Typically 25% of the total fatalities in the United States is because of? driving on the job.? The workers compensation insurance would provide the necessary resources (medical, income, payments) to the injured victim or their family members or dependents.
If your Colorado company needs an evaluation of their current workers compensation policy or new policy, please complete the form and we?ll be notified immediately:
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