Does Your Workplace Have the Required Colorado Worker Compensation Compliance?
Is your company compliant with the current Colorado workers compensation laws? For many new and emerging companies, workers compensation coverage is often an afterthought, or only sought out after an incident has occurred. Don’t get stuck! Even if you work as a solo-preneur, your company could still be required to carry workers’ compensation coverage.
From solo-preneurs to Fortune 500 companies, if you’re not sure the Colorado workers compensation coverage options offered to you from your company, read and enact the following checklist to ensure your employer - even if it’s just you, or you as the employer have only 1 or 2 employees - is right in the eyes of Colorado law.
How Many Employees Before Colorado Workers Compensation Needed?
According to the letter of the law, “All public and private employers in Colorado...must provide workers' compensation coverage for their employees if one or more full- or part-time persons are employed.”
That’s right, workers’ compensation must be available to any and all employees starting with the very first employee. That includes you, the solo-preneur in a single-person startup. According to Colorado law, you are required to provide available workers’ compensation coverage to all employees of your company, even if it’s just you.
If you, as employer or employee, observe your company not in compliance with Colorado workers compensation requirements, be sure to call the trusted personal injury attorney associates at Fang Law Firm, today! Don’t waste another minute of your company’s potential future by being unsure your Colorado workers compensation status.
How to Begin Receiving Colorado Workers Compensation Coverage
In Colorado, there are three ways which are recognized avenues for acquiring Colorado workers compensation insurance coverage for a company’s employees.
- Commercially offered insurance
- Individual Self-funding or
- Insurance group/pool self-funding
Employee worker compensation coverage cannot and must not be funded by the employee(s) to be covered, in any way. Only the employer must purchase and maintain Colorado workers compensation coverage. We’ve covered the purchasing part of the Colorado workers compensation application and adherence process, so let’s move on to the maintenance.
Colorado Workers Compensation Coverage Acquired! Now What?
In order to maintain proper Colorado workers compensation coverage in the Centennial State, any employer with at least 1 (one) employee, and that employee can include themselves, must follow these rules in order to stay recognized as properly insured.
- Display a Notice to Employer of Injury poster at all times
This publicly available poster must not only be present but easily visible at all times to all employees working for a particular company. The poster need not be visible at all times to customers or clients, only employees, so posting in a break room or locker room is a popular choice to ensure the poster is seen by all employees.
- Keep a record of all lost time injuries and occupational diseases
This must be a written account of all lost time injuries recounted by both sides to ensure the accuracy of coverage.
- Report lost time injuries by filing the Employer's First Report of Injury with the insurer within 10 days (insurer sends form to Division)
Note the time requirement is 10 days, not 10 business days. Waiting up to two weeks before filing the First Report of Injury could force an insurance company to deny the claim.
- File a Supplemental Report of Accident form with the insurer upon an employee's return to work or termination from employment
Failing to file a report after the employee has returned to work could force the employee in question from coverage, and could bring about a lengthy legal battle for the employer who did not file the Supplemental Report of Accident at the appropriate time and in the appropriate manner.