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Denver, Colorado 80210
Worker's compensation insurance is important for your business, no matter what your state requires. If you have any employees, worker's comp is a policy that protects both you and them in case of an injury at work.
What is worker's compensation insurance?
Worker's compensation insurance is a type of insurance that covers medical costs and lost wages for employees who are injured on the job. Some states require employers to carry worker's compensation insurance; others do not.
Even if you don't need to carry worker's compensation insurance for your business, it's still important to have it in case an employee does get hurt at work and needs medical treatment or other benefits.
In addition to medical expenses and lost wages, worker's compensation also covers things like funeral expenses for workers killed on the job and rehabilitation costs for disabled workers who can't return to their original jobs.
How much does worker's compensation insurance cost?
The cost of worker's compensation insurance differs depending on several factors including:
* The size of your business (small business vs large corporation)
* The industry in which your company operates (manufacturing vs retail)
* The state where you do business (costs vary widely across states)
* The amount of your worker's compensation claims history
Who needs worker's compensation insurance?
All employers need to carry worker's compensation insurance, with few exceptions.
If you employ people and pay them a salary, you are responsible for their safety. As the business owner, it is your job to protect them from harm on the job. You can do this by providing safe equipment and making sure that they take proper precautions when performing any task.
However, sometimes accidents happen despite all your efforts. When an employee gets hurt at work, they may be entitled to worker's compensation benefits — which can help pay medical bills and lost wages as they recover from their injury.
In order to receive these types of benefits under state law, most employers must carry some type of workers' compensation policy in place on behalf of their employees (or purchase one if necessary). Many states require businesses to have such policies in place before hiring any workers at all; others do not require it but strongly encourage it.
Worker's compensation laws are in place to protect both the employee and the employer. Any employee can be injured while on the job, so it's smart to have the protection that insurance offers. Most employers are required by law to have it and even if you're working independently or as a freelancer, you may still need it. It's important that you're as informed as possible so that you know what your options are and can make an educated decision on whether to purchase coverage.
If you're an employer in need of worker's compensation insurance, we can help!
Contact Aspen Insurance Agency in Denver, Colorado today to request a quote and find out more information. We offer policies in the following states: Arizona, California, Colorado, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Kentucky, Michigan, Minnesota, Missouri, Montana, Nebraska, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming.
Aspen Insurance Agency has served the Denver community for over 25 years and has since expanded to help clients in the following states: