What you need to know about Workers’ Compensation Loss Cost Rates for 2013 in Colorado

Some businesses carry more risk than others. If you own a home building company, your employees have a much higher risk of being injured than if you run a gift shop. But no matter which industry you’re in, there’s always the possibility that someone on your team will be injured. If you own a business which has employees, you need to have Workers Compensation insurance. This will protect your business against lawsuits from employees if they are injured while on the job.

Even if Colorado state law doesn’t require your company to have Workers Compensation insurance, having it will only be a benefit. It’s never a bad thing to go above and beyond what’s required, and you–and your employees–will feel better knowing that it’s in place, should an unfortunate event occur.

For the last three years, workers compensation loss costs rates in Colorado have gone up each year. In 2013 they rose by 5.2%. Loss cost rates are increasing due to the number of claims made, and the amount which is paid out for the claims. Policies may change from year to year, due to new laws put in place by the government, or the insurer may change the policy in order to keep their business profitable and able to help as many businesses as possible. The best way to make sure you know what your policy covers, and any changes made to it, is to contact your independent agent.

To get competitive pricing on Workers Compensation insurance for your business, call your Centennial independent agent today. We’re here to help you compare rates from the country’s leading insurers, so that you can get the best rates possible. We can answer your questions and help you decide the best policy for your business.