Employers Liability Insurance Colorado Policy Information
Employers Liability Insurance Colorado. Most business owners know the importance of workers compensation insurance to protect themselves from claims for injury by those they employ. However, businesses have realized that workers comp doesn't cover everything. The exceptions in this widely mandated employee benefit have prompted businesses to develop a companion product called employers liability insurance.
Employers liability insurance Colorado covers you against compensation claims arising from employee illness or injury, sustained as they work for you.
Employers Liability insurance Colorado protects your business from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Building Your Employers Liability Insurance Policy
Employers Liability Insurance is compulsory for any business that has one or more direct employees. This includes full-time and part-time employees, self-employed contractors you hire, temporary staff, apprentices, volunteers and people taking part in work experience or on the job training.
Most policies extend the definition of a direct employee to include: labor-only sub-contractors or persons supplied by them, self-employed persons, persons hired or borrowed by the insured under agreement or persons engaged in training, education or work experience. This means that claims against your business under these categories will be indemnified by your employers liability insurance Colorado, providing you are covered.
Some CO employers are exempted from this type of insurance. These include; a limited company where only 1 person is employed and that person also owns more than 50% of the share capital; a company which is not limited and has only 1 employee (sole trader) who is the principal of the business; a company which is not limited and of more than 1 employee where employees are close family members; and partnerships where the directors are equal partners in the business and do not employ others.
How ELI Works
Employers liability insurance Colorado typically involves one of these types of claims:
- Third-Party Over Actions. In this case, another party which was held accountable for your employee's injuries files this law suit against your company. So say, for instance, one of your workers was injured while equipment you hadn't properly maintained. The worker sues the producer of the equipment, then the manufacturer turns this around to sue you for negligence.
- Loss of Consortium. The spouse of an injured worker files this law suit.
- Dual-Capacity Suits. A worker can file this law suit against their employers if an item the employer manufactures caused their injury.
- Consequential Bodily Injury. This applies when a family member of your employee suffers bodily injury caused by the employee's injuries.
Employer's Liability Insurance Claims
ELI claims wide-ranging. They can and do arise from ex-employees as well as current ones. They can be brought due to a wide range of physical and psychological injuries and/or industrial diseases sustained during the course of employment. Such claims should never be taken lightly or disregarded. Even a minor injury can cost thousands to deal with while more serious injuries or illnesses, can easily lead to claims in the tens or hundreds of thousands of dollars. Some examples are:
- Mental injury or stress not accompanied by any physical injury.
- Nervous shock or fright not accompanied by any physical injury (this may result in serious illness, such as heart attack or stroke).
- Disease brought on over time (e.g. exposure to the elements or extremes of temperature).
Why Do I Need CO Employers Liability Insurance?
Accidents happen, accusations are made, lawyers get involved and people want compensation. Rightly or wrongly these things happen every day and, sooner or later, you will be on the receiving end. A claim won't go away if you ignore it. And there are no shortcuts. So you need employers' liability insurance because you have a business to run; because you have limited funds; because you're not legally trained; and because your reputation matters.
Employers liability insurance Colorado is not generally bought by itself. This is because when you have direct employees you almost certainly require CO workers comp. You can buy ELI directly from an insurer or from a specialist broker. The exact cost of the premium is based on a number of factors including the line of the business, the number of people you employ and your previous insurance claims history.
Colorado Economic Data & Business Insurance Information
If you're thinking about doing business in Colorado, it's important to familiarize yourself with the economic status of the state, as well as the regulations and limits regarding insurance for businesses. Below, we offer insight into pertinent economic data related to the state of Colorado, as well as key business insurance information so that you can put your best foot forward and make the best decisions for your business in the Centennial State.
Business Economic Trends In The State Of Colorado
According to recent reports from the leading economic researchers, the state of Colorado has a healthy outlook, economically speaking. While fewer jobs will be added in 2018 than have been in recent years, the growth rate is still expected to climb.
It's anticipated that entrepreneurs who are really interested in taking risks in new ventures will be the leading contributors for the state's economic growth. However, less risky industries will lend to the economy, as well, such as cloud computing and cybersecurity.
In regard to the fuel industry, it is anticipate that there will be an increase in valuation of about 9 percent in the year 2018, and this growth pertains mainly to gas and oil. This increase will largely be due to the improvement in energy prices, which are lower this year than they have been in recent years. It's hopeful that energy prices will continue to fall so that these industries can continue to thrive.
In terms of agriculture, it's projected that farms in the state of Colorado will do a little better this year than they did in 2017. Leading economic research agencies are expecting that the income from agriculture will reach nearly $1.4 billion in 2020.
In regard to the retail market, it is also expected that this industry will see steady growth, despite the rising trend of e-commerce solutions. In fact, it's estimated that the rate of employment in the retail sector will increase by as much as 2.1 percent during the 2020 fiscal year.
Regulations And Limits For CO Commercial Insurance
The Colorado Division of Insurance regulates insurance in Colorado. CO is considered a "fault state", meaning that business owners are not legally required to carry liability insurance; however, liability coverage is the type of commercial insurance that is most commonly purchased in the state. Commercial liability insurance covers business owners and their clients for things like bodily and personal injury, commercial property damage, and injuries that pertain to advertising injuries.
The only commercial insurance that business owners are required to carry is workers' compensation insurance. Any business that employees an hourly or wage staff must carry this type of coverage to protect their employees.
Additional Resources For Small Business Insurance
Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.
- Small Business
- Business General Liability
- Business Interruption
- Business Liability
- Business Owners Policy (BOP)
- Certificate of Insurance
- Commercial Auto
- Commercial Umbrella
- Comprehensive General Liability
- Directors and Officers Liability
- Cyber Liability
- Employers Liability
- Employment Practices Liability
- Event Cancellation
- General Liability
- Home Based Business
- Independent Contractor
- Liability Insurance Certificate
- Liability Insurance
- Professional Liability
- Workers Compensation Insurance
Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.
A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?
Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.
Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.
You need a written plan that allows you to get your operations back up and running as quick as possible.
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Also learn about Colorado small business insurance requirements for general liability, business property, commercial auto & workers compensation including CO business insurance costs. Call us (720) 500-2051.