When shopping for insurance for your business for the first time, you may find yourself confused about the various types of policies around and feeling unsure about what you need for your business. Many business owners find it beneficial to have coverage that includes property damage and crime so that they may be able to access reimbursement for expenses related to natural disasters, theft, and vandalism. It is also important to ensure your business meets the State insurance requirements, which include Colorado Workers Compensation.

According to the Colorado Department of Labor and Employment, Colorado employers must provide workers’ compensation coverage for both full and part time employees. There are certain exceptions to this requirement which may include:

• -Where employees earn $2,000.00 or less annually for casual maintenance or repair work.
• -Volunteers may be excluded from this requirement in certain instances.
• -Real Estate brokers and agents who work on commission.
• -Domestic home-maintenance operations in certain instances.
  
  

You should never assume you’re exempt. Failing to obtain Colorado Workers Compensation without a valid exemption could lead to various consequences, including hefty fines or a court order to shut down your business until insurance is obtained. Speak to your insurance agent if you need clarification about workers’ compensation and feel free to ask questions about any other types of Colorado business insurance you are interested in.

*