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How to protect yourself with workers’ compensation insurance

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How to protect yourself with workers’ compensation insurance

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  1. How to Protect Yourself with Workers Compensation Insurance

  2. How to Protect Yourself with Workers Compensation Insurance • Workers' compensation is a type of insurance system where the employer agrees to provide wage replacement and medical benefits to its employee in exchange for the employee’s waiver of the right to sue for negligence. • Due to its nature as a mutually agreed-upon system, workers’ compensation is also known as “the compensation bargain” or the “exclusive remedy” provision of the Colorado Workers’ Compensation Act.

  3. How to Protect Yourself with Workers Compensation Insurance • This type of insurance is beneficial for both the employee and employer. For the employee, he or she is able to receive support for medical treatments paid and wages lost due to the effects of an injury or disease. • In instances where it is not clear whether or not it is work-related, it would be best to consult a Denver workers compensation lawyer or a Denver disability lawyer for helpful advice.

  4. How to Protect Yourself with Workers Compensation Insurance • The benefit for the employer, on the other hand, is the enhanced ability to predict and plan forthe costs of injuries and illnesses which will have to be shouldered. • In other words, instead of being caught off-guard with a large insurance claim from an employee, the employer is able to prepare for those rainy days by setting up a pool of funds through which claims may be paid.

  5. How to Protect Yourself with Workers Compensation Insurance How workers compensation insurance works • The requirementto provide workers’ compensation insurance varies from state to state, so there is no hard-and-fast rule to apply. Some states do not require this type of insurance while some do across-the-board.Under Colorado state law, however, all public and private employers must provide workers’ compensation coverage for their employees – with limited exceptions.

  6. How to Protect Yourself with Workers Compensation Insurance How workers compensation insurance works • These exceptions include real estate agents and brokers licensed by the State, independent contractors, and federal employees. The law provides a specific list of individuals who are exempt, so it’s a good idea to read through it and then perhapsask your Greeley workers compensation lawyer or Denver workers compensation attorney for legal help.

  7. How to Protect Yourself with Workers Compensation Insurance How workers compensation insurance works • As almost all employers are required to provide workers’ compensation insurance, Colorado state law will subject an employer to penalties if it is found that it does not comply with this requirement. If you are an employer and you fail to provide your employees this insurance, the following may happen:

  8. How to Protect Yourself with Workers Compensation Insurance • The Director of the Division may issue a cease and desist order against your business, forcing you to stop operations until the insurance is provided. • For first violations, you will have to pay a fine of $250 for every day you were not able to provide workers’ compensation insurance. For subsequent violations, the fine can reach up to a maximum of $500 per day.

  9. How to Protect Yourself with Workers Compensation Insurance • In addition, note that these two consequences are not mutually exclusive. In other words, both may occur at the same time. This goes to show just how serious Colorado is in ensuring that workers’ compensation insurance is provided to all eligible employees. • From these penalties, it is clear that it would be prudent for employers to know exactly when and how they should provide workers’ compensation insurance since the cost of non-compliance is very high. As such, consultations with various experts such as a Denver disability lawyer, a Greeley disability attorney, or simply a workers compensation lawyer in Denver are a must to shield your business from excessive headaches.

  10. How to Protect Yourself with Workers Compensation Insurance Contact one of our workers compensation lawyers at Kaplan Morrell for a FREE CONSULTATION about your rights as a worker in Colorado. For More Details Please Visit:-http://www.kaplanmorrell.com/

  11. How to Protect Yourself with Workers Compensation Insurance THANKYOU

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