Colorado Workers Compensation Insurance Policy Coverages ...

Summary For Colorado Companies and Businesses

by Greenpoint Insurance Advisors, LLC
? 2012 All Rights Reserved Digital Footprint, LLC

Every business needs to read and understand their workers compensation insurance policy to gain a better understanding and knowledge to operate more efficiently.? However, the reality is most business owners never take the time to read through their policy until a severe claim happens.? This is the worst time to review your insurance coverage.?

For this reason, we?ve created a ?cheat sheet? to help point out some of the more important provisions in a Colorado workmans comp policy.? This is a summary of coverages and provisions typically found on most policies.? However, it?s important to recognize every policy issued by their respective insurance carrier can and will be different.? You should obtain your own policy and rely on that contract language exclusively.? This summary was based on a Colorado workers condensation policy.

The Workers Compensation Insurance Policy?????????? ????????????????????????????????????? (Example policy.? Please note each policy can be different)	A typical workers compensation insurance policy include the information page and all endorsements and schedules.? Remember:? this is a contract between you and the insurance carrier.??? Exclusions mean no coverage and endorsements a change in coverage.? Exclusions will create more problems and surprises for insurance clients.? It?s imperative to know what acts will result in no coverage.
Who Is The Insured?	Employer who is named on the policy and their employees.? Include the name of all entities you might own or operate.
How This Insurance Applies	Employee who suffers bodily injury (example:? eye injury) by accident or bodily injury by disease (asbestos exposure).? Bodily injury includes death.? This means an employee injured i.e. loses an arm in a car accident while driving on the job.? Or, an employee whose exposed to dangerous chemicals on the job.
We Will Defend	An important component of workers compensation insurance is the duty to defend clause.? The insurance carrier hires at their expense the attorney to defend any claim or suit brought against your company.? Legal fees can be $250-$300 per hour for a good attorney.
Statutory Provisions	This clause of a workers compensation policy is adapting to the State?s workers compensation law.? Such as when the policy conflicts with state law, the policy will conform to that law.
Employers Liability Insurance	Cover protection for the business arising out of bodily injury by accident or bodily injury by disease to and employee including bodily injury resulting in? death.Key Components: Employee injury must arise out of employment Employee injury by accident must happen during the policy period Bodily injury by disease must have happened or been aggravated by the conditions of employment. What the insurance company will pay: All sums you as the employer must pay as damages due to bodily injury to your employees Damages include third party liability against your company Consequential damages such bodily injury to spouse, child, parent, brother or sister of the injured employee Exclusions (NO Coverage): Liability assumed under a contractual circumstances Any violation of law that results in punitive and exemplary damages Knowledge of company owners or executives with actual knowledge of violation of law Intentional or aggravated acts by you against an employee Imposed fines or other obligations by workers comp, occupational, unemployment, or disability laws Damages caused by you from coercion, criticism, demotion, evaluation, reassignment, discipline, defamation, harassment, humiliation, discrimination against or termination of any employee Fines or penalties imposed for violating federal or state laws
?Limits of Liability	Limits for workers compensation insurance are represented as follows with varying limits of insurance: Bodily Injury By Accident:? $1,000,000 Each Accident????????? (Most paid for all damages covered because of bodily injury to one or more employees in any one accident) Bodily Injury By Disease:? $1,000,000 Policy Limit???????? Most paid for all damages arising out of bodily injury by disease regardless of the number of employees) Bodily Injury By Disease:? $1,000,000 Each Employee (Most paid for all damages arising out of bodily injury by disease to any one employee)
Your Duties If An Injury Occurs	It?s imperative you provide immediate medical attention to the injured employee.? Notify your insurance company or agent with names, addresses, witnesses and other pertinent information.? Any demands, notices, or legal proceedings should be sent to the claims department.? It?s important to follow the instructions of the insurance carrier and not to interfere with their claims handling.?

?

Need More Information On Workmans Compensation Insurance?

We would love to help!

Our insurance agency is a broker for different workers comp insurance carriers.? This means can provide you directly with a price quote from top insurance companies like Pinnacol and Travelers.? We provide sales and service to all of Colorado.? Including the following towns and cities:

Denver Ft Collins Colorado Springs Pueblo Trinidad Monument Castle Rock Parker Elizabeth Aurora Commerce City Englewood Centennial Highlands Ranch Boulder Lakewood Westminster Arvada Golden

Broomfield Westminster Greeley Loveland Longmont Steamboat Springs Aspen Vail Grand Junction Rifle Durango Littleton Breckenridge Craig Glenwood Springs Montorse Alamosa Canon City Colorado High County Colorado Front Range

?

Source: http://www.gpbusinessinsurance.com/colorado-workers-compensation-insurance-policy-coverages-provisions-and-condtions/

Olympic Schedule 2012 NBC Olympics NBC Olympics schedule 2012 Olympics Chad Everett London Olympics Kristen Stewart Rupert Sanders Photos