Workers’ Compensation Rates to Rise in Colorado Next Year
December 21, 2012
With a steadily rising number of Colorado workers who are filing for workers’ compensation benefits due to on-the-job injuries, experts say that employers will not only be seeing a rise in workers’ compensation insurance premiums next year, but the trend will likely continue for years to come.
An article from the Denver Business Journal stated the Colorado Division of Insurance (DOI) recently announced a 5.8 percent hike in the state’s basic workers’ compensation insurance rate for 2013. This is the third year in a row the rate has risen, and the DOI said the agency is considering a possible rate increase again in 2014.
This leaves many employers wondering how much they will be paying for Colorado Workers’ Compensation coverage next year. Depending on factor—such as the type of industry a company is in and the injury rate for that industry—will determine the rate of increase for each individual business. For example, the construction industry could see rates spike by as much as 10 to 15 percent next year.
The rises in the number of injury claims being filed and the subsequent rise in costs are making it more difficult than ever for an injured worker to have a claim approved. That is why the Colorado Personal Injury Lawyers with the McDivitt Law Firm believe it is more important than ever to have an attorney on your side when filing a claim for benefits.Back to the Blog