March 20, 2013
Almost every business in the state of Colorado is required to purchase workers’ compensation insurance to cover expenses in the event a worker is killed or injured in an accident. In an effort to help control costs associated with this and to promote safe work environments, a bill has been introduced to legislators that would allow businesses the opportunity to increase the deductibles on their Colorado Workers’ Compensation policies.
An article released by Our Colorado News explains the law currently allows an employer to carry a deductible of up to $5,000 on a policy. Any business not carrying a policy is subject to an initial fine of up to $250 per day, followed by a $500 per day fine for every subsequent offense.
The new law would permit a business to raise the deductible on their policy to a number established by the insurance commissioner. This would not only allow businesses to save money on the amount they pay in premiums, but would also hold business owners more accountable for providing safe work environments and training.
So far, the bill received unanimous approval from the state House of Representatives and will now be examined by the Senate before making its way to the governor’s desk.