Workers Compensation Insurance
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Workers Compensation Insurance

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Presentation to Delta Business Expo -01-12-12

Presentation to Delta Business Expo -01-12-12

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Workers Compensation Insurance Workers Compensation Insurance Presentation Transcript

  • The Insurance Center and Colorado Working together to reduce loss expenses! Special Thanks to; Dennis Derrieux and Pinnacol Assurance for their help in preparing today’s presentation. This information is a very general overview and should in no way be considered advice. Any answers provided are for discussion only and do not constitute a client agent relationship.
  • Information Provided by: Pinnacol Assurance Workers’ Compensation Insurance
    • What is it ?
    • Accident insurance program
    • State mandated
    • Employer funded
  • “ An investment in knowledge pays the best interest.“ - Benjamin Franklin Workers’ Compensation Insurance
    • What’s The Law?
    • The Colorado Workers’ Compensation Act
      • Established in 1915
      • Based on a ‘mutual renunciation’ of common law rights and defenses
  • Information Provided by: Pinnacol Assurance Workers’ Compensation Insurance The Workers’ Compensation Act is intended to: • Assure quick and efficient delivery of disability and medical benefits to injured workers • At a reasonable cost to employers • Without litigation
  • “ An investment in knowledge pays the best interest.“ - Benjamin Franklin Workers’ Compensation Insurance
    • Injury: Accident or Occupational Disease
        • Accident — An Unforeseen Event
        • Occupational Disease — Cumulative
  • Information Provided by: Pinnacol Assurance Workers’ Compensation Insurance
    • Reporting Requirements by Law
    • • Injured worker
          • 4 days to make written report to the employer
          • Penalty of 1 days’ compensation for every day late
    • Employer
    • • 10 days to notify Pinnacol of a new injury
    • • Penalty: up to $500 per day can be assessed
  • “ An investment in knowledge pays the best interest.“ - Benjamin Franklin Workers’ Compensation Insurance What is “Compensable”? Def. Entitled to compensation; capable of being compensated • For an accident or occupational disease to be compensable, it must: — Have occurred during the course and scope of the injured worker’s employment — Be causally related to ( arising out of ) the injured worker’s employment
  • Information Provided by: Pinnacol Assurance Workers’ Compensation Insurance
    • Who is an Employee? Workers’ Compensation Act
      • States that any individual who performs work for an employer is an employee unless the individual — is free from control and direction in the performance of the service, and — is customarily engaged in an independent trade, occupation, profession, or business related to the services being provided, and
      • — Has no workers
  • “ An investment in knowledge pays the best interest.“ - Benjamin Franklin Workers’ Compensation Insurance Employee Is Defined As • Any employee of the business • Minors • Part-time workers • Undocumented workers • Corporate officers -LLC members Option to reject if ownership is >=1O% • Owners and partners - if elected • Certain volunteers - firefighters, search and rescue, police, etc.
    • Exceptions
    • Convicts working as part of prison labor program
    • Real estate agents and brokers
    • Ski area volunteers
    • Employees when engaging in recreational activities
    • Independent Contractors
    Independent Contractors Independent Contractors
  • Workers Compensation Insurance
    • Independent Contractor (IC)
    • Individual who is performing work for the insured
    • Is engaged in an independent trade, occupation, profession, or business
    • Is free from control, direction in the performance of services, and meets the independent contractor criteria
    • An IC is excluded from the policy
    • ICs using laborers are considered employers • Required to carry workers’ compensation insurance for their workers • If an IC does not carry workers’ compensation insurance
          • The insured becomes the statutory employer
            • Those workers’ are covered on that insured’s policy