Workers’ compensation insurance for Colorado contractors is a cornerstone of financial stability, protecting both employees and employers in the event of work-related injuries or illnesses. This coverage ensures that medical expenses and lost wages are promptly addressed, providing a solid foundation for your business’s financial security.

In Colorado, all public and private employers with one or more employees are legally required to carry contractors’ workers’ compensation insurance. This mandate applies to full-time, part-time, and family members employed by the business.

Key aspects of Colorado Workers’ Compensation Insurance include:

• Medical Benefits: Covers expenses for necessary medical treatment due to work-related injuries or illnesses.
• Wage Replacement: Provides compensation for a portion of lost wages during the recovery period.
• Disability Benefits: Offers financial support for temporary or permanent disabilities resulting from workplace incidents.
• Death Benefits: Assists dependents with financial support and funeral expenses in the event of a fatal workplace accident.

In the construction industry, everyone performing construction work on a site must either be covered by workers’ compensation insurance or formally reject that coverage by completing and filing a form with the Division of Workers’ Compensation. This requirement also applies to sole proprietors and partners in partnerships.

For detailed information on compliance and coverage, visit the Colorado Department of Labor and Employment’s Division of Workers’ Compensation.

A Colorado contractor license bond provides a financial guarantee for a city or state licensing department.

Many large projects and government agencies will require a Colorado contractors’ surety bond before bidding on a project.

Not to be confused with Colorado contractors’ insurance, a Colorado contractors’ surety bond is like a business line of credit that protects the contracted parties if the bid obligations are not complete.

Colorado contractors’ commercial auto insurance is a vital shield, protecting businesses from the financial liabilities that can arise from vehicle-related accidents or damages. This coverage not only ensures compliance with state regulations but also provides a strong layer of protection for your business assets, giving you peace of mind on the road.

Commonly expressed as 25/50/15, the minimum liability insurance requirements for contractors’ commercial vehicle coverage in Colorado are:

• Bodily Injury Liability: $25,000 per person and $50,000 per accident.
• Property Damage Liability: $15,000 per accident.

Certain types of commercial vehicles, such as those registered with a USDOT or MC number, may be subject to higher liability limits.

For the most current information on business auto insurance requirements and to ensure compliance, visit the Colorado Department of Regulatory Agencies’ Division of Insurance.

Inland Marine Insurance for Colorado Contractors protects tools, equipment, and materials frequently transported to various job sites. This coverage safeguards your assets against potential losses such as theft, damage, or vandalism, ensuring the continuity of your operations.

Inland Marine coverage is highly recommended for Colorado contractors who regularly move valuable equipment between locations. Given the prevalence of tool and machinery theft in the state, having this insurance provides a financial safety net.

Key features of Inland Marine Insurance include:

• Coverage for Tools and Equipment: Protects items like backhoes, generators, pneumatic drills, saws, and laser levels against loss or damage on and off job sites.
• Protection During Transit: Ensures that materials and equipment are covered while being transported to different locations.
• Coverage for Rented or Leased Equipment: Extends protection to rented or leased equipment for projects.

Having the right Colorado tool and equipment coverage helps safeguard your business from unexpected losses, ensuring continuity and protecting your bottom line.