Are you a business owner in Colorado? Then you may want to review your workers compensation insurance coverage to make sure you’re getting the lowest price possible. According to a recent Insurance Journal article, Colorado employers will be seeing an average 3.4% increase in worker’s comp loss costs. This, in turn, will increase the overall premiums business owners pay for workers compensation insurance in 2011.
What are loss costs? They are the average costs of lost wages and medical payments of workers injured during their employment. According to Colorado’s Commissioner of Insurance, Marcy Morrison, this is the first increase Colorado has seen in over a decade.
As a business owner, what can you do to prepare? Start by taking a look at your workers compensation insurance coverage. It helps to go through this with an insurance agent; they can help you make sure you’re getting the most coverage for your budget. It always helps to review your policies and keep your coverage up-to-date.
Need more information on Colorado workers compensation insurance? Visit Dagley Insurance’s Virtual Insurance Office at www.DagleyIns.com or call one of our agents (888.840.7995) to review your coverage.