How do I obtain insurance?

How do I obtain insurance?

Workers’ compensation insurance may be purchased from one of over two hundred private insurance companies authorized to conduct business in the State of Colorado. Coverage may be purchased from any authorized insurance company.

Given the expense of workers’ compensation insurance and its potential impact on the lives of employees, a business should review its workers’ compensation coverage options before selecting an insurer.

Tips:

  • Start shopping 2-3 months before the current policy expires. Insurers generally take a month or more to evaluate a business= loss history and return a quote.
  • Solicit quotes from several insurers that represent the range of rates in the total market. An agent may be consulted to get a representative sample.
  • Make sure employees are properly classified by the underwriter.
  • Ask the agent about the quality and timeliness of service provided by a prospective insurer before switching to a new insurer.
  • Check with other employers in the community about their experiences with their insurers.
  • Discuss with the agent, broker or insurer what alternative plans may be available (i.e., self-funding, deductible options, premium credits, etc.).
  • Be aware that past loss experience will have a direct correlation to future premiums.
  • Address any questions regarding insurance practices of individual insurance companies to the Department of Regulatory Agencies, Division of Insurance.