For the first time since 2010, the average Colorado employer will not experience an increase in its premium costs for an essential aspect of workers’ compensation insurance, according to the Colorado Division of Insurance (CDI).
In fact, as CDI has pointed out, the “loss costs” component of Colorado workers comp premiums will not be increased in 2015 due to the fact that injured workers in Colorado are returning to work more quickly than expected after experiencing workplace injuries. To put this into perspective:
- In 2013, Colorado workers comp premiums for employers increased by 5.2 percent (from 2012).
- In 2014, Colorado workers comp premiums for employers increased 2.6 percent (from 2013).
Factors that Impact Colorado Workers Comp Premiums for Employers
Just some of the factors that contribute to whether or not Colorado workers comp premiums for employers will increase or stay the same for a given year include (but are by no means limited to):
- The frequency with which work injury claims are filed for a given employer
- The average duration of work injury claims
- The severity of the injuries associated with these claims
- The treatment costs for the work injuries.
CDI officials have made a point to note, however, that, although the average Colorado workers comp premiums for employers will remain the same for many companies, some may see slight increases or decreases in their premiums based on their industry.
As Insurance Commissioner Marguerite Salazar has explained in regards to Colorado workers comp premiums for employers:
These results come down to the efforts made by employers and employees to control workers’ compensation costs… getting injured workers back to work sooner, meaning that claims are closed faster, helped offset a small increase in claim costs, resulting in no change to loss costs.
Colorado Workers’ Compensation Lawyers at the Law Office of Michael P. Dominick
If you have sustained a workplace injury and are getting ready to file a workers’ compensation claim, you cannot rely upon your employer or insurance companies to look out for your best interests. In fact, both your employer and insurance companies will be more focused on their own bottom lines instead of your current and future wellbeing. This can make the system adversarial for injured workers and potentially even put them in situations in which their legitimate workers’ compensation claims are undercut or even flat-out denied.
In such cases, it’s essential that injured workers contact the Colorado workers’ compensation lawyers at the Law Office of Michael P. Dominick. Our legal professionals are experienced at going up against corporate lawyers and insurance companies, and we have a proven track record of success when it comes to securing our Clients the maximum possible compensation for their injuries and financial losses.
Contact Us Today
For a thorough evaluation of your case, along with expert advice on the best manner in which to move forward, call us at (303) 447-2644.