Providing workers’ compensation benefits to protect employees in the event of a work-related injury or illness is an important responsibility for Denver businesses. However, managing a workers’ comp program can take time and effort away from your core business.
The paperwork, regulations, and claims handling for workers’ comp require specialists. A Denver PEO insurance service provider can help you cover these administrative tasks, and NetPEO can connect you to the best one for your needs.
Using workers’ compensation services from a PEO in Denver to administer your workers’ comp system frees up your time and can keep you from making costly mistakes. Noncompliance with workers’ compensation regulations can open your business to liability.
Workers’ Compensation Requirements in Denver
The Colorado Workers’ Compensation Act sets the rules regarding coverage, claims, employer responsibilities, and more. Below are some key requirements for businesses to be aware of:
- Coverage must be purchased from an authorized insurer or approved self-insurance plan. Companies cannot self-insure.
- Minimum benefits that must be provided include medical costs, partial lost wage replacement, permanent disability coverage, vocational rehabilitation, and survivor benefits if applicable.
- Employers must post a workers’ comp notice prominently with information on rights, procedures, and claim assistance.
- First reports of injury forms need to be submitted within 10 days of a workplace accident or incident.
- Ongoing medical costs and wage replacement payments are paid directly by the insurer according to a fee schedule.
- Colorado uses an experience modification factor (EMF) that can adjust premiums up or down based on past claim history.
- Random workplace safety inspections may occur and employers must maintain OSHA compliance to avoid fines.
- Failing to secure required insurance coverage can result in steep penalties from the Colorado Division of Workers’ Compensation.
Partnering with a Denver PEO company is a smart way for Denver businesses to stay up-to-date on compliance, access group discounted rates on high-quality policies, and remove the administrative burden through full-service claims management.
Lower Workers’ Comp Premiums With Group Rates
One of the biggest advantages of partnering with a PEO for your Denver-based business is access to discounted group insurance rates. As a small operation, getting the same large company pricing on your own can be difficult.
However, through our PEOs, even very small businesses with just a few employees qualify for the types of pooled premium discounts normally reserved for Fortune 500 corporations. Our PEOs maintain large risk policies that collectively insure thousands of lives.
By grouping your staff with a PEO, you benefit from the same favorable pricing as much larger organizations. Our purchasing power in the Denver market puts group rates within easy reach, even for the smallest local companies.
Eliminate the Burden of Compliance Management
Workers’ compensation compliance can be complex, with strict state-specific rules and detailed documentation requirements. It takes specialized expertise to stay up-to-date on regulations as they change.
A PEO can take care of all record-keeping, payroll reporting, coverage level adjustments, and other administrative tasks on your behalf. You no longer need to devote precious business hours to sorting through paperwork and learning the intricacies of the system.
Partnering with one of our PEOs eliminates the hefty cost and distraction of having full-time in-house compliance staff for your Denver company. Outsource this responsibility to an expert and you’ll gain instant peace of mind.
Access Top Insurance Carriers Serving Denver
PEOs leverage a large client base to negotiate preferred provider partnerships with the most reputable insurance companies in Colorado. Our established relationships allow us to obtain the best possible quotes for your workers’ compensation needs.
A PEO can ensure you gain admission to the same expansive insurance networks as multinational corporations. Your employees will have access to the best doctors, hospitals, pharmacies, and facilities right in Denver.
Some PEOs also offer extra risk and claims management resources only available through large account relationships like nurse case managers, return-to-work programs, and specialized legal support.
Help Returning Employees to Come Back Work Quickly
Getting injured workers back on the job as soon as it’s medically safe saves everyone time, money, and headaches. But coordinating suitable light-duty roles, restrictions, doctor notes and more can be a full-time role for large businesses.
PEOs can have dedicated return-to-work specialists and nurse case managers focused solely on occupational injury recovery. If you need these for your company, NetPEO can connect you with PEOs that offer these services.
By leveraging our extensive resources and healthcare relationships through our PEO network, we can get your workers back in action much quicker.
Avoid Costly Workers’ Comp Fines
Staying perfectly compliant with Colorado’s detailed workers’ compensation rules is a challenge, even for the most diligent small businesses. Yet missing deadlines or filing errors can result in expensive penalties.
As the employer of record, we assume all liability for workers’ comp compliance on your behalf. Our team of dedicated experts thoroughly understands the reporting requirements and keeps fastidious records.
Should any issues arise, like delayed doctor reports or changes in staffing levels, our compliance managers expertly handle all necessary supplemental filings and revised paperwork. This ensures you avoid violations and keep your policy in good standing.
Free Up Resources to Focus on Your Business
As a small business owner, your time and capital are better spent growing your company rather than managing insurance minutiae. By outsourcing these responsibilities to us, you can spend more time developing your business without breaking regulations.
No longer weighed down by complex regulatory tasks around Denver’s workers’ compensation system, you regain the bandwidth to focus on your core strengths. Give your business its best chance to thrive by outsourcing workers’ compensation management to our PEO team.
Contact NetPEO for Free Quotes on Denver PEOs Offering Worker’s Compensation Services
Partnering with a PEO broker like NetPEO provides small Denver businesses with a comprehensive workers’ compensation solution designed to simplify compliance and reduce costs.
By outsourcing risk management responsibilities, you free up valuable time and resources to focus on growing your company. NetPEO’s experienced team of Denver PEOs with worker’s comp services deliver premium savings and regulatory peace of mind.
If your organization is looking for a streamlined way to manage workers’ comp, consider the advantages of working with a professional employer organization. Contact NetPEO today to receive a no-obligation proposal customized for your business needs.
