Sponsored: Why new companies want staff’ compensation | Branded Content material

It seems that even the coronavirus pandemic isn’t holding back entrepreneurs when it comes to starting a new business in Colorado. Though the news was somber at times Colorado business confidence improved in the third quarter of 2020from record lows in spring.

In addition, new startup companies continue to open their doors. Compared to the same period in 2019, The number of new business units increased by almost 25% this year in Colorado.

This is all good news for business and employment. Another important aspect is the health and safety of the employees in your work area.

Now more than ever, new small business owners need to consider how best to protect their employees and their business during difficult times, especially when they are understaffed or trying to improve productivity. Making sure your company has workers’ compensation insurance is a key element.

Here’s an introduction to worker literacy to get you started.

What is employee compensation insurance?

Employee compensation insurance is not just a good practice to take care of workers’ health. it is also required under Colorado law.

If you have one or more employees, you must be legally actively insured – even if your employees are part-time or family members.

Workers’ Comp protects you and your employees. If one of your employees falls ill or suffers an injury at work, the insurance cover can pay medical bills and any loss of wages during recovery. It can also help cover your employees’ special care to help them feel better and get back to work.

Without coverage of employee compensation, there is a risk of significant financial burdens. Companies with employee comp coverage tend to do so Save about 50% of the costs an injury in the workplace compared to those who pay these costs out of pocket. Also, you might be facing a potential Fine of up to $ 500 per day from the Colorado Division of Workers’ Compensation if you fail to comply.

Why employee compensation coverage is important for small businesses and startups

Legal requirements aside, having an employee compensation for your company is just good business regardless of the size.

Did you know that some of the most common workplace injuries are caused by stress, falls, and repetitive movements like carpal tunnel syndrome? Regardless of your company’s industry, be it construction or accounting, employee safety must be a high priority, even if you think there aren’t many risks.

Every profession faces potential compensation claims from workers due to illness or injury. For example, in professional and office workplaces, 30% of first year employee injuries occur in the workplace. That number rises to 35% for new hires in the hospitality industry and 44% for those in the construction industry.

The first financial year is a crucial time for new start-ups, both for economic growth and for the safety and health of your employees. According to five years of Pinnacol’s damage dataAbout 40% of injuries occur in the first 12 months in the workplace, and of these, about 30% occur in the first six months. Concentrate on the “newbies” in your security training and don’t forget to check in again. Create a robust safety culture in your work area right from the start.

Find out more about employee compensation with Pinnacol

At Pinnacol, we provide the best coverage and protection for their employees’ comp needs to over 56,000 Colorado companies. During 2020, Pinnacol led the insurance industry with special programs and free resources for companies dealing with the challenges of COVID-19. In addition, 2021 will be the sixth year in a row. Pinnacol has cut pay rates for employees in Colorado.

Are you an entrepreneur ready to learn more? Find out how to do it Get your company and your employees covered with Colorado’s leading labor compensation insurer.

– This branded content advertisement was paid for by Pinnacol Assurance.