Colorado Workers Compensation Insurance Requirements. Colorado requirements do not indicate that sole proprietors or business partners need to have workers compensation insurance because they are not considered to be employees. Colorado s state workers compensation insurance requirements.
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To do so the person must file a form with either their workers compensation insurance carrier if applicable or with the division of workers compensation. Colorado employers are required to carry workers compensation insurance if they have one or more employees. Covered under federal laws.
If you do not have workers compensation insurance you can be fined up to 500 for every day you are uninsured.
A sole proprietor does have the option to elect for self coverage which could provide coverage for lost wages and other important benefits if a work related accident or. Anyone who gets paid for the work they perform is presumed to be an employee. Forms are available on the division s website. Let s start with the basics.
