Resources & Insights

The Case for Workers’ Comp Deductibles in Colorado

September 26, 2023

John Ikalowych
Insurance Advisor

When it comes to managing your business’s finances, every decision counts.

One important aspect that deserves careful consideration is whether to elect a deductible for workers’ compensation insurance in Colorado. While there are various factors to evaluate, I firmly believe that opting for a deductible can prove to be a highly beneficial move for your company.

Deductibles Can Reduce Claim Exposure

When you choose a deductible in Colorado for your workers’ compensation policy, every claim dollar that falls under the elected deductible amount directly reduces the claim exposure by that exact amount.

Opting for a deductible can significantly reduce your company’s overall claims exposure and potential premium penalties resulting from a poor loss history and higher Experience Modification Rate (Emod). Even if you do experience a claim, its impact on your future premium cost will be substantially minimized by the deductible election.

Potential for Premium Discounts with Higher Deductible Limits

Many insurance carriers offer premium discounts to companies that select higher deductible limits. This incentivizes you to take a proactive risk management approach and empowers you to save even more on your workers’ compensation insurance premiums.

By electing a deductible for your workers’ compensation policy in Colorado, you can protect your company’s financial stability, reduce insurance costs, and enjoy exclusive premium discounts.

So, what’s the best way to review your options? Consult with an insurance professional, such as CCIG, who can perform an in-depth analysis of your current deductible approach and forecast the potential savings of a deductible election strategy.

Share this:
Back to Resources

Contact Us

Call us at 303-799-0110 or reach out by filling out a short form.

Get In Touch