Why Workers’ Compensation Insurance Matters For Nonprofits

Workers Compensation Insurance for NonprofitsHere are just a few reasons why workers’ compensation is important for nonprofits.     

In the state of Colorado, you’re legally required to carry workers’ compensation when you run a business. The good news is that when you look more closely at this type of coverage, you might just find you would want it even if you didn’t have to carry it. Here is a look at the different reasons why workers’ compensation is so important for nonprofits.

  • Protect Your Team: Before workers’ compensation came into the insurance world, employees had to prove that their employer was being negligent in order to receive payments for medical expenses and lost wages. Fortunately, now they can rest easy knowing that if they’re injured on the job, their employer’s coverage can help them maintain their quality of life while they heal.
  • Protect Your Nonprofit: Of course, those negligence lawsuits were not just hard on employees; they also created a huge headache—not to mention expense—for employers. With workers’ comp, you don’t have to worry that your nonprofit will get embroiled in an expensive lawsuit that would compromise your bottom line or your good name after one of your staff is injured at work.
  • Protect Your Bottom Line: You never have to decide between paying to help your employee get healthy again and preserving your bottom line when you have workers’ compensation. Because your coverage will pay for medical expenses and lost wages, you can get your staff member the care he or she needs without busting your budget.

Clearly, workers’ compensation can benefit your Colorado nonprofit in a number of ways. To get the right policy for your work in Denver and the rest of the state, contact Colorado Nonprofit Insurance Agency. We understand how workers’ comp should be adjusted to best cover nonprofits and are here to help you get the right policy for your specific needs.