Get New Jersey workers compensation insurance quotes, cost & coverage fast. Workers comp is required for employers in NJ and protects your business by paying for employee medical, disability, rehabilitation & survivor benefits.
NJ Workers Comp
Owning a business can be quite rewarding, but there are certain risks that you need to be aware of. One of the biggest risks that NJ business owners - especially those that are just getting started out - overlook is a employee getting injured on the job.
Accidents happen. An employee can slip and fall; a piece of machinery could malfunction; an illness could occur as a result of a worker being exposed to something dangerous on your worksite (unbeknownst to you). In the event that someone you employ becomes injured or ill while on the job, you are held legally responsible. For that reason, you need to make sure that you have New Jersey workers compensation insurance.
Does My Business Need New Jersey Workers Compensation?
If you have an existing business, or are starting a new business, don't overlook the importance of getting New Jersey workers compensation insurance. Here's a look at 5 reasons why you should have it:
It's The Law. In most states, businesses are required by law to have workers compensation insurance. The laws do vary from state to state, so make sure that you do familiarize yourself with the laws that apply in your state. Typically, business owners can purchase a policy through an insurance agent; however, some states do require businesses to get coverage via a state-operated funds. See NJ workers comp class codes for more information.
It Protects Your Business. New Jersey workers compensation insurance coverage not only protects your employees, but it also protects your business. Though cases do vary, often times, when a business offers workers' comp coverage to its employees, workers agree to forfeit their rights to sue a business for negligence in the event of an accident or an illness. This will reduce costly the financial hardships that are associated with lawsuits, as well the damages that legal action could have on your business in the future. For example, businesses that have had lawsuits filed against them for wrong-doing in the case of an accident often have their reputation marred, which could have a negative impact on the success of the business.
It's Beneficial For Employees. Should an employee be involved in an accident and sustain an injury, or falls ill as a result of being exposed to a toxic chemical or fume while on the job, and is unable to work, workers comp will cover their expenses. These expenses include lost wages, medical costs, and more. In essence, CCA workers comp serves as a financial safety net for your employees.
Assists With Recovery. Not only does New Jersey workers' compensation insurance assist with lost wages and medical expenses, but it also covers some of the cost that is associated with any training or rehabilitation that employees may need so that they can return back to work. Moreover, should an employee be unable to return to work, the insurance will provide him or her with training that will better suit his or her new needs.
Helps Employees' Loved Ones. Workers' compensation insurance can also protect the loved ones of your employees. For example, it protects from the hardships that lost wages could impose on a family. In the extremely unfortunate event that a worker perishes as a result of his or her injuries or illness, workers comp insurance will likely cover at least some, if not all, of the funeral expenses. Some packages also offer surviving family members benefits.
For these reasons, New Jersey workers' compensation coverage is a sound business investment. It protects your employees, their loves ones, your business - and you - from the financial hardships and the legal repercussions that could come about in the unfortunate event that one of your workers is injured or becomes ill while on the job. It is a requirement in most states, and because of the several benefits that this insurance offers, it's easy to see why.
What Does New Jersey Workers Compensation Insurance Cover?
Workers compensation insurance cover only work-related injury or illness including: lost wages, medical expenses, and other benefits to employees who may become injured or sick while they are working. It's a sound business investment, as it protects your most important asset: your employees.
A workers compensation policy usually has two parts:
- Workers Compensation Insurance: The first part of the policy fulfills statutory obligations under the New Jersey workers' compensation laws. Under this section, the insurer agrees to pay all workers compensation benefits and other benefits that the employer must legally provide to covered employees who have a job-related injury or an occupational disease.
- Employers Liability Insurance: The second part of the policy covers employers against lawsuits by employees who are injured in the course of employment, but whose injuries (or diseases) are not compensable under the state's workers compensation law. This part is similar to other liability insurance policies where negligence must be established before the insurer is legally obligated to pay.
What New Jersey Workers Compensation Insurance Doesn't Cover
Workers compensation typically does not cover:
- Self-inflicted injuries
- Felony-related injuries
- Injuries an employee suffers off the job
- Injuries claimed after an employee is terminated or laid off
- Injuries from a fight started by the employee
- Injuries caused by intoxication or drugs
- Injuries resulting from horseplay or violation of company policy
- Injuries to an independent contractor
How Much Does New Jersey Workers Compensation Insurance Cost?
How much does New Jersey workers compensation insurance cost? The cost of NJ workers comp insurance varies tremendously, depending on your industry and location. If you are in an industry where work-related injuries are more likely to occur or in an area where insurance premiums are higher, then it will cost more.
For example, for a roofer, tree trimmer, or demolition company, the cost could be $17 per $100 in payroll, or even higher. On the other hand, the cost to cover a attorney, accountant or real estate agent could be under $0.20 per $100 of their payroll. So, for an employee that earns $40,000 a year, a blue collar contracting company could pay around $6800, where a white collar business may pay just $80.
Also your workers comp rates can go up or down depending on your accident history, much like they would for most types of insurance.
Get A New Jersey Workers Compensation Insurance Quote
If you own or are starting a NJ business, let one of our expert agents take a look at your current business policy. We offer a wide variety of options to ensure that your employees and you are properly protected from the hazards that could happen on the job. In most cases we can save you money and offer you better policy options than you currently may have. New Jersey division of workers compensation, New Jersey workers compensation insurance carriers, New Jersey workers compensation posting notice, workers compensation waiver of subrogation New Jersey, New Jersey workers compensation crib, workers compensation insurance for independent contractors New Jersey.
Further Reading On Worker's Comp Insurance
- Workers Compensation Insurance
- How To Reduce Workers Compensation Premiums
- How To Understand Your Workers Compensation Experience Modification Factor
- How Much Does Workers Comp Cost In California?
- How Much Does Workers Comp Cost In Texas?
- Texas Workers Compensation Laws For Employers
- Uninsured Subcontractors Workers Compensation
- Workers Comp Insurance Audit
- Workers Compensation Classification Codes
- Workers Compensation Code 8810
- Workers Compensation For Restaurants
NJ Workers Compensation Insurance Quotes
Request a New Jersey Workers Compensation Insurance quote in Atlantic City, Bayonne, Bergenfield, Bridgeton, Camden, Carteret, Cliffside Park, Clifton, Dover, East Orange, Egg Harbor, Elizabeth, Elmwood Park, Englewood, Fair Lawn, Fort Lee, Garfield, Glassboro, Hackensack, Hawthorne, Hoboken, Jersey City, Kearny, Linden, Lodi, Long Branch, Millville, Morristown, New Brunswick, Newark, North Plainfield, Palisades Park, Paramus, Passaic, Paterson, Perth Amboy, Plainfield, Pleasantville, Point Pleasant, Rahway, Ridgewood, Roselle, Sayreville, South Plainfield, Summit, Trenton, Union City, Vineland, West New York, Westfield and all other cities in NJ.
Insurance Regulations In New Jersey
There insurance regulations that govern both business and personal insurance in the state of NJ. There are certain regulations that you want to keep in mind whether you are getting insurance as a private party, or you may have a business and are concerned about the regulations and oversight of your business insurance.
New Jersey Commercial Insurance
The regulations governing business insurance start with general liability insurance. General liability insurance protects you from lawsuits from people that come on your property with a variety of coverages. For example, it may protect against bodily injury, it may also protect against property damage caused by your business - for example, if your sign falls on someone's car - or it may protect against advertising, false arrest and lots of other different things that can happen. However, keep in mind that general liability insurance is not required in the state of New Jersey.
There are certain types of insurance that are required by businesses in New Jersey though. One of the regulations governing business insurance in New Jersey requires that anyone who has a full-time or part-time employee carry Worker's Compensation insurance to cover that employee. Workers comp is sort of like health insurance for employees that get hurt on the job.
In addition, NJ law says that employers must provide employee disability coverage to provide income for employees who are injured on the job and have to take time off due to a temporary or permanent disability. Finally, businesses in New Jersey are required to carry commercial auto insurance for company vehicles.
NJ Personal Insurance
The first type of personal insurance that will be discussing is auto insurance. Personal auto insurance in New Jersey requires that the driver carry $15,000 per person and $30,000 per accident in liability coverage. In addition, there must be an additional $5000 for property damage.
As far as life insurance regulations, insurance companies must be regulated by the Department of Banking and Insurance which maintains all records of insurance companies that are licensed to do business in the state. In addition, residents have a 10 day free look period, a grace period of 30 days and insurance companies must make payments in a timely fashion; which is within two months of receiving proof of death from the beneficiary.
If you are looking for state specific Workers Compensation Insurance quotes, costs and information: California Workers Compensation Insurance, Colorado Workers Compensation Insurance, Delaware Workers Compensation Insurance, Florida Workers Compensation Insurance, Illinois Workers Compensation Insurance,Kentucky Workers Compensation Insurance, New Jersey Workers Compensation Insurance, New York Workers Compensation Insurance, Oregon Workers Compensation Insurance, Pennsylvania Workers Compensation Insurance, Texas Workers Compensation Insurance.