Workers' Compensation Insurance in New Jersey
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In New Jersey, business owners must have workers' compensation insurance to operate anywhere in the state. This helps protect the employer and employees in case of a work-related injury. Coverage for workers' comp claims helps injured workers by covering medical expenses and lost wages and helps shield your business from potential lawsuits. If you're operating a business in New Jersey, you need to know how workers' compensation insurance works.
Workers' compensation insurance, a state-mandated program, provides financial and medical benefits to millions of workers statewide. It covers the costs for employees who suffer work-related injuries or illnesses. This insurance coverage ensures injured workers can get the care they need without bearing the burden of high bills and lost wages.
In New Jersey, most businesses should have workers' compensation insurance, regardless of the company's size or the number of employees. Part-time employees, who are just as susceptible to work-related injuries as full-time staff, must be covered under the policy along with full-time workers. Even if a business has only one employee, that employee still needs workers' compensation coverage.
Business owners in New Jersey must comply with the state's workers' compensation insurance requirements to operate legally. This requires obtaining a workers' compensation policy from a state-licensed insurance provider and maintaining proof of that insurance for as long as the business remains in operation.
The state mandates that the insurance covers medical expenses, rehabilitation costs, and a portion of lost wages for workers injured on the job. Employers must report all work-related injuries to their insurance carrier and the New Jersey Division of Workers' Compensation within specific time frames set by law.
A process is in place for handling things when an employee is injured on the job. The workers' compensation process in New Jersey begins with the employee reporting the injury to their employer. The employer then notifies its workers' compensation insurance provider and files a report with the state as soon as possible.
The insurance company examines the claim and decides whether to approve it. This may take time. If the claim is approved, the injured worker can start collecting benefits. These payments can be used to pay medical bills and rehabilitation costs and to compensate the employee for lost wages. In some cases, workers may also receive benefits for permanent disabilities resulting from the work-related injury.
Workers' compensation insurance matters to your business for several reasons:
The cost of workers' compensation insurance in New Jersey varies based on several factors, including the type of business, the number of employees, and the company's claims history. Industries with higher risks of workplace injuries, such as construction or manufacturing, typically face higher premiums than low-risk industries.
Businesses with histories of frequent claims can also see increased insurance costs. Your best bet is to get a customized quote you can rely on from a trusted source.
Getting the right workers' compensation insurance coverage is part of doing business in New Jersey. Protect yourself and your workers, and keep your business in compliance by getting the required coverage limits met with an affordable policy.
Get a free quote for workers' compensation insurance in New Jersey by reaching out to Tivly. We're a trusted partner that can match businesses like yours to the commercial insurance policies you need. We offer referrals and free quotes to businesses looking for all types of coverage, including workers' comp, commercial auto, and general liability. Contact us for a free quote today, and get yourself and your business covered.
Reviewed By: Andrea McKinney, MBA, Licensed Agent