Businesses Must Have Workers’ Compensation Insurance In NJ

Workers’ Compensation Insurance NJ

Workers’ Compensation Insurance NJ | Bogle Agency Insurance | NJThere are very few businesses in the United States that are immune to the need to carry workers’ compensation insurance. Most states require employers to purchase an insurance plan that covers workers who are injured or made ill due to exposure in the workplace. In New Jersey this is mandated. It’s not a bad thing considering the costs of meeting these obligations, should a situation arise with an employee. These are hard financial obligations to carry for businesses small or large. The mandate, plus the obvious need for this coverage is why you need to carry workers’ compensation insurance in NJ.


What Does Workers’ Compensation Cover In NJ?

Workers’ compensation insurance provides specific and comprehensive benefits to workers who suffer injury or illness in the workplace. Benefits typically include:

  • Medical Benefits
  • Death Benefits
  • Lost Wages
  • Vocational Rehabilitation

As an employer, if you fail to carry worker’s compensation insurance, you are left exposed to the liability of paying all these benefits out of your pocket. You are also open to being sued, something that workers’ compensation protects you from.

When You Need To Buy Workers’ Compensation Insurance In NJ?

In most cases, you will need to purchase a workers’ compensation insurance policy in NJ as soon as you have one employee who is not a partner or business owner.

What Does Workers’ Compensation Insurance Cost In NJ?

Cost of workers’ compensation insurance in NJ is generally calculated by risk. Your industry determines your risk classification. Frequency of possible injuries and severity of possible injuries are the two main factors considered.  The salary of the employee is also another determining factor of the costs per employee. However, it is not set in stone You can increase or decrease your premiums based on factors such as safety history and offering health insurance. There are also optional add ons to policies that will affect the costs.

Get Covered

Contact Bogle Agency Insurance to discuss your need for workers’ compensation insurance and your other business insurance needs. Also see our article on NJ Business Liability Insurance.