Workers Compensation (for NJ Employers)
Workers Compensation offers medical treatment, income replacement and/or permanent disability benefits for workers who incur job-related injuries or illnesses. It also provides death benefits to the dependents of workers who die as a result of their employment .Benefits paid may be temporary or permanent, partial or total, depending upon the situation.
Workers Comp is considered a type of "no fault" insurance - benefits are paid regardless of who was at fault. Workers Compensation also mitigates risk for employers - employees who accept workers comp benefits can't sue the employer for damages unless the injury intentionally caused by the employer.
As an employer in the state of New Jersey, unless you are covered by a Federal program,you must have workers' compensation coverage for your employees or be approved for self insurance. If you are an out-of-state employer, you also may need this coverage if your employees are hired and/or working in NJ. Corporations, LLC's, LLP's and Sole Proprietorships all must maintain workers comp coverage as long as one or more individuals, including corporate officers, performs services for financial reimbursement. Partners and members of LLC's and principal owners of sole proprietorships are exempt. Premiums will vary, depending upon the employer's history and the nature of the work performed. There are fines for failure to carry this insurance.
For more information: http://lwd.dol.state.nj.us/labor/wc/wc_index.htm
For over 25 years, James D. Miller Insurance Services has been helping NJ businesses choose the right Workers Compensation Insurance.