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Fax, email, or send us the above
information. We'll shop every market we have available to us to find your
company the cheapest work comp rates possible. It's that easy.
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How to Contact Us
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Contact Person :
Address : |
Dan Bukaty
11221 Roe Blvd
Leawood,
KS 66211 |
Phone:
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888.657.0440
913.345.2608
dbukaty@bukaty.com
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New Jersey Workers Compensation Insurance
Guideline Summary |
What is New Jersey work comp insurance?
In New Jersey work comp insurance is state mandated for most employers. New Jersey workers Compensation Insurance is paid for by the employer, and New Jersey workers comp coverage starts on the employee's first day of employment. Employers cannot charge their employees for the cost of New Jersey workmans compensation insurance.
New Jersey workman comp insurance pays medical, disability, occupational diseases and other benefits to eligible employees who are injured at work. Typical benefits include medical care, lost wages, disability payments, and death benefits.
New Jersey work comp insurance costs vary for individual businesses. Rates are dependent upon the occupational risk, annual payroll, and the employer's previous workers compensation losses. Employers are allowed to purchase cheap or the cheapest New Jersey workers compensation insurance coverage available.
Before workers comp insurance New Jersey employees were required to prove negligence on the part of their employer for injuries sustained while on the job before they could receive compensation for those injuries. The uncertainty in the outcome of such lawsuits for both the employer and employee led to the development of New Jersey workmans compensation laws. In exchange for complying with New Jersey workmans comp laws, employers became immune from employee lawsuits. In exchange for giving up their right to file suit, employees no longer had to establish employer negligence and were guaranteed benefits and relief for their job-related injuries. The predictability in the outcome provided by New Jersey work comp insurance proved beneficial to all parties.
New Jersey employers who elect not to purchase workers compensation coverage are still responsible for providing compensation to employees for injuries sustained on the job. In addition, they are not afforded the protection of immunity from employee lawsuits provided within workers comp legislation. Injured employees are no longer bound by this legislation, and are free to bring suit against their employer for the injuries they sustained. Defined benefit limits no longer apply. In short, injured employees are free to sue their uninsured employer for any amounts their attorney may recommend. The employer must defend against that suit with his or her own financial resources. Further, failure to pay required workmans compensation benefits when required can result in substantial penalties and fines. As stated previously, it is the certainty in the outcome that makes New Jersey workman comp insurance beneficial to all parties.
The definition of an employee is broad. An employer trying to determine whether a worker is an employee or independent contractor should first consult the Department of Labor, the Internal Revenue Service, and their New Jersey work comp insurance company. Courts typically try to find coverage for an injured worker. Verbal and written contracts between employers and workers are unenforceable and invalid if they are counter to existing state and federal regulations. Often an injured worker will exhaust all means of redress when they are unable to work and generate an income.
When is a New Jersey employer required to purchase workers comp insurance?
Information for this topic is being developed now. It will be published soon.
Does New Jersey workmans compensation insurance cover corporate officers, partners and sole proprietors?
Information for this topic is being developed now. It will be published soon.
Does New Jersey require LLC members to be covered by New Jersey workmans comp insurance?
Information for this topic is being developed now. It will be published soon.
Do family members need to be covered by New Jersey work comp insurance?
Information for this topic is being developed now. It will be published soon.
What are my responsibilities as an employer under New Jersey workers compensation regulations?
Information for this topic is being developed now. It will be published soon.
Do all insurance companies charge the same rates for New Jersey workers comp insurance?
Information for this topic is being developed now. It will be published soon.
How to reduce the cost of your New Jersey Workmans Compensation insurance.
Your insurance agent should help you determine if your job classifications codes and assigned payroll are properly identified on your New Jersey workmans comp policy.
It is recommended that you shop around to find the lowest and cheapest work comp rates available to your New Jersey business. Many employers are under the false impression that they can only purchase their workers compensation insurance from the same company that provides their property & liability insurance. In fact, there are a number of cheap workers comp insurance companies that provide stand-alone coverage. A Cheap Work Comp.com agent generally has access to more of these companies than most other insurance agents.
Reducing work place injuries by improving workplace safety is one of the most effective ways to lower your workmans compensation insurance premium. Plus is helps improve retention, moral and attract preferred employees.
Consider returning injured employees back to work under a modified duty program. This will reduce the overall cost of the claim thereby reducing the impact to your experience modification factor. Proceed cautiously. Consult your workmans comp insurance company and the New Jersey Division of Workers Compensation for proper advice so as to avoid any federal or state work place rules.
There are varied opinions on the value of paying medical-only claims of $500 or less. Regardless of what you decide don’t forget that you must still report the injury to your New Jersey work comp insurance company and the New Jersey Division of Workers Compensation.
Please explain the Experience Modification Factor.
Your experience modification factor represents a unique mathematical formula that compares your loss history to your industry’s average over the past three years. The Experience Modification Factor or Experience Mod is a multiplier used against your standard New Jersey workmans compensation premium to calculate your final premium. An Experience Mod of 1.0 represents your industry’s average. When multiplied against your standard premium there is no impact on your final premium. When your 3 year loss history is lower than average your experience mod will be less than 1.00. When multiplied against your standard New Jersey workmans comp premium you will see a reduction in your final premium. Thus you are rewarded for your efforts to reduce work place injury. When your losses are higher than average your experience mod will exceed 1.00. The result is you will be penalized, with the intention that this additional premium will act as an incentive for you to reduce work place injuries.
Generally speaking, an employer who has had work comp premium in excess of $2250 for three consecutive years or a combined $4500 in premium for the past two years can expect to receive an Experience Modification Worksheet from the National Council on Compensation Insurance(NCCI).
Maintaining a low experience mod will help you get the cheapest workers compensation insurance.
How can I obtain the best price for New Jersey workers compensation coverage?
One of the best ways to locate the best price for workers comp insurance in New Jersey is to contact a Cheap Work Comp affiliate in your area.
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New Jersey Work Comp Insurance
Resource Directory |
New Jersey Division of Workers Compensation
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