construction worker laying on his back hurt

Do I Need to Provide Workers Comp Insurance in New Jersey?

Are you a proud business owner that’s looking to protect your workers from injury? Are you a bit confused on whether workers’ compensation insurance is required? If so, you need to familiarize yourself with workers’ comp insurance laws in New Jersey.

You may have wondered, “Do I need to provide workers’ comp insurance for my employees in New Jersey?”. In short, the answer is yes. However, it’s just as important that you understand the different aspects of it.

See below for a guide that’ll help you learn all about workers’ comp details in New Jersey and how to find the best workers’ comp insurance provider around!

What Is Workers’ Comp Insurance?

Imagine the horror of receiving a call/update informing you that one of your beloved employees has been injured on the job.

Perhaps he/she was an HVAC technician that slipped and fell at a customer’s house. Maybe they were a construction worker that got injured because of the negligence of a coworker.

Whatever the case might be, that worker now has one priority: get healthy. To recover, they need the finest treatment and rehabilitation they can find.

That treatment doesn’t come cheap. Because of an injury (at no fault of their own), your worker now has expensive medical bills and lost wages that will hurt their financial well-being.

Workers’ compensation insurance (AKA workers’ comp) provides them with financial relief. It is used to give injured employees all the benefits they need to prevent a financial setback.

It’s also used to protect business owners. Without workers’ comp, you would be the one liable for any work-related injuries.

This could lead to some hefty fines and medical bills from which your company might never financially recover. That’s why New Jersey views workers’ comp as a mandatory form of insurance for employers: it protects both sides.

What Does Workers’ Compensation Insurance Cover?

Another reason workers’ compensation is so beneficial to your business is that it covers a vast array of circumstances. Contrary to popular belief, it doesn’t just cover severe injuries, such as a broken leg or torn ACL. Workers’ comp can help cover:

  • Illnesses: Several long-term illnesses can stem from a work environment, such as cancer, depression, heart attacks, strokes, carpal tunnel, and more. Workers’ comp offers financial protection from them all.
  • Repetitive Injuries: Not all injuries occur from one accident. Some stem from the repetitive motions of the job, slowly causing these long-term injuries to develop.
  • Fatalities: Unfortunately, a workplace accident can also lead to death. Workers’ comp covers all the financial strains of this situation, such as funeral costs and settlements from the deceased worker’s family.

New Jersey workers’ compensation is crucial because it covers any costs related to a workplace injury or illness. That includes things like permanent disability benefits, temporary total disability, lost wages, medical bills, and physical therapy.

What to Look for in a Workers’ Comp Insurance Provider

Now that you understand that workers’ comp is legally required in New Jersey and why it’s such a benefit to you and your staff, you need to find coverage.

Finding the right workers’ comp insurance provider is vitally important. It ensures that you have the right amount of coverage, as well as a provider that’s out for your best interests. Here are a few key things to look for in the provider you invest with.

1. Optimal Communication

Will your provider be the one to answer your call when tragedy strikes? You want to make sure that you have a workers’ comp provider who prioritizes communication with their clients.

Without it, you and your injured worker might be left to panic. You need a provider that gives its clients (and their workers) definitive next steps along the process.

This can help your employee file a claim and be on their way to receiving the benefits they need as quickly as possible.

2. Rewards for Workplace Safety

In a perfect world, you’d never have to use the workers’ comp policy you have. However, accidents happen, regardless of what industry you’re in.

Make sure that you’re taking the time to educate your employees on proper workplace safety.

As a result, a credible workers’ comp insurance provider will offer you a rewards program for having a staff that prioritizes workplace safety in their operations.

3. Industry Savvy

If you take the time to find the right workers’ comp insurance provider, you can save yourself a lot of money.

Reputable providers always stay up to date with the latest laws and codes of New Jersey workers’ comp insurance. They can keep you informed on how to integrate safe practices into your business model and prevent you from experiencing a lawsuit.

Remember, a workers’ comp provider is there to protect your company’s future. Although workers’ comp might be mandatory in New Jersey, it’s a saving grace during an emergency.

Invest in Workers’ Comp Insurance Today

Now that you have seen several ways to invest in workers’ comp insurance and why it’s mandatory in the state of New Jersey, start the process for yourself today.

For inquiries on workers’ comp or our other services, please reach out via our contact us page and we will be happy to assist you further.

Finally, take the time to read this article for more information on the 7 questions you should ask before buying commercial insurance of any kind.