Workers’ Compensation Insurance in New Jersey
Work-related injuries can happen in any type of workplace. That is why almost all employers are required to have workers’ compensation insurance by law. Not having the right worker’s compensation policy can leave you and your business susceptible to liability and costly claims. Luckily, many workers’ comp insurance options are available, especially at Blue Lion Insurance Advisors, LLC.
Blue Lion Insurance Advisors, LLC provides business owners throughout New Jersey with workers’ comp insurance to help them protect their employees and other business insurance policies. Learn more about the workers’ compensation insurance available through Blue Lion Insurance Advisors, LLC.
What Is Workers’ Compensation Insurance?
No matter what type of business you have, employees can become injured or ill due to slips and falls, repetitive stress, exposure to toxic substances, equipment malfunctions, and more. When an employee gets hurt on the job, it can lead to missed work, loss of wages, and temporary or permanent injuries. Workers’ compensation is a way for employers to help employees after a workplace-related injury or illness. While workers’ comp is a no-fault insurance program required by law for employers to have, requirements can vary from state to state. Generally, any employee who receives a 1099 or W-2 form must have and uphold a workers’ compensation policy. For the employee to receive workers’ compensation coverage, they must:
- Receive company paychecks with taxes deducted each pay period
- Have suffered an injury serious enough to require medical care beyond first aid
- Have suffered this injury during a work-related activity
Some businesses and employees are exempt from workers’ comp insurance. That often includes federal employees covered by:
- Federal Workers’ Compensation Insurance
- Sole proprietors
- Partnerships
- Limited liability companies (LLCs) approved for self-insurance, independent contractors, interns, and volunteers
What Does Workers’ Comp Cover?
Workers’ comp policies typically cover medical treatment, wage replacement, and permanent disability compensation for employees who suffer an injury or illness due to their job. It can also pay death benefits to dependents of workers who died because of their job-related injury or illness. Employers pay for workers’ compensation insurance that provides these benefits. In exchange for these benefits, the injured employee cannot bring any civil action against the employer for pain and suffering or other damages unless the acts were intentional.
Workers’ compensation regulations are different from state to state, so it is important to check the guidelines in the state where your business is. New Jersey law states employees or their dependents can receive workers’ compensation benefits for an injury or death arising from or in the course of employment. The employer must pay for necessary and reasonable medical treatment, loss of wages during the rehabilitation period, and benefits for permanent disability when applicable.
Advantages of Workers’ Comp Insurance
Both businesses and employees benefit from having comprehensive workers’ compensation policies. Companies and employers can rest easy knowing they are not at fault or liable and that their injured employee cannot sue them for further damages (unless there was negligence). They can also take comfort in knowing they can protect their employees from the overwhelming costs of work-related injuries if they do happen.
Employees can benefit from knowing they do not have to struggle with a work-related injury alone. They will receive compensation for medical and rehabilitation treatment, wage replacement of up to 70% of their income, temporary or permanent disability compensation, and even death benefits. They also do not need to wait for these benefits, as there is no waiting period, and they are in effect as soon as you hire the employee.
Get a Quote on Workers’ Compensation Insurance Today
As a business owner, you want to ensure your workers’ compensation insurance policy benefits you and your employees as much as possible. Blue Lion Insurance Advisors, LLC has a team of insurance brokers that work with many top-rated insurance carriers. That ensures all our clients get the right insurance coverage at the right price with superior client service. We can help your business find suitable and cost-effective workers’ compensation policies. To learn more about workers’ compensation insurance from Blue Lion Insurance Advisors, LLC, contact us today.