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Newark Workers Compensation Insurance
Newark Workers Comp Information About Newark Workers compensation insurance:
New Jersey law requires that all Newark employers, have workers’ compensation coverage or be approved for self-insurance. Coverage may be obtained by a buying a Workers’ Compensation Insurance Policy written by a mutual or stock carrier authorized to write insurance in New Jersey.
Consequences for Failure to Insure What happens if I don't buy workers compensation insurance?
The consequences for failure to provide Newark workers’ compensation coverage can be very significant, even without a work-related injury. Penalties for such failure can be assessed up to $5,000 for the first ten days and up to $5,000 for each additional ten-day period of failure to insure thereafter.
In addition to awards for medical expenses and other benefits, New Jersey law also provides for civil penalties against the employer and its officers where failure to insure is determined.
Frequently Asked Questions About Newark Workers Compensation Insurance
Does my Newark business need workers comp?
The law requires almost all employers, not covered by Federal programs, operating in New Jersey to have workers’ compensation coverage for their employees. This requirement can be fulfilled by purchasing insurance coverage through an insurance carrier.
How much does Newark workers compensation cost?
Premiums for workers comp insurance are based on the classification(s) of the work being performed by employees, the claims experience of the employer, and the payroll of the employer.
Who pays for workers compensation?
The cost of the insurance must be paid entirely by the employer, no amount can be charged to employees. You can’t charge workers for benefits provided or for any portion of the Newark workers compensation insurance premium.
What does Newark workers compensation cover?
Workers’ comp provides medical treatment, wage replacement, and permanent disability compensation to employees who suffer job-related injuries or illnesses. It also provides death benefits to dependents of workers who have died as a result of their employment.
Can owners can be held accountable for non-compliance?
Where a work-related injury or death has occurred, the employer, including individual corporate officers, partners or members of an LLC, is directly liable for medical expenses, temporary disability, and permanent disability.
Who determines if my business is not compliant?
The Office of Special Compensation Funds (OSCF) will accept and investigate allegations of non-compliance. The OSCF enforces the law that requires employers to secure NJ workers comp coverage.