Commercial Insurance - Workers' Compensation
What is Workmans Compensation
In general, the "Workers Comp Insurance Policy" provides replacement income, medical expenses and vocational rehabilitation benefits. An injured worker may also be eligible for life-long benefits or a lump sum payment if he/she is permanently injured while on the job.
Do I need Workers Compensation Insurance?
With the exception of public employers and employers of domestic workers, Workmans Compensation New Jersey Law requires that employers operating in the state provide for the payment of Workmans Compensation Benefits through an insurance policy or an approved plan of self-insurance. If your business is a Corporation, a Workers Comp Insurance Policy is required coverage and includes owners and partners as well as employees. If your business is a partnership or is not incorporated, you may select to purchase Workers' Compensation for any owners or partners; if you have any employees (part/full time), you must have coverage for them. Proof of coverage should be displayed in a prominent location at the place of business.
Can Employers Choose a Workers Comp Insurance Company?
Most of our voluntary carriers will not write a stand-alone Workers Comp insurance policy; they will only write a Workesr Comp insurance policy for clients with existing commercial coverages. For those not qualifying for our voluntary markets, we can place the Workers' Compensation coverage with an assigned carrier in the New Jersey State Insurance Pool. The compensation Rating Inspection Bureau of the NJ Dept. of Banking Insurance in responsible for rate setting matters for Workers' Compensation.
Workers' Compensation laws are designed to protect employees who are hurt on the job. Injured employees are provided with fixed monetary awards covered under Workers' Compensation, thereby eliminating the need for excessive litigation.
What About Workplace Illness and Workplace disease Cases?
In cases of workplace illness and workplace disease, examples include lead poisoning, asbestosis and hearing loss. There is a two year statute of limitations that applies to Workers' Compensation cases. Please note that the filing of an application for an informal hearing does not stop the two-year statue of limitations from running.
What if my Employee is Injured Off-site?
In many cases, an employee may qualify for Workers' Compensation benefits if he/she is hurt away from the job site, as long as the injury is work related (i.e. occurring on work-related business, while doing a work related errand, or attending a work-related event or function.
How are Claims Filed?
An injured employee should notify his/her employer as soon as possible. Notice may be given to the foreman, supervisor, personnel office or anyone in authority at the employer's place of business. Notice does not have to be in writing. The employer's Workers' Comp Insurance Company (or the employer, if self-insured) will investigate the claim and determine eligibility to rceive benefits. Claims must be filed in a timely manner, usually within 3 weeks of the injury.
