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Workers’ compensation insurance is usually required in most states and is required in New Jersey. Also known as “workman’s comp,” it represents a compromise between employers and employees regarding employment related injuries or illnesses. Here’s how a workers’ compensation policy works:
Your employees relinquish their right to sue you if they suffer an on-the-job injury or illness. In return, you, the employer, agree to provide state-mandated benefits as a result of that on-the-job injury or illness.
To ensure employees have the money to pay these state-mandated benefits, most states require that employers demonstrate that they have the financial ability to pay any claims that may arise. Typically this financial ability is demonstrated through the purchase of workers’ compensation insurance. Laws regarding workers’ compensation insurance vary by state.
Secure Your Workforce
InsureYourCompany recognize the significance of protecting your company and your most precious investment—your workers. Recognized as the best workers’ comp insurance for small business, Our Workers’ Compensation Insurance offers thorough coverage to protect both your business and employees in case of workplace injury or illness. Perfectly tailored for independent contractors, specializing in providing high-quality workers’ compensation, our policy includes all essential components to protect your business and care for your employees’ well-being and financial security. Here’s what our policy covers.
We guarantee to provide a safety net that allows your business to thrive without the ongoing threat of workplace accidents leading to interruptions. Believe on InsureYourCompany to act as your align in creating a secure and nurturing workspace for your employees.
At InsureYourCompany, our Worker’s Compensation Insurance includes two coverage options to meet the specific needs of your small business.
This type of insurance provides benefits for injured workers as required by state law regardless of who is at fault for the job-related injury or illness. In other words, whatever benefits your state requires, your workers’ compensation policy would provide.
This additional coverage protects employers if they are sued for damages arising from employment-related accidents or diseases. However, to collectbenefits provided by employers liability coverage, the employee, as well as anyone else not covered by workers’ compensation laws (i.e., spouses anddependents), would have to prove that the employer was legally responsible for the employee’s injury or disease.
InsureYourCompany offers all types of NJ business insurance through a variety of insurance carriers. Protect the other important assets in yourcompany with group health insurance, general liability insurance, professional liability insurance, employee benefits, umbrella insurance, 401kretirement plans, and more. We also specialize in technology insurance for IT professionals.
Workers’ Compensation Insurance generally includes different costs associated with injuries or illnesses that occur in the workplace. This covers costs for medical treatment, rehabilitation, lost income compensation, disability payments, and death benefits for fatal accidents. Furthermore, it can also provide legal liability protection, protecting employers from legal action stemming from workplace accidents or illnesses.
Workers’ Compensation Insurance acts as a middle ground for employers and employees. Workers give up their ability to legally pursue their employers for work-related injuries or sickness, guaranteeing they will instead receive benefits mandated by the state. In exchange, employers agree to offer these benefits and show financial stability by buying insurance. This agreement benefits both sides by offering financial assistance for employees who are injured and also prevents employers from facing possible lawsuits.
Workers’ Compensation Coverage mainly provides benefits to injured workers according to state law, regardless of fault. It makes sure that employees who are injured receive essential benefits, like coverage for medical costs and compensation for lost income. Alternatively, Employers Liability Coverage provides extra safeguard to employers in cases where they face lawsuits due to workplace injuries or illnesses. Nevertheless, in order to receive benefits from Employers Liability Coverage, the injured worker or anyone excluded from workers’ compensation laws must prove that the employer is legally responsible for the injury or illness.
We believe in supporting our clients through every step of the insurance process. From choosing the right coverage to filing a claim, we are here to offer guidance and support. Request a free quote today and get coverage that meets your unique needs.
