What to Know about Workers’ Compensation Insurance

in New Jersey

Facts about Workers’ Compensation Insurance in New Jersey 

Workers’ compensation insurance is designed to cover the costs associated with injuries or illnesses suffered on the job. In New Jersey, if your business employs at least one worker, you are required by law to have workers' compensation. 

More New Jersey workers compensation insurance facts

  • Workers in NJ average 72,500 job-related injuries a year.
  • This equates to 2.6 injuries per every 100 workers.
  • About 41,200 of these injuries require time off or restrictions.
  • NJ sees an average of 80 work-related fatalities per year.

Cost of Workers’ Compensation Insurance in New Jersey 

New Jersey has some of the highest workers' compensation rates in the country. Employers in this state pay about 150% more than the national median. The rates for this coverage are classified according to job type and are set by the New Jersey Compensation Rating & Inspection Bureau. While these coverage costs are dictated by the state, insurance providers can make themselves competitive by offering employers discounts and policy credits. Comparison shopping, therefore, can save your company a lot of money.

Average Cost for Workers' Compensation Insurance in New Jersey (Per $50,000/yr in Payroll)

average cost of workers compensation insurance in new jersey

Why Choose an Independent Insurance Agent?

  • Independent agents provide personalized service
  • You can have all your insurance needs managed under one roof
  • Local agents can ensure that your policy is competitively-priced

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Trusted Choice Business Insurance provided me all the information I needed for workers' comp insurance. Navigating through the website was straightforward, they have back to back simple questions which anyone can fill it out and It was a smooth process.

five star review Chirag of Edgewater, NJ Consumer Affairs

What Does Your Workers’ Compensation Insurance Policy Cover? 

In New Jersey, employers are required to report all workplace injuries and work-related illnesses, regardless of their severity. Workers’ compensation can protect employees from facing large financial losses due to these injuries and can shield employers from expensive liability lawsuits. You can expect your policy to provide the following coverage:

  1.  Medical treatment: With the exception of necessary emergency treatment, New Jersey employers can dictate which doctor (or doctors) their employees can see for work-related injuries. This helps to prevent fraud.
  2. Short-term disability: If an employee needs more than seven days off to recuperate from a workplace injury, workers’ comp will provide them with weekly payments totaling 70% of their expected income for up to 400 weeks. 
  3. Permanent disability: If an employee is permanently disabled by a workplace injury, they can receive additional benefits according to their injury type and severity, as indicated by a rate schedule published by NJ.
  4. Survivor benefits: Also known as death benefits, this provides compensation to surviving family members in the event that a work injury proves fatal. It also covers any remaining medical bills and up to $3,500 in burial costs.

Top Insurance Companies that Support Independent Agents in New Jersey

There are currently 485 independent insurance agents in New Jersey who can help you find the best workers’ compensation insurance policy to cover your company. Your agent can save you time and money by working with several different insurance providers to help you find a policy that is well-suited to your particular business. Talk to an agent near you to start comparing customized workers’ compensation insurance quotes.

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Why Go Independent When Looking for Workers' Comp Insurance?

  • Expertise in your business
  • Multiple quotes from one agent
  • Get more value for your money

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