Workers Compensation Insurance

Protect Your New Jersey Business and Your Employees

As a business owner, you take careful measures in your business to create both a safe and productive work environment. While you encourage employee safety, accidents do happen.
As a protection for employees, most states require that employers carry some form of Workers Compensation Insurance. Workers Compensation Insurance is not health insurance. Workers Compensation is designed specifically for injuries sustained on the job.

In most states, if you have employees, you are required to carry Workers Compensation coverage. 

Do Business Owners Need Workers Compensation Insurance?

Employers have a legal responsibility to their employees to make the workplace safe. However, accidents happen even when every reasonable safety measure has been taken.

To protect employers from lawsuits resulting from workplace accidents and to provide medical care and compensation for lost income to employees hurt in workplace accidents, in almost every state, businesses are required to buy workers compensation insurance. Workers compensation insurance covers workers injured on the job, whether they're hurt on the workplace premises or elsewhere, or in auto accidents while on business. It also covers work-related illnesses.

Workers compensation provides payments to injured workers, without regard to who was at fault in the accident, for time lost from work and for medical and rehabilitation services. It also provides death benefits to surviving spouses and dependents. Each state has different laws governing the amount and duration of lost income benefits, the provision of medical and rehabilitation services and how the system is administered. For example, in most states, there are regulations that cover whether the worker or employer can choose the doctor who treats the injuries and how disputes about benefits are resolved.

Workers compensation insurance must be bought as a separate policy. Although in-home business and business owners policies (BOPs) are sold as package policies, they don't include coverage for workers' injuries.

We understand workers compensation insurance at the Speakman Agency, We work closely with you to tailor the right work comp policy for you. Some classes of business we write receive dividend payments at the end of their policy term for excellent workers compensation experience. 

For more information on whether or not your New Jersey business needs workers compensation insurance click here

At the  Speakman Agency, we work with multiple A+ rated carriers, take the time understand your risks and will tailor a policy to meet your business needs.  With over 35 years experience Speakman Agency is the premier insurance agency serving  New Jersey. Feel free to call our office at to 732-259-7816 to speak to one of our insurance professionals or you can email your questions and an agent will reply promptly.