Workers’ Compensation is a type of safety jacket that is provided to every employee who is working in a firm, business, or company. Every business that has workers have to buy Workers Compensation Insurance NJ. In New Jersey, it is stated that employers have to cover some exceptions in the case of federal programs and members of limited liability corporations (LLCs), partners in partnerships, and sole proprietors who don’t employ other people.
A self-employed person is not liable to buy workers’ compensation insurance if the worker is a sole proprietor with no employees, freelancers, or independent contractors.
Cost of Workers Compensation Insurance in New Jersey:
Every country has a different average cost of workers’ compensation insurance like Workers Compensation Insurance NC, and Workers Compensation Insurance PA have different policies. The average cost of Workers’ compensation insurance in New Jersey is $44 per month. The compensation plan of New Jersey provides benefits to both Employers and Employees by providing medical benefits for covering the cost of medical treatment. Basically, it covers 70% of their average weekly wage during the time of recovery, if the worker is not able to perform tasks for more than seven days.
These insurance policies usually include employer’s liability that helps to recover the legal expenses if an employee blames the employer for a work-related injury. However, the remedy provided in compensation policies prohibits an employee from suing the employer if they accept workers’ comp benefits.
Top Companies of Workers Compensation Insurance:
Here we’re going to tell you the facilities provided by the Following Companies in regard to Workers’ Compensation Insurance:
| Company | Medical Treatment | Insurance Claim Online | Lost Wages | Temporary Disability Costs | Death Benefits |
| NJM Insurance Company | ✔️ | ✔️ | ❌ | ✔️ | ✔️ |
| AmTrust Financial Co. | ✔️ | ✔️ (Review Claim) | ✔️ | ✔️ | ✔️ |
| Liberty Mutual Insurance Co. | ✔️ | ✔️(Report Claim) | ✔️ | ✔️ | ❌ |
| Old Republic Insurance | ✔️ | ✔️(24/7) | ✔️ | ✔️ | Risk Control |
| Zurich Insurance Group | ✔️ | ✔️ | ✔️ | ✔️ | ❌ |
NJM (New Jersey Manufacturers Casualty) Insurance:
| Company | NJM (New Jersey Manufacturers Casualty) Insurance |
| Established | June 7, 1913 |
| Address | West Trenton, Ewing Township, NJ |
| Website | www.njm.com |
| No. of Employees | 2,500 employees |
| Contact Number | 1 (800) 232-6600 |
It is an American mutual insurance group of companies that offers insurance for auto, commercial auto, workers’ compensation, homeowners, condo, renters, and umbrella. Its President & Chief Executive Officer is Mitchell A. Livingston. The company’s motive is to provide cost-effective, safety-conscious, and financially secure insurance to New Jersey business owners. The company was one of the largest providers of workers’ compensation insurance.
AmTrust Financial:
| Company | AmTrust Financial Insurance Co. |
| Established | 1998 |
| Address | Jersey City, NJ |
| Website | amtrustfinancial.com |
| No. of Employees | 5,723 employees |
| Contact Number | (877) 528-7878 |
AmTrust Financial company is a multinational property and casualty insurance company that offers workers’ compensation, general liability, business owners policies (BOP), cyber liability, employment practices liability (EPLI), and more. The CEO of the Company is Barry Zyskind. AmTrust provides worker’s compensation to small business owners that operate in low and medium-hazard classes.
Liberty Mutual:
| Company | Liberty Mutual Insurance Co. |
| Established | July 1, 1912 |
| Address | Marlton, NJ |
| Website | www.libertymutual.com |
| No. of Employees | 50,000 employees |
| Contact Number | (732) 792-7000 |
It is an American diversified global insurer that is one of the largest property and casualty insurers in the United States. Ranks is 71st on the Fortune 100 list of largest corporations in the United States. Then, it offers personal automobiles, homeowners, workers’ compensation, commercial automobile, general liability, global specialty, group disability, and surety insurance.
Old Republic Insurance:
| Company | Old Republic Insurance Company |
| Established | 1935 |
| Address | Freehold, NJ |
| Website | www.oldrepublictitle.com |
| No. of Employees | 9,400 employees |
| Contact Number | (973) 541-2400 |
It is a group insurance company that specializes in property and casualty insurance. Its headquarter is established in Pennsylvania, United Kingdom, and in New Jersey. It underwrites and then it provides risk management services for a wide variety of coverages, mostly in the general and title insurance fields.
Zurich Insurance Group:
| Company | Zurich Insurance Group Company |
| Established | 1872 |
| Address | Interpace Pkwy building b, Parsippany, NJ |
| Website | www.zurichna.com |
| No. of Employees | 56,000 employees |
| Contact Number | (973) 394-5100 |
It is a global insurance company that is organized into three core business segments: General Insurance, Global Life, and Farmers. Then it offers a range of general and life insurance products and services to individuals, mid-sized and large companies, small businesses, and multinational corporations.
Injury covered by workers’ compensation in NJ:
In New Jersey, workers’ compensation insurance holds some legal guidance for the injury covered under the policy. New Jerseymention some basic requirements which are mentioned below:
- Injury of employees took place while performing work or job.
- The injury of employees was too serious that is treated with basic first aid.
- The employee receives a paycheck that has taxes deducted each pay period.
Some basic factors will affect the rate of insurance so then through these factors you can easily determine actual insurance premium cost. The factors are the location of your business, the size of your business and the number of employees, and then the industry in which your business operates.
New Jersey workers’ compensation law for settlements:
Workers’ Compensation Insurance Settlements is beneficial for both Employee and business owners. The State of New Jersey has two types of settlement arrangements and then that settlements are mention below:
- Section 20 settlement: If the insurance company denied the worker’s compensation claim, the employee and the insurance company can still get agree to a full and final settlement on a lump sum amount. It means that employees give up all their rights if any future injury happens, including Medical care and other policy benefits.
- Section 22 settlement: In the worker’s compensation policy, the insurance company agrees to pay all the permanent disability benefits in installments. It is not mandatory that the employee give up all the rights including medical care and other benefits. The claim can be reopen anytime and the employee can request some other additional benefits. The additional claim is prepare for two years.
Conclusion:
After Reading this article, you got the complete information about Workers’ Compensation Insurance Policies in New Jersey. Also, we provided you the information about the top 5 Companies that provide Workers’ Compensation Insurance. We’re happy to provide you with the relevant information that how this insurance plan works and at what costs.