NJ Ranks Tops in Workers’ Compensation Insurance Premiums
If an employee gets hurt at work, they can almost never sue their employer. As an NJ business owner, that’s great news for you. The downside, however, is that, in exchange for that immunity, all NJ employers must provide staff with Workers’ Compensation benefits.
If your worker gets injured on the job, they must notify you and file a claim for benefits which will cover medical treatment, replacement pay and, depending on the severity of the injury, a cash award.
Your employees have no reason to think, or care, about the high cost of Workers’ Comp insurance; they just want to know it’s there if they need it. However, when you consider the high cost of everything in NJ, it only stands to reason that employers are footing a hefty bill for Workers’ Comp.
In fact, New Jersey ranks behind only California and Connecticut as having the highest Workers’ Comp premiums in the country. California employers pay 3.48 percent of payroll and CT employers pay 2.87 percent of payroll. New Jersey employers pay 2.82 of payroll to cover Workers’ Comp insurance benefits, following closely by New York at 2.75.
Many reason that there are higher-risk construction jobs in NJ which accounts for the higher premiums.
New Jersey business owners interested in focusing on what they do best – making money – need to rely on the experience and knowledge of South Jersey business lawyers who can guide your firm toward a greener bottom line. Contact Posternock Apell, PC with any business-related legal questions.