NJ Workers’ Compensation Insurance
Workers’ compensation protects businesses and their employees from financial loss when an employee is hurt on the job or gets sick from a work-related cause. It helps protect workers from potentially devastating costs of work-related injuries. At the same time, it helps protect employers from potential damages that could cripple a business based on workers’ comp claims.
Workers’ compensation insurance, also known as workers’ comp, provides benefits to employees who get injured or sick from a work-related cause. It also includes disability benefits, missed wage replacement and death benefits. It is important to note that not all injuries at work are covered. For example, an intoxicated employee may not be covered if injured or an intentional action resulting in an injury. These exceptions vary from state to state and are typically determined by different state laws.
Employers typically purchase workers’ compensation insurance as a benefit to cover employees. Business owners can buy workers’ comp insurance from private insurance companies or state-funded programs. Most states require businesses to carry workers’ compensation insurance. An important exception to note is that this is not the case in Texas and New Jersey. In those states, coverage is elective. In the case an employer does not cover their employees, workers’ comp can be purchased by the employee.
As an employer it is important to establish policies to follow in the event of a work-related injury. If an employee is injured on the job, they should report the injury to their supervisor immediately. When the injury is reported, the report should include the date, time, and circumstances of the injury. Each state has different requirements about when an injury should be reported, but it’s always best to report the injury as soon as it happens.
Job-related illnesses that worsen over time should be reported as soon as a diagnosis has been obtained by the employee or as soon as they learn the injury or illness is related to their job. Make sure your employee gets the proper medical treatment if they are injured on the job. If you need to, call the ambulance, or take them to the emergency room. If their recovery requires time off from work, approve their request.
Filing a Workers’ Compensation Insurance Claim
Before filing a claim, you need to gather a lot of information. The actual information you need can vary from state to state. Some general information an employer and employee may need to include when filing a claim can include but is not limited to:
Company information (account number and location, policy number)
Injured employee information (name, date of birth, address, phone number, age, gender, etc.)
Details of the incident (date of incident, type of injury, cause of injury, anticipated return date, any witnesses,)
Once the necessary information is collected, you should file the claim with your insurance company as soon as possible. This process can differ depending on the state your business operates in. States may impose a window of time business owners have to report the matter to their workers’ compensation insurance carrier. New York, for example, requires reports to be filed within 30 days.
BEW Financial Solutions is here to help you get the best coverage for your business and employees. And if an employee is injured or sick from a work-related cause, you can rest easy knowing they have coverage aimed at getting them recovered and back to work as soon as possible. For questions or to get a quote please feel free to contact us!
BEW: The Right Fit
Since insurance is such an important part of your business you should speak to someone who knows the information you need to know. You need to talk to someone who understands how important this is to you and your shareholders and employees. You need someone who can treat you like a trusted partner.
Knowledge and compassion fit are what BEW is about. We have been in the business for over twenty years. We are a local small business that has been a part of our community for many years. We have started our own business and and helped many local businesses as well. We love to educate our clients about the different aspects of insurance and find what is best for them. We want you to understand and are always here to help.