Is worker compensation insurance required in NJ?

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Most New Jersey companies with staff are needed to pay compensation insurance for workers (WC or workers ' insurance). Employees who suffer work-related injuries are compensated by the insurance. Here are some basic facts that you need to know about workers' comp insurance in New Jersey as a business owner and employer.

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All New Jersey companies with staff are needed to perform workers ' compensation insurance, except for those covered by federal programs. Workers ' insurance for LLC employees, partners in partnerships, and sole owners are not needed.

The Workers ' Compensation Division of New Jersey is the main state agency that handles comp allegations of workers. Most of the workers ' compensation insurance legislation is included in the Workers ' Compensation Law of New Jersey. In addition to the Law, there are also administrative rules that cover workers' compensation in New Jersey.

Workers ' compensation insurance through private insurance companies is accessible in New Jersey. If your business can not be covered by a private insurer, you can receive coverage through the Assigned Risk Plan of the New Jersey Compensation Rating & Inspection Bureau. There is also an alternative for self-insurance, but this may not be advisable for larger companies, partly because it involves setting aside a lot of cash to cover future claims.