Every business has an obligation to provide benefits protection for its employees who are injured in the course of performing their job functions. This also includes any disease or sickness where the condition results from the employee’s working environment. Most states require by law that an employer carry this necessary workers compensation insurance and employers liability. There are very stiff fines for even first time offenders.
The rules are different and often difficult to understand for sole proprietorships, partnerships, LLCs, and corporations. Let the business professionals at Hanson & Ryan make sure that your business is compliant with the local laws. Our agency can review your policy to see that the proper classifications and payrolls are applied and to make sure that you are not over paying on your workers compensation premiums. We can protect your workers in NJ as well as the rest of the 50 states and worldwide, when applicable. Many of the carriers we represent are now providing discounts so the actual product has now become competitive rather than every company using the same rate formula.
A workers compensation policy will cover and pay for a wide range of services to help the injured worker recover and get back to work. These benefits and services include:
- Medical benefits including hospital, surgical, and other related health care costs such as physical therapy and rehabilitation
- Indemnity benefits including compensation for lost wages
- Death benefits including a flat coverage for burial and compensation to the deceased employee’s family
You may feel that your business has no employees or just uses subcontractors. You’ll be surprised to know that most corporations are required to carry the coverage since the owner is technically an employee. Also, owners are also exposed to covering benefits for injured subcontractors and/or volunteers if they don’t carry their own coverage. Not only will you have to cover the benefits and medical costs, you will also subject your business to a large fine. Please check with us today to make sure you have the right policy at the right price for your business.