For businesses that have employees, Workers Compensation insurance may be one of the most important policies you purchase. In New Jersey, it is legally required for you to offer this type of insurance coverage for your employees, and it is also a good idea to protect your business with this coverage.
When does a business need Workers Compensation coverage?
The answer is that all New Jersey employers not otherwise covered by federal programs need to have Workers Compensation insurance. We often get questions from our customers – Do I need this insurance if I don’t have employees? What about if I only use sub-contractors? What happens if I don’t purchase this coverage? At Danskin, we can help you sort through the details and get the Workers Compensation coverage you need at the lowest cost.
Savvy business owners understand that your employees are your most valuable assets. Of course you want to protect them by creating a safe environment in which to work. Workers compensation insurance coverage offers protection for when the company’s safety processes and protections fail. It covers medical expenses for initial and follow-up treatments, as well as physical and occupational rehab therapies, medications, etc.
Workers Compensation Coverage
In case of injury or disease, Workers Compensation covers:
Lost wages due to being unable to work
- Medical expenses incurred
- Permanent disability
- Death benefits
Perhaps the most significant benefit to employees is that Worker’s Compensation will replace a portion of the employee’s wages while recovering from an injury or illness. This allows the employee to focus on recovery, rather than pushing their bodies to return to work before they’ve properly healed.
Controlling Workers’ Compensation Costs
There are several steps that each business can take to keep the cost of Workers’ Compensation insurance in line. At Danskin, we will help you evaluate the risks your employees face in your current operations, and come up with a plan to best address those risks. Some of the things we review with our customers include:
Creating a “Safety Culture”
- Making common sense safety improvements
- Creating a program to reward employees
- Thorough and complete safety documentation
- Employee education
- Leveraging training and programs from vendors and partners