Accidents are not uncommon at the workplace. Both employers and employees understand that this is the reason for workers compensation insurance.
Below are some more basic facts about the commercial coverage that you may not know.
Seven Fun Facts about Workers Compensation in NJ and Beyond
- In 1911, the concept of workers compensation was just beginning to take hold. State by state, it became a legally binding requirement for a business to protect employees with the coverage.
- With few exceptions, workers comp is a presently a legally required insurance coverage for all businesses in the United States.
- Workers comp is designed to protect your employee and your company from the financial repercussions of injury at the business site.
- Workers comp fraud is a crime that carries the maximum sentence of over a year in jail.
- Establishing a safer work setting will result in less exposure to accident risks and resulting workers comp insurance claims.
- Not all workers comp premiums are the same. Premiums are based on a business’s payroll, locality, insurance class, and experience rating – something that compares businesses according to occurrence and seriousness of associated claims.
- An independent insurance agency that has a good rapport with the leading carriers may be able to present workers comp at a discounted quote.
PRIME Insurance is a three-generation family-run independent agency. We’re proud partners with many of the leading companies in the industry – big names such as ACE, ASI, ASSURANT, CHUBB, CNA, Employers, FOREMOST, Liberty Mutual, MetLife, PROGRESSIVE, Safeco, StillWater, Travelers, USLI, ZURICH and more. This gives us enables to provide all forms of nationwide coverage in NJ and beyond – including home, auto, business, workers comp and life insurance - at competitively lowest quotes. Visit us on our online insurance website; email us at PRIME [at] primeins [dot] com or call us at 732-400-5242.
Summary: Think you know it all about workers comp? Check out these fun facts that will make you into a more informed small business insurance consumer.