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O'Donnell Agency LLC

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Cranford, NJ 07016

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Insurance Blog

When Does the Law Require Workers’ Compensation?

The Bureau of Labor Statistics reported that the private industry had 2.9 million nonfatal injuries in 2019. Cases of workplace injuries are not new. As an employer, the law requires you to ensure that your workers operate in a safe environment. 

Regardless of the safety measures that you have put in place, accidents can still happen. It would help to get workers’ compensation insurance. If you’re in New Jersey, O’Donnell Agency LLC can help you with your workers’ compensation insurance. 

When to Buy Workers’ Compensation Insurance 

Most states require companies to have workers’ compensation depending on the number of employees. Workers’ compensation is a great way to protect your business from financial losses and reputational damage. It’s vital to understand when to buy workers’ compensation, whether your company is well-established or an upstart. 

You need to get the coverage as soon as you hire your first employee. If any of your workers got an injury in the workplace, you wouldn’t be held financially responsible if there’s an insurance policy in place. It is best to comply with laws relating to workers’ compensation insurance to prevent cases of criminal or civil penalties. 

Workers’ Compensation Insurance in New Jersey

In New Jersey, the law requires businesses to have workers’ compensation insurance. Some employers under federal programs or those in partnerships get some exceptions. Those without employees also don’t have an obligation to get this kind of insurance. 

The insurance should also cover part-time employees if they are paid wages and taxed. However, the coverage doesn’t apply to volunteers, interns, and contractors. Business owners must understand workers’ compensation insurance and cases where it applies. 

Workers’ compensation insurance can be a challenging concept, especially for new business owners. For businesses in New Jersey, check out O’Donnell Agency LLC to know more about this coverage. The team will guide you on workers’ compensation per the law.  

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