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Sloan Insurance Agency

33 2nd St
Elmer, NJ 08318

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When Does a Contractor Need to Buy Workers’ Compensation Insurance?

If you’re a contractor with at least one paid employee, state law requires that you have workers’ compensation. This insurance protects both you and your employees. If you’re a contractor or a sole proprietor who serves  Elmer, NJ, the Sloan Insurance Agency can help you find insurance that complies with the law.

Benefits of Having Workers’ Compensation Insurance

Workers’ compensation usually protects you and your assets from lawsuits by employees who suffer work-related injuries or illnesses. If you do not have this insurance, you are subject to fines.

Workers’ compensation is designed to give medical coverage to employees who are injured on the job. And if a worker’s injuries cause the loss of wages, this insurance may replace the pay.

This coverage may also give disability benefits to employees if they’re permanently disabled due to a job-related injury or illness. Additionally, rehabilitation for medical and job retraining needs may be available.

Interstate Work and Considerations in Determining Premiums

Maybe you’re a contractor with headquarters in another state. If you or your employees work in New Jersey or if the contract for that work was signed in that state, you need to have workers’ compensation through a New Jersey insurer. The premium you pay for workers’ compensation is based on the type of work you do; your claims record as an employer, and the size of your payroll.

Contact The Sloan Insurance Agency

One part of having a business that runs fairly smoothly is having insurance. That way, you and your employees have some help in the event of accidents or illnesses. The Sloan Insurance Agency, which serves Elmer, NJ, can help you purchase workers’ compensation insurance. Contact our agents today.