Can Your Business Survive Without Workers Comp?

Take a moment and imagine what it would be like to experience an employee getting hurt on the job, and to realize only then you don’t have workers compensation insurance to take care of them. Never mind that it’s New Jersey law for employers to have the insurance. In most cases, this means you need to purchase NJ workers compensation insurance policy. How would you ever pay the medical bills? Would the employee sue you? Would you lose your business over it?

That is a scenario no business owner wants to face. So it’s critically important to make sure you have this required insurance. But you’re a responsible business owner, so let’s say you’ve purchased the required workers compensation in full compliance with the law.

Even then, you might have had a moment of sticker shock (as if paying your business taxes wasn’t enough)! And you may have wondered, “Isn’t there any way to lower the cost?”

How to Reduce Your Workers Compensation Costs

One important thing to know about workers compensation insurance is that you DO have input on the expense. Hauswirth & Sons Insurance Consultants in New Jersey can show you the three areas where vigilance can pay off:

• Payroll Classification - Make sure your workers are classified correctly. An error here could result in substantial additional premiums.
• Premium Audit - When your payrolls are audited by the insurance company, make sure your overtime is noted and you maintain excellent records of non-worked time and company officer exclusions.
• Experience Modification - Make sure you know what this means, and make sure it is correct. It can substantially raise or lower your insurance payments.

Ocean County Workers Compensation

Another way Hauswirth & Sons Insurance can help you to save money is by selecting the right insurance company. While workers comp rates for all classes are the same for all companies, insurance companies can debit and credit the rates based on their experience and who they are interested in insuring.

Don’t wait to make sure your Workers Comp is set up correctly. Take a quick moment to complete the Protection Savings Form on this page right now. One of our veteran NJ workers compensation experts will contact you immediately. We will explain all of your options and make sure you receive workers compensation insurance at the best price. We will also counsel you on how to keep it that way, so contact us right away!