What Are the Consequences of Not Obtaining NJ Workers Compensation?

Are you a New Jersey business owner? Do you have NJ workers compensation? You should if you have employees because it is required by law. There are many consequences of failing to obtain this vital coverage. On its website, the State of New Jersey Department of Labor and Workforce Development have outlined the main effects of ignoring the legal requirement for this type of insurance, which have been summarized below:

• According to state law, failure to obtain workers’ compensation is a disorderly person’s offense. It will be considered a crime in the fourth degree if investigators determine the business owner willfully disregarded the law.
• The maximum fine for this transgression is $5,000 for the first 10 days of not being insured. You can also be charged a fee of up to $5,000 for each additional 10-day period.
• When a work-related injury or death occurs on your property, you will be held liable to pay for medical bills, disability, and/or death benefits for the family.
• Your business assets and personal belongings could be seized to help cover any of these expenses.

When you consider the consequences you face by being without NJ workers compensation, it is easy to see it is not worth the risk. Contact one of our agents now to get the required coverage.

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