Self Insurance Workers’ Compensation in New Jersey

Workers’ compensation is a “no fault” insurance program that provides medical treatment and payment for workers who are injured or disabled while working. Dependents may also receive payment if a worker is killed on the job. By participating in this program, the worker is not allowed to sue their employer for injuries, except in certain circumstances. Corporations, Partnerships/LLCs, and Sole Proprietors must have Workers’ Compensation insurance or be approved for self-insurance. Companies outside of NJ that have contracts in New Jersey or perform work here will also need Workers Compensation insurance.

The New Jersey Compensation Rating and Inspection Bureau (NJCRIB), an agency in the New Jersey Department of Banking and Insurance, creates and sets the rules and premiums for workers’ compensation insurance. The premium is based on a few factors including the type of work being performed, previous claims and payroll for the company.

A company can obtain self-insurance by submitting an application to the Commissioner of the Department of Banking and Insurance. The Commissioner will then review the company’s finances and history to make a decision.

Workers’ Compensation policies can be purchased through our agency. Call us today.