New Jersey Workers’ Compensation Insurance for Construction Companies
Construction companies are mandated to have Workers’ Compensation, like most over New Jersey businesses. Unlike some companies, however, construction companies might face more difficulties when seeking coverage.
Getting Workers’ Compensation is not always easy for construction companies. That is typically because construction companies are at a higher risk of workplace accidents occurring and causing injury to employees. Furthermore, a company’s claims history and the size of its workforce can delay it getting Workers’ Compensation insurance. That said, construction companies must have Workers’ Compensation policies in place at all times. If they do not, they risk incurring fines, stop-work orders, and other penalties imposed for ignoring the Workers’ Compensation mandates for construction companies in New Jersey.
Call (866) 340-9120 to learn more about how NPN Brokers’ New Jersey Workers’ Compensation insurance brokers can help your construction company.
Barriers to Workers’ Comp Coverage for New Jersey Construction Companies
Our Workers’ Compensation insurance brokers can help construction companies overcome some of the most common barriers to coverage by getting quotes as soon as possible and contacting flexible carriers. Typically, barriers to insurance for construction companies include industry, history, age, and size.
Construction is one of the most hazardous industries to work in. Depending on the type of construction work your employees perform, they might be at a higher risk of sustaining certain fatal and nonfatal injuries. For example, construction workers that have to drive motor vehicles during the course of their work might be more likely to die on the job, as transportation accidents accounted for the second-highest number of fatal construction accidents among workers in 2020, according to the U.S. Bureau of Labor Statistics.
Overexertion is another common cause of injuries among New Jersey construction workers, accounting for 3,950 injuries across the country in 2020. Amputation, spinal cord injuries, traumatic brain injuries, eye injuries, and burns are some of the most common injuries seen among those in the construction industry. The simple fact that your company operates in the construction industry might make certain carriers hesitant to offer it coverage at an acceptable price, which is why working with our brokers, who have established relationships with flexible carriers that accept high-risk companies, is all the more important for construction companies.
Even when construction workers are properly trained, accidents might happen that cause injury to employees in New Jersey. Unfortunately, this is relatively common in the construction industry as it presents many dangers to those who work in it. And often, insurance carriers consider a company’s history of workplace accidents when assessing premiums. A construction company that has had many claims filed against it in the past might be a higher risk to insure compared to a construction company that has no history of claims. However, a history of accidents is not always an accurate indicator of future events. While many carriers will consider claims history, not all will weigh it so heavily when deciding whether or not to offer Workers’ Compensation coverage to construction companies.
Workers’ Compensation is necessary for construction companies in New Jersey from the day they start operations. That said, carriers often consider company age when assessing premiums and policies. This puts newer construction companies at a considerable disadvantage should they seek coverage from less flexible carriers. While newer companies cannot submit a history free from accidents, they also do not have histories of accidents, which can possibly work in their favor. As your construction company establishes itself as one that avoids workplace accidents, its insurance premiums should go down.
Because construction is a dangerous industry, companies with many employees might be at a deficit when getting Workers’ Compensation. The more construction workers employed by your business, the higher the possibility is of one or more of them being injured at work. To offset a carrier’s concerns about the size of your workforce, show your dedication to workplace safety. Construction companies can do this by becoming part of New Jersey’s drug-free workplace program, which can lower the number of on-the-job accidents and the cost of insurance. Construction companies can also ensure that training procedures are updated and that proper managerial oversight is in place to avoid unnecessary accidents in New Jersey.
Getting Workers’ Comp Quickly for Your New Jersey Construction Company
If you were unaware of your construction company’s need for Workers’ Compensation, or your insurance policy was recently dropped, you may require a plan immediately. This is especially important for construction companies in New Jersey, as penalties for non-compliance can cause considerable delays that harm their reputations.
Construction companies always need Workers’ Compensation coverage in New Jersey. If your policy was dropped, you must find a new plan before your coverage lapses. If you do not, you might be given a stop-work order. This means that any projects currently in development must stop immediately until a construction company gets the proper Workers’ Compensation insurance. Not only can this cause financial headaches for construction companies, but it can also cause future clients to choose a competitor’s services over your own. Employers might be at risk of spending time in jail or paying expensive fines if they do not adhere to Workers’ Compensation mandates.
Fortunately, our brokers are capable of getting quotes for high-risk businesses within a day. This is often necessary when construction companies are facing possible fines, which continue to be imposed the longer a business remains without Workers’ Compensation in New Jersey.
When you are able to get quotes right away, you can review them more quickly, allowing you time to make an informed decision about the type of coverage you are getting for your construction company and cost of that coverage.
New Jersey Workers’ Comp Policies for Construction Companies
Our Workers’ Compensation insurance brokers can answer your questions about getting coverage when you call NPN Brokers today at (866) 340-9120.
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