NJ Workers Compensation Insurance Rates See 8.3% Hike

NJ Workers Compensation Insurance Rates See 8.3 Hike

According to an article in the Insurance Journal,  the New Jersey Department of Banking and Insurance approved an
8.3% increase to manual rates and rating values applicable to NJ workers compensation insurance and employers liability insurance. The percentage hike will become effective
January 1, 2013 on a new and renewal basis.

So what does this mean for you you? Well the
maximum weekly benefit with respect to all types of injuries — except
permanent partial disabilities — will be changed from $810 to $826. The
minimum weekly benefit will be changed from $216 to $220.

For those cases that deal with permanent partial disabilities, the present
maximum weekly benefits ranging from $216 to $810, varying on the basis
of duration of disability of course, will be changed to $220 and $826. The minimum weekly benefit for permanent partial injuries
will remain at $35.

As a business owner, it’s always important to keep up to date with the latest news about NJ workers compensation insurance – mainly because protecting your employees, and keeping them informed plays a critical role in any successful business.

For Insurance in New Jersey, American Insurance Services Agency is
your Insurance Agent of choice. We offer affordable NJ auto, business
and home insurance coverage and policies.Contact us today online or by calling (732)  680-4444