New Jersey, NJ Workers Compensation Insurance Examples for Master HVACR Contractors
Workers Compensation in New Jersey rating is based on payroll. Here are a few examples for NJ Master HVACR Contractors. Please contact us for details and an exact quote. All premiums are subject to audit. Coverage for NJ only. If you currently have a workers compensation policy and would like a review or competitive quote we will need to see a copy of that policy.
Minimum to cover a small payroll of $10,000. owner is excluded.
Annual premium: $1,553.
Owner is included at the minimum payroll / salary of $30,680.
Annual premium: $3,924.
Mix of employee payroll and / or owners payroll. Total of $50,000. payroll
Annual premium: $6,140.
Mix of employee payroll and / or owners payroll. Total of $100,000. payroll
Annual premium: $11,875.
WHO NEED WORKERS COMPENSATION AND WHEN. (NEW JERSEY)
Any person or business who pays money for a person’s services needs workers compensation. Full time workers, part-time workers, temporary help, day laborers, friends, family, anyone. Even illegal aliens.
If a business is a corporation the “owners” are not owners they are corporate officers and employees of the corporation. By law they have to be covered under a workers compensation policy.
If a business is an LLC, sole proprietorship, or partnership then the “owners” can elect or reject coverage for themselves. When a workers compensation policy is purchased an application form needs to be completed and signed showing election or rejection of coverage.
Most contractors need to elect coverage. If a contractor will be working for a general contractor, doing commercial work, working for a condo-association, working for a property management company or for a large company, they will require that the owner must be included. Certificates of insurance show the election or rejection of coverage for the owners.