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Many employers are unaware of exactly what workers compensation is and what the employer’s requirements are. This article is intended to go over workers compensation with a focus on New Jersey based businesses.

Workers compensation is based on where your company is located and where your employees work and reside. It provides compensation for injuries that workers have obtained through their course of work.

To start, you will get a policy from an insurance company licensed to do business in your state. The individual state sets the rate per hundred dollars of payroll and classifies your occupation. An occupation that has a high occurrence of injuries on the job, will have a higher rate than a company that is classified with an occupation with less occurrences.

When a policy is initially written you are asked to estimate your payroll. This estimate is used to get the policy in force. At the end of the policy year the insurance company will ask you for the previous years payroll information or you can have an independent auditor perform the task of determining if your estimates were accurate. This will result in an audit bill or a credit.

Many of the workers compensation policies are written to include disability coverage such as New Jersey. Some states like New York require you to purchase a separate disability policy.

Sometimes an employer finds it difficult to obtain a workers compensation policy from an insurance company due to the hazardous nature of their work. In this case, the state will assign an insurance company to provide coverage.

Many business owners continually look for lower worker compensation rates when it is unnecessary. If the correct payroll and ratings information is used the rates from different companies will be the same.

I hope this article demystified workers compensation insurance for you, if you would like further information please contact one of Technology Insurance Associates’ brokers.

Many people who are in the market for life insurance will face a choice between term and permanent life insurance. This article is intended to demystify your choice of the type of life insurance you will purchase.

To begin, let’s define the different types of life insurance and how they are typical used.

Term insurance covers you and provides a death benefit if you pass away during a defined amount of years. Typical policies can range ten, twenty, or thirty years. It is also possible to get term insurance for other amounts of years to fit your needs. Term insurance is a perfect solution when you don’t need life insurance coverage for your whole life.

Permanent life insurance provides a guaranteed death benefit as long as premiums are paid. In addition, permanent insurance such as whole life insurance builds equity in the form of  a cash value that can be used for loans and can eventually, when it reaches a certain amount, pay the premiums on the policy for you.

Permanent life insurance is more expensive in the beginning than term insurance so many people get a mixture of the two types of life insurance.

If you are serious about getting life insurance, your best option is to consult a broker at CG Benefits Group to fill out a needs assessment that will help you determine your goals and needs for a policy.

This May you can protect yourself and your family by purchasing disability insurance coverage. Many people are unaware of why they would need disability coverage. Here are some alarming stats:

Thirty percent of employees will face a long term disability during their careers.
Three in ten workers will miss three months or more as a result of an accident or illness.

Frequently, employees think that they are covered for disability when they are not. For example, workers compensation covers illness and disabilities that occurred at work only. Many employees also think that Social Security is enough coverage, when it isn’t. Half of all initial disability claims to the Social Security Administration are denied and the average benefit is frequently not enough to cover some household’s bills.

If you would like more information about providing disability insurance to your employees, or if you would like individual disability insurance, please call CG Benefits Group at 888-242-4675.

Here at CG Benefits we noticed a very interesting trend. For some employers that may have one or two employees enrolled, the individual health insurance marketplace may offer less expensive health insurance coverage as an alternative.

This happened recently but, one carrier for example, Horizon Blue Cross Blue Shield has lowered their rates to be very competitive with the employer based market. Their EPO and EPO Plus product is a viable method to insure yourself and your family, even if you are eligible for group coverage.

Now I’m not saying that every employer should run out and drop their group coverage and let the employees cover themselves in the individual marketplace. You will lose some of the benefits of the employer based group marker such as expanded support services such as billing, claims, and administration assistance provided to employers.

To check to see if you can benefit from new low rates for individual health insurance, get a quote now.