An injury to employees when they are on the job in Newark, New Jersey is your responsibility as an employer. By obtaining appropriate commercial insurance, it is possible that you can protect your employees from workplace injuries and keep them from facing financial challenges if they are unable to work due to an accident.

Worker’s Compensation

A key part of ensuring that your employees are covered for accidents on the job is obtaining appropriate worker’s compensation insurance. The policy is designed to address the potential risks associated with your business. If employees are injured, then they will have protection to help pay for the medical bills and other associated costs until they heal and can get back to work.

Worker’s compensation requirements may vary based on your business. If there is a high risk of injuries, then you may need to purchase a greater amount of coverage.

Health Insurance

Another way that you can help protect your employees is by purchasing and offering a health insurance plan. The additional coverage can help your workers stay happy and healthy when they are on the job. It also helps identify job-related risks and factors that may contribute to accidents at work by providing the opportunity to see a doctor on a regular basis.

After an injury, having health insurance will help reduce the cost of medical bills. The coverage will pay for many of the medical expenses so that the financial burden is limited.

As an employer, it is your responsibility to protect your workers from potential injuries. Although a training program can help, insurance is important to help keep the financial risks to a minimum. Talk to an independent agent to learn more about commercial insurance options.

Whether your company is based in Newark, Livingston, Montclair or anywhere else in New Jersey, it may be eligible for the CBT (corporation business tax) and Insurance Premiums Tax Credits Transfer Program. New Jersey offers tax credit certificates, that may be transferred, to businesses relocating to the state. You’ll also probably be allowed to deduct the entire cost of your commercial insurance premiums on your business or corporate tax return.

Insurance Premiums Tax Credits

Section 34:1B-120.2 of New Jersey Revised Statutes (rev. 2013) states the specifics on transferring unused insurance premium tax credit certificates by mid-sized New Jersey businesses. The interpretation and application may appear confusing to the layperson.

The bottom line: Other companies with CBTs and/or insurance premiums tax credits can "surrender" those credits for use by other corporate and insurance premiums taxpayers in New Jersey. The percentage of the tax exemption your company may receive depends on the value of the certificate you acquire and your company’s taxable net income.

Consult with your independent agent servicing Newark for valuable advice regarding your company’s ability to get and use an insurance premium tax exemption for your business. Your company can apply to the Executive Director of Labor and Workmen’s Compensation authority and the Director of the Division of Taxation for a tax credit transfer certificate.

You can receive this exemption for an amount equal to 75 percent of the amount stated on the certificate if you’re relocating to the state. You can then use the exemption to offset expenses of operating in New Jersey.

Commercial Insurance Tax Deductibility

When you purchase commercial insurance for your business, you’ll be able to deduct the premiums from your net profit before you file your taxes. Your independent agent can advise you about purchasing the right commercial insurance for your business to protect your company assets.

Whether you run a large enterprise or have a small business set up, you likely want to focus on earning high profits and reducing your expenses and liabilities so that you strengthen your financial position. However, you can’t deny the fact that your business is always exposed to a risk of financial loss. This might be due to factors such as property damage or employee accidents caused by business operations. Customers also might encounter accidents on your premises, and you might be liable even if the accident wasn’t caused by your business operations. These are just some of the main reasons you need to remain cognizant of all the possible risks that your business might encounter.

Insurance companies offer commercial liability insurance to established business owners and new business owners to provide protection against the risk of loss. For example, commercial liability protects your business against the legal claims and lawsuits because someone got injured at your workplace. Every business needs to have a commercial insurance. It covers physical and advertising injury, property damage, the cost to defend or settle legal claims and personal injury, including slander.

If you have not applied for commercial liability insurance to protect your business against liability claims, you should consider purchasing it now. As an independent agent, we are here to help you choose the best coverage for your business. We can provide detailed information anywhere in New Jersey, including Livingston and Montclair. For example, if you set up your business in Newark, contact us so we can discuss the potential risks for the area and answer all your questions. Remember that when it comes to your business, no matter how carefully you work, a third party can file a lawsuit against your business for matters related to your business operations. If a court finds you liable for negligence, the financial cost can be financially detrimental.