23 October 2018 New Jersey agency requests decrease in workers' compensation rates for 2019 The New Jersey Compensation Rating and Inspection Bureau announced it is requesting a 5.3% decrease in the overall employer workers' compensation insurance premium and rate level effective January 1, 2019. If approved, this would be the third consecutive year that workers' compensation rates have decreased and the fourth year in a row without an increase. The Bureau anticipates that the revised rates will be issued in plenty of time for preparation of new and renewal policies effective on and after January 1, 2019. Member companies should delay the issuance of such policies until after the Bureau announces the new rates on its website. All New Jersey employers, not covered by federal programs, must have workers' compensation coverage or be approved for self-insurance, including out-of-state employers if a contract of employment is entered into in New Jersey or if work is performed in New Jersey. For further details, see the New Jersey Department of Labor and Workforce Development website.
Document ID: 2018-2117 | |||||||||
