16 October 2019 New Jersey agency requests decrease in workers’ compensation insurance rates for 2020 The New Jersey Compensation Rating and Inspection Bureau announced it is requesting a 3.8% decrease in the overall employer workers’ compensation insurance premium and rate level effective January 1, 2020. If approved, this would be the fourth consecutive year of rate decreases and the fifth year without rate hikes. 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, 2020. Member companies should delay the issuance of policies until after the Bureau announces the new rates to its website. All New Jersey employers, including those out of state, not covered by federal programs must have workers’ compensation coverage, or be approved for self-insurance, if a contract of employment is entered in New Jersey or if work is performed within the state. For further details, see the New Jersey Department of Labor and Workforce Development website.
Document ID: 2019-1829 | |||||||||
