My question involves workers compensation law for the state of: NJ
We started a S Corporation in NJ - there are two owners and no other employees. Unfortunately we were led to believe that we did not need workers compensatoin insurance since we did not have any other employees other than the owners. We recently received a Cross Match form from NJ Dept of Labor - so we realized that we do need to have WC even though we did not have any employees. We procured WC insurance immediately. My question is will the state still penalize us for the period prior to the time we procured WC insurance. If so, what is the penalty likely to be. Does anyone have any similar experience that they can share with us.
Thanks in advance for your response.