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Virginia Workers’ Compensation insurance

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Is Workers’ Compensation insurance required in Virginia?

Are you a Virginia business owner with three or more part-time or full-time employees? If the answer is yes, Virginia law requires you to carry workers’ compensation insurance

Your employees are entitled to receive benefits for workplace-related injuries and illnesses under Virginia workers’ compensation law as your employee did not cause an accident intentionally. Workers’ comp can help business owners if they experience an injury while on the job, and it provides important liability protection.

Virginia workers’ compensation insurance helps pay for expenses related to job-related injuries, including: 

  • Medical expenses 
  • Lost wages 
  • Vocational training if the employee is unable to perform his or her previous job 
  • Permanent disability benefits 
  • Death benefits 

Once you have a policy in place, you must post a notice where your employees will see it at your business that shows you have coverage.

Unlike healthcare insurance, you cannot share the costs of workers’ compensation insurance in Virginia with your employees or deduct the cost from their wages. 

As a business owner, you are fully responsible for the insurance premium. If you purchase coverage with Next Insurance you have the option to pay monthly or annually. 

 

How does Workers’ Compensation work in Virginia?

There are typically more than 40,000 workers’ compensation claims in Virginia each year, According to the Virginia Workers’ Compensation Commission

Having proper workers’ compensation insurance coverage protects your workers who suffer injuries on the job and protects your business from the impact of potential claims. Without coverage, you could be forced to pay for related expenses out of pocket.

In fact, even if you are a self-employed business owner with no employees but hire contractors to perform work for you, Virginia workers’ compensation requirements still apply. For example, if you are a general contractor and you hire a plumbing company as a subcontractor, you will have to maintain workers’ compensation insurance for the plumbing company’s employees that work on that job, even if the company already carries its own workers’ compensation insurance.

An injured worker can obtain coverage for acute injuries, like a broken leg or wrist, and for injuries that might worsen over time, such as a spinal injury due to repetitive movements on the job. 

For example, if one of your employees suffers a major back injury while lifting heavy boxes, your policy can help pay for the employee’s medical bills and a portion of his or her lost wages if the employee is unable to return to work for an extended period of time. 

When one of your employees is injured on the job, you have 10 days to report it to your insurance carrier and the Virginia Workers’ Compensation Commission

The benefits of buying Virginia Workers’ Comp insurance

There are three main types of workers’ compensation benefits in Virginia: 

Medical benefits

If an employee suffers a temporary disability as a result of a job-related accident, such as a broken leg after slipping on ice, workers’ compensation insurance  can help pay for medical expenses and rehabilitation costs.

Lifetime medical benefits kick in for injuries that may have long-term or lifetime impacts. An example might be lung disease caused by long-term exposure to chemicals on a construction site. In this case, the insurance provider will pay for an impacted employee’s medical expenses now and into the future up to the policy limits.

Wage-loss replacement benefits 

An employee may be eligible for wage-loss replacement benefits if a workplace injury prevents him or her from: 

  • Working for a period of time 
  • Working at the same occupation 

For example, an employee who operates heavy equipment might file a wage-loss replacement claim due to a back injury that prevents her from performing her regular job. 

When an employee files a wage-loss claim, the insurance company pays up to the policy limit for lost wages if the employee has to miss more than seven consecutive days of work.

If the employee qualifies for wage-loss compensation benefits, Virginia workers’ compensation rates allow her to receive 66% of her weekly pay up to a maximum of about $1,100 per week as long as the employee receives medical treatment. 

When you purchase coverage with Next Insurance, we strive to make claims decisions within 48 hours so your employees have the financial safety net they need and you can get back to focusing on your business. 

Workers’ Comp death benefits in Virginia

If an employee dies because of a job-related injury or illness, Virginia workers’ compensation covers up to $10,000 in burial expenses. Surviving dependents will also receive up to 66% of the employee’s average weekly wage.

 

How much does Workers’ Comp insurance cost in Virginia?

Many factors affect the cost of workers’ comp coverage. Virginia rates vary based on the following: 

  • The industry your business is in 
  • How many employees you have 
  • Your total payroll
  • The amount of risk you and your employees are exposed to 
  • Your insurance claims history 

If you have a business in an industry where work-related accidents are more common, such as commercial construction, you’ll likely pay more than a business owner working in retail sales or e-commerce, for example.

 

How to apply for Workers’ Comp insurance

Next Insurance offers a painless and seamless option to quickly get the workers’ comp coverage you need. 

After you provide basic information about your business and complete your online application, we’ll provide you with your coverage options. Select the policy that’s right for you, pay your premium and get immediate access to your certificate of insurance. The whole process only takes about 10 minutes. 

We’re 100% dedicated to small businesses and the self-employed. If you have questions, our licensed U.S.-based insurance advisors are ready and waiting to help. 

Start your instant quote today. 

Other business insurance policies that are important in Virginia

Workers’ compensation can help protect your business from expenses related to workplace injuries, but it’s not the only type of protection you need. Here are three other types of insurance you may want to consider:

 

General Liability insurance 

General liability insurance is typically the first type of insurance business owners buy. It can help protect your business if someone accuses you of causing an injury to someone other than an employee or damaging property. If you are a contractor or own a cleaning business, you can add tools and equipment insurance to protect your gear.

 

Professional Liability insurance (E&O) 

Professional liability insurance covers you if a customer accuses you of making a mistake or professional negligence that adversely affects their business. This coverage is called errors and omissions insurance in some industries.

 

Commercial Auto insurance 

Commercial auto insurance is similar to your personal auto insurance. But instead of covering your personal vehicles, it covers vehicles used for your business.

 

FAQ

How do I get a Certificate of Insurance?
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We provide you unlimited certificates of insurance, free of charge. Once you've purchased a policy, log in to our website to get proof of insurance or add an Additional Insured. In most cases, you'll get your certificate within minutes. Otherwise, we'll email it within one business day.
Can I add to or change my coverage?
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If you’ve expanded your business and need coverage for more kinds of work, please let us know! An agent will go over your new operations and next steps with you and in most cases, we’ll be able to set you up with a new policy on the same day (so there will be no gaps in your coverage). Unfortunately though, we can’t remove any exclusions from the policy. So if you see your operations listed in our exclusions section, we’re very sorry, but our policy isn’t going to be the right fit for you just yet.
How does Live Certificate work?
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When you login to your account at the Next Insurance website, you’ll see an option to “Share Proof”. Clicking that will give you an option to either put in an email address and have us send your certificate, or copy a link which you can send to anyone you like that will take them to your Live Certificate.
How long will it take to get my policy after I buy?
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You will be receive your policy documents via email within one business day of purchase.
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