Virginia Workers Compensation Coverage

Across the country, most businesses are required to carry workers compensation coverage for employees. This insurance offers much needed protection for both employees and businesses. The key to purchasing the right coverage for your business is understanding what you need as a Virginia business owner.

What is Workers Compensation Coverage?

Workers comp is insurance coverage that protects employer and employee. Employees who are injured or fall ill while on the job receive payments for lost wages and have the cost of their medical treatments covered, until they’re able to return to work. As a business owner, you’re protected from civil lawsuits and the need to pay the full cost of treatment and benefits. While this is the same from state to state, there are a few things to be aware if you operate or own a business in Virginia.

Understanding Virginia Workers Compensation Insurance Coverage

Make sure you understand your responsibilities as a Virginia business owner and have the right coverage for your company and your employees:

  • Virginia businesses with two or more employees, full-time or part-time, are required to carry workers comp insurance coverage.
  • Subcontractors must have workers compensation insurance coverage.
  • Virginia operates in the private market, meaning that you can purchase your coverage from licensed insurers that offer workers comp. If you have trouble finding appropriate coverage for your business, you can find it through the assigned risk pool operated by the National Council on Compensation Insurance (NCCI).
  • In Virginia, sole proprietors, partners and members of LLCs are excluded from workers comp coverage, but can opt-in.
  • Corporate officers are included in coverage but can partially exclude themselves. Officers may reject accident coverage, but not the coverage for occupational diseases. In order to reject accident coverage, the officer must file a “Notice of Rejection” with your insurer and the Virginia Workers Compensation Commission.
  • Virginia does not provide or accept waivers or exemptions from sole proprietors and other businesses not required to carry workers comp coverage.
  • The penalty for not purchasing workers comp is $250 per day of noncompliance, up to $50,000 in fees.
  • Employees are required to give written notice of accidents as soon as possible after the incident occurs.
  • Employees may choose their own physician.
  • Businesses must keep a record of all injuries or deaths of employees that occur on the job.
  • Employers should educate employees on how to report an injury.
  • Workers compensation posters must be posted in a highly visible place for employees to see.

Protecting your company, yourself, and your employees with a proper Virginia workers compensation insurance policy makes good business sense. The cost for not having coverage is not worth any temporary savings you may see without it. Between civil lawsuits, out-of-pocket medical expenses, and potential penalties, it pays to work with your insurer to purchase the best workers comp coverage possible.

The team at America’s Workers Compensation can answer any questions you might have about workers compensation in Virginia. We’ll find the right coverage at the best price for you. Contact us today to get your free quote.

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