In the state of Virginia, all employers with more than two employees must have workers compensation insurance. This law is beneficial for both employers and their workers and can save them both money and anxiety.
Getting workers compensation insurance in Virginia can cost different amounts based on the type of work performed, payroll and experience or loss history. Industries that are more hazardous or businesses that have more frequent claims will most likely pay higher rates for workers compensation insurance. Some agencies are able to offer discounts or credits, so specific rates will vary.
Even though workers compensation insurance will cost money up front, there are ways to control that expenditure. Some companies will work with multiple insurance agencies to make sure their clients receive the lowest premium rates available. Strategies such as encouraging workplace safety and finding ways to reduce employee risks can also help lower insurance costs.
Workers compensation claims can cost anywhere from $20,000 to several hundreds of thousands of dollars. Without workers compensation insurance, the company or employer would be required to cover the entirety of that bill. Workers compensation insurance in Virginia is therefore very cost-effective.
It is usually better to be prepared for all possible situations in the workplace than to leave things to chance. Employers and employees can all enjoy the benefits of a better, more relaxed workplace knowing that they are covered by workers compensation insurance.