Virginia Workers Compensation Insurance: Quotes From $30/mo

Workers’ compensation insurance is an insurance cover given to compensate workers who get injuries directly linked to their job. The employer is legally mandated to provide a safe working environment to all its workers. However, accidents sometimes occur, and one can end up being injured. The compensation can be done by offering monetary provision or healthcare offer through workers comp insurance.

When Do You Need to Get Workers Compensation Insurance in Virginia?

It would help if you got workers’ compensation insurance in Virginia. The law requires that you get such a policy to take care of any eventuality during daily business operations. You must purchase this as soon as your business has one or more full-time and part-time employees. 


What Government Agency Oversees Worker’s Compensation in Virginia?

Virginia Workers compensation commission oversees all the worker’s compensation in Virginia. This commission is mandated to provide exceptional services to the employers injured at or because of their job and victims of crime and related cases by solving disputes between the employers and the workers and ensuring that necessary compensation is done. This is a mandate assigned to the commission by the Commonwealth of Virginia.

The Virginia workmen’s compensation commission is mandated to regulate the worker’s compensation policy service providers. The commission must directly hold every insurance company seeking to offer workers compensation on how they operate. In other words, the terms of operation of the service providers must be in line with the rules and regulations outlined by the commission to leverage the process of the workers’ compensation insurance companies.

Virginia workers compensation commission rules act as the intermediate between the insurance companies and the employers and workers. Whenever there is a conflict between the workers and the insurers, the commission acts as a third party in the case so that the policy in question can be reviewed and, if need be, compensation be done. As an employer, therefore, one has to make the policy provision clear for the workers to avoid strict punishment by the commission in times of conflict of interest.


Which Businesses Are Exempt from Getting Workers Compensation Insurance in Virginia?

It is vital to note that not all businesses in Virginia are mandated to get workers’ compensation insurance. For instance, partnership businesses and sole proprietors that do not hire subcontractors on a daily, monthly, or yearly basis are exempted from getting worker’s compensation insurance.

Members of limited liability companies are also not mandated to get insurance coverage as their business setup is limited to specific regulations, with worker insurance being one of the limitations.

Agricultural workers are as well exempt from getting workers’ insurance cover . This is because of the nature of their business, which is seasonal but highly prone to accidents at different scales.

Lastly, real estate agents are also not mandated to get insurance coverage in Virginia.

However, an exempt from getting worker’s compensation coverage does not mean that employers in the mentioned types of businesses are to be careless and not take care of their employees in case of a work-related injury. The law requires employers to take responsibility directly to compensate injured workers, through other insurance coverage.


Commercial buildings in Virginia state.

How Much Money Does Virginia’s Workers Compensation Insurance Give?

Virginia’s worker’s compensation covers medical benefits and wage loss. The medical benefit is determined by the cost of medication that the injured individual is expected to pay. This value is paid fully from the compensation benefit.

In addition to medical bill payment, worker’s compensation insurance in Virginia also compensates part of the wage a worker loses going forward because of the injury experienced. The amount is calculated based on the average weekly wage the worker received before the injury. The Virginia workers compensation insurance rates of benefits provided  are outlined below:

  • Temporary partial disability benefits–This is a type of compensation offered when a worker gets injured, and after treatment, the doctor allows you to get back to work but with some restrictions. For instance, the worker can be allowed to work for fewer hours or take care of responsibilities that are light duty. If this is the case, the compensation is done by getting 66.66% of the difference between the wages the worker was getting before and after the injury on a weekly average

  • Temporary total disability benefit–Temporary total disability is taken care of if the worker gets a job-related injury that is considered severe that they cannot report to work for a given period. This compensation in value is simply 66.66% of the worker’s average weekly wages before the injury

  • Permanent partial disability benefit–This is compensation done to an individual worker whose injury has been treated. However, the doctor concludes that no further treatment can be done to improve the damage even though the worker can still resume their work. For instance, if a worker gets their eyes injured to the extent that they can no longer regain their original sight but can still work, the doctor then gives a permanent impairment rating which is used to calculate the compensation

The Virginia Workers’ Compensation Act outlines specific weeks for compensation for different impairments as part of the Virginia workers compensation laws. For instance, when one loses their leg function, the Act states that the person be compensated for 175 weeks. Therefore, this compensation is done by taking 66.66% of the average weekly earnings multiplied by the permanent impairment rating and the outcome multiplied again by the number of weeks specified in the Act regarding the injury in question

  • Permanent total disability benefit–This is compensation done when a worker’s injury is so severe that even after treatment, the worker cannot go back to work. It calls for a wage loss benefit throughout your life. This is calculated by taking 66.66% of the weekly wage the worker used to get before the injury, which is then paid as long as the worker is alive

  • Death benefits–This is the last group of compensation which is then done if the worker loses their life out of a job-related accident or the injury obtained from the work-related experience. The compensation is, however, done to the next of kin, who is considered the one that ends up experiencing the loss according to the Virginia workers compensation payment law. Therefore, the next of kin is obligated to get up to $10,000 as burial expenses, up to $1,000 in transportation expenses, and compensation to the dependent, which depends on the relationship with the deceased. According to the Virginia workers compensation rules, different relationships with the diseased are covered to varying values

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How Long Will an Employee Wait Before Receiving Benefits?

Employees who get workplace injuries in Virginia have seven days from the time of injury to start receiving the compensation benefits as stated in the Virginia workers comp requirements. This is independent of the time the employee takes in the hospital for treatment. The compensation is therefore expected to be done every week. However, the employee and the employer can agree on when the compensation will be done. For instance, the payment can be made every week or month when other wages are being disbursed to the employee.


Penalties for Not Getting Workers Compensation in Virginia

Any employer who fails to have worker’s compensation in Virginia is subject to pay up to $250 per day for all the days that they have operated without the insurance as a cover for the days in question which should allow for up to $50,000 if they do not get the cover immediately. They also pay a fee of between $652 and $805, depending on the period that the commission has pursued him. During this time, the employer will be liable for all the employee’s injuries.

Suppose the employer continues to operate without taking the insurance. In that case, the Virginia Workers’ Compensation Commission can prohibit the employer from legally operating and closing up the firm while he gets a criminal prosecution.


What is Virginia Assigned Risk Workers Compensation?

Virginia-assigned risk workers’ compensation is a plan that covers employees who are not able, for one reason or another, to get voluntary workers’ compensation insurance. The state obligates every employer to take care of the insurance needs of any worker when they get different injuries. This, however, might only apply to some employers since, in some cases, voluntary insurance for worker compensation requires  high premiums, which might not be affordable to all employers. 

Alternatively, specific insurance companies have policies that, if an employer cannot adhere to, the application for a policy can be declined. Once an employer has received at least two declines due to the type of risk their business is likely to incur, assigned risk workers’ compensation Virginia is where such employers can get refuge. This plan offers employers and their employees a statutory mandated medical benefit and compensation in case of job-related injuries.

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Virginia Workers Compensation Insurance Cost

The average Virginia Workers’ compensation insurance cost is $51 per month or $612 per year.  Here’s a table showing the cost of workers compensation insurance from the best companies:

Cost per Month Cost per Year Best for
NEXT $20 $240 Fastest workers compensation insurance
The Hartford $28 $336 Comprehensive workers compensation insurance
CoverWallet $32 $384 Comparing construction project management insurance quotes online
Tivly $36 $432 Comparing workers compensation insurance quotes over the phone
Thimble $40 $480 Flexible workers comp insurance
Hiscox $43 $516 Workers comp insurance with upgrades

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Best Virginia Workers Compensation Insurance Companies

Here are the best Virginia compensation insurance companies. Read some of the reviews below to know their pros, cons, and average rate for a $1 million general liability policy:


NEXT

Pros

  • Gives an online proof of insurance

  • Great customer service

  • You get a 10% discount if you get more than one policy

  • Value for your money

  • Offers all the policies needed for a business

  • Best service rates

  • Fastest workers compensation insurance

Cons

  • Couldn’t find any

This company is one of the best Virginia worker’s compensation insurance companies. NEXT was founded in 2016 hence has gained a reputation in the market. You are not having it as a risk if you engage this company. The Better Business Bureau rates it with a B+ in performance; hence you can be sure it is a trusted company. You can employ it for any of your construction needs.

Best for: Fastest workers compensation insurance

Average cost: $20 per month

Our rating: 10/10 


The Hartford

Pros

  • You get inline insurance quotes for guideline

  • It is a member of AARP, so you get extra benefits

  • Do not limit your construction scope

Cons

  • Has geographical limitations on its service

The Hartford offers you some excellent service. By 2022, it was reported that the company was already operating in a stable financial position with $11 billion from direct premiums. This means you are not taking a risk to engage this company for insurance needs since you will surely be compensated when needed. It has been operating for the last 200 years so that you can be sure about its reputation. With a general rating of 4.8, it has a bright future. It is ideal for construction projects.

Best for: Comprehensive workers compensation insurance

Average cost: $28 per month

Our rating: 10/10 


CoverWallet

Pros

  • It gives varied policy options to choose from

  • It gives you room to compare quotes online

  • It is a highly reputable

Cons

  • Not an insurance company but an insurance broker 

CoverWallet gives business owners policy, general liability, and workers’ compensation. You will contact it online to get a wide range of policies. It allows you to navigate different carriers to decide what can best serve your need. Ensure you compare quotes online before opting for a specific one.

Best for: Comparing construction project management insurance quotes online 

Average cost: $32 per month

Our rating: 10/10 


Tivly

Pros

  • Get quotes instantly

  • Expert insurer matching process

  • Over 200 insurers to choose from

Cons

  • You need to call to get a quote

Tivly is one of the best digital insurance companies, giving you a wide range of policies. It can manage the needs of its clients, which has opened it up to serve more than 200 customers. If you want to compare quotes, you must make a call since you cannot do it online. 

Best for: Comparing workers compensation insurance quotes over the phone

Average cost: $36 per month

Our rating: 10/10 


Thimble

Pros

  • Fast-growing small business insurer

  • Numerous add-ons to general liability insurance

  • Up to $500,000 commercial property coverage

  • Short-term policies available

Cons

  • You can’t reach customer service by calling

Thimble connects customers with a high-quality service which is done through membership. Customers have reported receiving high-end services whenever they need to cancel, schedule, or purchase new policy services. With a grade rating of A+, the insurer has gained an excellent reputation, so it can be trusted to serve you. Project managers needing on-demand construction coverage are highly advised to consider this company.

Best for: Flexible workers comp insurance

Average cost: $40 per month

Our rating: 10/10 

Hiscox

Pros

  • Get refunds within 14 days of policy purchase

  • 5% discounts for taking multiple policies

  • Quick claim compensation

  • High customer service

Cons

  •  Doesn’t grant coverage in Alaska

Hiscox is yet another professional insurer that one can go for. It offers individual policies such as cyber insurance, general liability insurance, business owner’s policy, etc. It has been in operation for the last 100 years with a perfect reputation, which has allowed it to get roots in 14 countries that enjoy its policy coverage. If your company is operating in more than one country or so, you can consider this company with a ten out of ten global rating.

Best for: Workers comp insurance with upgrades

Average cost: $43 per month

Our rating: 10/10

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