Workers Compensation Insurance - Virginia
No business is foolproof. That’s why they require trained, professional employees to operate them. Nevertheless, accidents might happen at any time, to any employee.
To protect workers from the uncertainties of on-the-job injuries, workers’ compensation insurance is a must-have.
Need workers’ comp coverage? We can help you get a fast, free policy quote right now.
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What is Workers Compensation Insurance Coverage?
Everyone depends on the income from their jobs. So, if an injury makes someone unable to work, the loss of income might easily lead to financial insecurity.
Let’s say one of your employees slips in the company bathroom and breaks their leg. Treatment, time off work, and various complications might arise. With every development, there will come costs, and if someone cannot work to make money, they increase their risk of financial problems.
Workers’ comp insurance functions as a form of supplementary income for workers injured on the job. It will help provide injured parties with the money they need for a smooth recovery. Someone who receives workers’ comp can focus on recovery without putting their personal assets on the line.
Why You Need Workers’ Comp Insurance
Workers’ compensation is not just of benefit to employees. It also protects employers.
Often, employers have to provide workers’ comp regardless of whether they were at fault in the accident that injured the employee. Therefore, this insurance can provide valuable protection to the company’s own assets if they have to compensate an employee.
Workers’ compensation also often eliminates the need for an employee to sue the company for lost income. Therefore, it often proves beneficial for both parties. Employees can receive the protection they need. The employer, on the other hand, won’t have to worry about costly litigation or lawsuits that might prove harmful to both parties.
With conditions like these, most states require some or all businesses to carry workers’ comp insurance. Virginia’s legal requirements are
- All employers who regularly employ three or more full- or part-time employees must have coverage. Businesses required to provide coverage include most corporate ventures. They also include churches and non-profits.
- Most subcontractors usually have to receive this coverage from the company.
- Employees include family members, foreign aliens, minors and temp/seasonal workers.
How Much Workers Comp Insurance do I Need?
How much coverage a company needs will depend on various factors like your industry, payroll and more. Failing to get the appropriate coverage will likely result in penalties.
You’ll need to work with one of the experienced agents at Easley Hedrick Insurance & Financial to settle on the right workers’ compensation coverage. We’ll help you tailor your coverage to your needs, so don’t hesitate to call one of our offices in Mechanicsville, Richmond or Chatham today or request a free quote online now!