Workers’ compensation can be a crucial financial safeguard for businesses and their employees. No matter the size of your organization or the industry you operate in, this coverage may reduce the financial impact of a workplace accident, help you avoid costly lawsuits and meet state requirements.

Is Workers’ Compensation Required?

In Virginia, most employers are legally mandated to carry this coverage if they have three or more employees, including part-time and seasonal staff. If your business is based outside Virginia but has employees working in the state, you may still need to carry the required coverage. Employers that fail to secure coverage may face fines or stop-work orders.

What Do Policies Cover?

While every policy is different, workers’ compensation often includes the following coverage:

• Medical expenses—Policies may provide coverage for reasonable and necessary medical care related to a covered work injury or illness, such as emergency treatment, hospital stays, doctor visits, surgery, prescriptions and medical supplies.

• Lost wages—Workers’ compensation may offer partial wage replacement if an employee is unable to work for a period of time due to a covered injury or illness.

• Rehabilitation and recovery support—Injured employees may receive financial aid for physical therapy, occupational therapy, vocational rehabilitation and job retraining when needed.

• Ongoing care for serious injuries—Coverage may include long-term or lifetime medical care related to severe work injuries or occupational diseases, subject to policy terms.

• Death benefits—Policies may provide financial support for eligible dependents if a work-related injury or illness results in an employee’s death.

• Employer legal costs—If a work-related injury or illness leads to an employer being sued, workers’ compensation insurance may assist with their attorney fees, settlements and judgments.

Factors That Affect Your Premium

Several factors can influence your workers’ compensation policy’s costs, including:

• The size of your workforce

• The types of work your employees perform

• Your company’s claims history

• State-specific regulations and requirements

Find Workers’ Compensation Near You

At Transworld Insurance Group Inc , we can help employers in Fairfax and surrounding communities understand workers’ compensation coverage so they can choose a policy that fits their workforce, industry and budget. Contact us today to get started.