Workers’ Compensation Insurance in Leesburg, VA

It’s up to employers to provide a safe working environment for workers, but accidents can still happen. Workers’ compensation insurance protects your employees and your business from the costs of work-related injuries or illnesses.

What Is Workers’ Compensation Insurance?

Workers’ compensation insurance is a type of business insurance that provides coverage for workplace injuries or illnesses that cause harm to employees. In Virginia, businesses with two or more employees must carry workers’ compensation insurance.

Here are some of the benefits commonly included in workers’ compensation insurance:

• Medical expenses if an employee requires medical attention for a work-related injury or illness.

• Lost wages if a workplace injury or illness leaves an employee unable to work or limits their ability to conduct their duties.

• Vocational rehabilitation if an injury or illness forces an employee to change jobs or careers this allows employees to receive new training to help with future employment.

• Death benefits if a work-related illness or incident leads to an employee’s death. In such instances, your policy can assist their family with burial expenses and lost income.

• Legal Costs to provide legal liability coverage for your business if a work-related accident or injury results in a lawsuit.

How Much Does Workers’ Compensation Cost?

The cost of purchasing workers’ compensation will vary depending on many variables, including:

• Location—Workers’ compensation requirements may change depending on the state(s) in which your business operates.

• Workers’ compensation class code—Depending on their tasks and responsibilities, employees will be assigned a code. These classifications measure potential risk levels. Businesses with many high-risk class code employees can generally expect higher premiums.

• Experience modification rates—This figure measures how risky providers consider your business by considering past incidents and future risk levels. In general, an experience modification rate (EMR) of 1.0 represents the average risk in your industry. An EMR below 1.0 could mean lower premiums, while a rate above 1.0 could result in higher prices.

• Number of employees and total payroll—Generally, employers with more workers can expect to pay more for coverage. This is because the amount of coverage your business requires increases based on the total payroll of your workforce.

Typical costs associated with workers’ compensation insurance include:

• Insurance premiums

• Deductible payments

• Administrative costs

Fortunately, your business may reduce the cost of insurance premiums by implementing proper risk management controls.

Get the Workers’ Compensation You Need

With over 50 years of experience, we’re ready to help you find the right workers’ compensation policy for your business. Call Academy Insurance Agency today for more information.