5 Best Workers Compensation Insurance Companies in Virginia

Thang Truong
Thang Truong
Updated on:

Workplace accidents happen everywhere and at any time, not minding where you work. Even when you follow strict safety protocols, accidents can still happen. According to the US Bureau of Labor Statistics, about 118 fatal workplace accidents occurred in Virginia in 2020. Sadly, about 107 of these incidents happened in private establishments. Those numbers are without considering the countless incidents of illness and non-fatal incidents during the year. All these incidents tend to affect businesses in Virginia financially and also affect productivity. 

That is why having workers’ compensation insurance is not only a good idea, but also a requirement in Virginia. As soon as you hire the second employee, you need to have workers comp insurance. It protects your company’s assets while also assisting your injured employee with medical bills, lost wages, rehabilitation, disability benefits, and more . This article will show you where you can get the best workers comp policy in Virginia. We also have a guide that will help you understand what the policy covers and its importance in the state.

Top 5 workers compensation insurance companies in Virginia

  • CoverWallet: Best for comparing affordable workers comp insurance in Virgina
  • Pie: Best for a fast online experience
  • Employers: Best for businesses with fluctuating payroll
  • Travelers: Best for small businesses in Virginia that prefer working with agents
  • Liberty Mutual: Best in terms of experience

Coverwallet: Best for comparing affordable workers comp insurance in Virginia  

To get quotes for workers comp insurance from most companies, you have to call agents or visit the companies’ websites. CoverWallet simplifies the process by obtaining quotes directly from its website. You can also manage your insurance policy via its platform.

It employs an intelligent application, where you respond to pertinent questions. After you answer the questions, the algorithm matches you to insurance providers who are the most affordable and offer the best service for you. If you are good with the suggestion, you can proceed to pay from there and print the insurance certificates at any time.

CoverWallet also provides a pay-as-you-go option, in which you pay premiums each time you do payroll.

The following is a sample quote for a doctor’s office with 1 doctor, 2 physician assistants, 2 admin workers in Virginia gotten from CoverWallet. 

Pie: Best for a fast online experience

Pie Insurance specializes in workers’ compensation insurance. At the moment, it is the only insurance offering that they have. Since this is the only insurance coverage, they can give their clients the best.

Pie Insurance offers direct workers’ compensation insurance to small businesses and partnerships with local, regional, and national insurance agencies to provide coverage to their clients.

With this policy, small business owners will receive assistance if their employee suffers a work-related injury or illness. This assistance covers the cost of the employee’s medical care and compensation for lost wages while recovering or in rehabilitation and can even assist with legal-related fees.

Pie Insurance reviews are above average. They focus on selling workers comp insurance directly to small businesses and claim that they can save small businesses up to 20%. However, as you can see from below, their quote is actually more expensive than other providers that we got from CoverWallet.

Here is a sample quote obtained from Pie insurance for a small Dental office in Virginia with 4 employees and an annual payroll of $300,000. 

Employers: Best for businesses with fluctuating payroll

EMPLOYERS is a small business insurance company specializing in making workers’ compensation policies affordable and straightforward for small business owners. EMPLOYERS provides workers’ compensation insurance in 46 states and the District of Columbia—all of which allow private insurers to sell workers’ compensation. It also offers pay-as-you-go options, which can help business owners with fluctuating payroll better manage their workers’ compensation premiums. The only problem with this company is that they do not offer quotes on their website. You need to find the nearest agent close to you or speak with their representative via phone to get a quote. 

Travelers: Best for small businesses in Virgina that prefer working with agents  

Travelers is a market leader in the workers’ compensation insurance industry in the United States. The insurer assists businesses in lowering claim costs, making their workplaces safe for employees, getting injured workers appropriate care, improving claim outcomes, and assisting employees in returning to work. Travelers has a nationwide network of local experts and premium teams in every state that help them with underwriting, claims, and risk control. Travelers do not offer a quote on their website as well. Instead of instant quotes, they connect their clients with agents that help them find their quotes.  

Liberty Mutual: Best for its customer service

Liberty Mutual is a global insurer with over 800 offices in 30 countries and economies worldwide. Personal insurance lines, commercial insurance lines, and Liberty Mutual Investments are the company’s three business units. It was founded a year after the Massachusetts Legislature passed legislation requiring employers to provide workers’ compensation insurance to their employees. Therefore, you can trust them if you are looking for experience. 

Liberty Mutual’s workers’ compensation coverage enables injured workers to obtain medications for work-related injuries without incurring out-of-pocket costs, as well as access to quality, affordable treatment from its network of local medical providers. Unfortunately, Liberty Mutual does not also offer instant quotes on its website. Instead, you have to find an agent closest to you on their website that you can call or visit to discuss your quotes.  

Workers’ compensation laws in Virginia 

Like in most states in the US, Employers in Virginia must carry workers’ compensation insurance. The laws of the Virginia State make workers’ compensation insurance compulsory for any company with three or more part-time or full-time employees. Furthermore, companies that hire contractors to perform regular job tasks or fulfill a contract must include those individuals when calculating how many employees they have for workers’ compensation purposes.

The term “employee” is defined broadly in Virginia workers’ compensation law. Employees must have coverage, with no exceptions for workers that fall under these categories:

  • Full-time or part-time employees 
  • Even if they are not performing job duties for pay, corporate officers and managers of limited liability companies (LLCs)
  • Family members who work for the company 
  • Employees who work on a temporary or seasonal basis 
  • Immigrants or workers in training 
  • Workers under the age of 18 
  • Employees working for nonprofit organizations such as churches, charities, and others

independent contractors may not need workers’ compensation insurance by law. However, if the state determines that the employer/independent contractor work relationship is an employer/employee one, your company may face penalties and be required to provide coverage. The following are signs that your contractor is an employee:

  • Having control over the work to be done; 
  • Being able to hire and fire the person doing the work; and 
  • Paying wages to the person who completes the work.

Employers in Virginia that do not carry this coverage risk paying huge fines. Depending on the circumstance, such an employer could pay about $250 for every day he didn’t have the coverage. In some cases, the total fine can be as high as $50,000. More so, the employer would be at risk of getting sued by his employees and their families. 

What does Virginia workers’ compensation insurance cover?

Virginia workers’ compensation insurance provides a variety of benefits in the event of a workplace accident, including:

  • Medical benefits that include, but are not limited to:
  • Reimbursement for mileage for medically necessary travel
  • Authorized primary care physician and specialist(s) when medically necessary
  • Authorized medically necessary care and treatment for your injury, including doctor’s visits, hospitalization, physical therapy, medical tests, prescription drugs, prostheses, and many more.
  • Benefits for temporary total and partial disability
  • Total and partial disability benefits for life
  • Benefits upon death

In Virginia, lost wage benefits typically amount to 66.67% of the worker’s average wages for the 52 weeks preceding the injury, subject to a state-mandated maximum reimbursement amount. Refer to the Virginia Worker Benefits Guide for more information on lost wage benefits.

What doesn’t workers’ compensation insurance cover in Virginia?

Virginia state laws do not specify which injuries the workers’ compensation insurance covers. There are, however, general guidelines that can assist employers in understanding what typically qualifies for a workers’ compensation claim.

Workers’ compensation typically will not  cover the following types of incidents:

  • Injuries/ illnesses that are a result of intentional self-harm, drug or alcohol abuse, or fighting
  • Injuries/illnesses that are not covered by the worker’s employment include injuries that occur on your way to work.

Furthermore, injured workers in Virginia must file a workers’ compensation claim within two years of the accident date. Workers who have suffered from occupational diseases have two years from the date they were told the disease was caused by their work and five years from the date they were last exposed at work to file a claim. If an employee becomes disabled again after returning to work, they must file a claim within two years of the date they were last paid compensation under an award.

Who is exempt from workers comp insurance in Virginia?

If a business has fewer than two employees, Virginia law does not require workers’ compensation insurance. You may not be covered if you are a company’s second employee.

Sole proprietors, or people who work for themselves, are exempt from having workers’ compensation insurance if they have no other employees. There are no forms to fill out to demonstrate this or obtain an exemption from the workers’ compensation insurance requirement. They have the option to be covered if they so desire.

If you hire people to help you in your homes, such as nursing aides, babysitters, or house cleaners, you do not have to purchase workers’ compensation insurance. Domestic jobs are exempt from coverage requirements if a person hires another person. However, if you hire a business to provide the service, such as a house cleaning service with multiple cleaners, the business must ensure its workers.

Volunteers are also not required to have workers’ compensation insurance policies.

Learn more about workers comp exemption in other states.

How much does workers’ compensation insurance cost in Virginia?

According to a 2018 report, Virginia workers’ compensation rates are among the lowest in the country, paying less than $1.50 per $100 in payroll. In terms of workers’ compensation costs, the state ranked 41st in the United States.

Like many other states, Virginia collects workplace data and sets rates through the National Council on Compensation Insurance (NCCI). NCCI collects and recommends rates based on loss, premium, and payroll data. The class code or industry determines rates. Usually, the insurance company will multiply the base rate by your company’s payroll. The insurance carrier may apply Experience Modifier and other discounts to calculate workers’ compensation insurance prices.

Learn more at the workers comp insurance cost and how to calculate it.

Below is the summary table of workers comp insurance cost for a doctor’s or dentist’s office with 4 full-time employees and annual payroll of $300,000 from the top 4 providers. Be sure to obtain several quotes to compare them and select the cheapest one for your company:

Carriers Workers compensation insurance cost (monthly) in Virginia
AmTrust $70

How to find cheap workers’ compensation insurance in Virginia?

Do you want to know how you can help reduce your Virginia workers’ compensation premiums? The state outlines various cost-cutting measures that you can take. When calculating workers’ compensation premium rates, insurance companies consider how seriously businesses take workplace safety. That means taking simple steps like implementing employee training sessions, adhering to industry best practices, and developing safety protocols could help lower your insurance premiums.

Furthermore, promptly reporting work injuries, ensuring injured workers receive prompt medical treatment, and providing transitional duty/return to work opportunities can all help to reduce claim costs.

Learn more at the cheapest workers comp insurance companies.

How is workers compensation Insurance different from general liability insurance?

General liability and worker’s comp insurance are critical types of coverage for businesses. Both insurance coverages are similar and are easily confused. 

Workers’ compensation insurance covers medical bills, lost wages, and other costs if an employee becomes ill or injured.

However, general liability insurance protects your company from claims for bodily injury, property damage, and advertising injury. Learn more at the best general liability insurance companies and the cheapest general liability insurance companies.

Workers’ compensation is usually paid out regardless of fault, instead of liability insurance, which assumes negligence. It allows both the company and the employee to progress together.

Learn more if and why you need both workers comp insurance and general liability insurance coverages.

Thang Truong

Thang Truong covers small business insurance and small business success at BravoPolicy. He is a licensed P&C insurance agent. Previously, he held product leadership positions at realtor.com, Capital One, NerdWallet, and Mulberry Technology. He holds a MBA degree from UC Berkeley - Haas School of Business.

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