As someone running a business, you may be well aware that most states require employers to purchase coverage for employees who get injured or fall ill due to conditions at the workplace. Virginia workers compensation has a reputation for being costly, but this claim is not necessarily valid.
Before workers’ compensation existed, employees who needed to needed to obtain compensation to pay for medical bills and lost wages had no recourse but to take legal action against employers. It was a challenging situation for both parties, with workers struggling to win their cases and employers suffering major financial penalties under the tort system.
A Better Way
As a solution to the aforementioned scenario, the vast majority of states have made it mandatory for organizations to carry workers’ compensation. Failure to do so can result in penalties and the grim reality of employers’ paying these benefits right out of their own pockets – which is usually far more costly than maintaining appropriate coverage.
But employers really do get a lot of bang for their buck. A good Virginia workers compensation policy should cover the following:
- Medical expenses
- Lost wages
- Death benefits
- Vocational rehabilitation
Additionally, some carriers offer programs to help employees return to work faster, safety programs to reduce workplace accidents and accident investigation programs. As you can see, workers’ compensation is not a burden to bear, but rather, a valuable asset to your company.