TJC Insurance – Virginia Workers Compensation Insurance
We currently providing workers compensation policies to our clients in Virginia, West Virginia, Maryland, Pennsylvania, North Carolina, South Carolina, Georgia and Florida through more than 15 insurance carriers. This partnership allows us to serve your workers comp needs better, simpler and faster.
Our focus is Virginia business, but we are continuing our growth in other east coast states. We focus on mom-and-pop Small Business doing Landscape, interior or exterior Paint, Electrical services, HVAC, Window installation, Carpet Installation, Floor installation, Janitorial services, Drywall installation and Carpentry work.
As a specialty agency, our commitment is to provide our clients with competitive rates and industry knowledge that allows us to match your business to the carrier that best meets your needs.
The Virginia workers compensation markets are changing rapidly, with less companies that offer the class codes that your business needs, and for those companies that offer the workers compensation insurance policies, the rates are higher every year. That’s one of the reasons why we decided to focus on finding more Virginia Workers Compensation insurance companies that offer less costs with better benefits to our clients.
The Best Workers Compensation Insurance Policies include:
What We Offer
We strive to be a Virginia workers compensation specialist agency and we are highly committed to protecting our clients and their employees. We are dedicated on all aspects of workers compensation with products, services, processes and claims.
Discover your benefits
What is Workers Compensation Insurance?
Virginia Workers compensation insurance policies or workman’s comp insurance policies offers benefits to employees for work-related injuries, medical care and wages from lost work time. Workers compensation insurance covers a deceased worker's family with a financial benefit as well.
Workers compensation insurance policies can help protect your business and employees in events such as:
With a Virginia workers compensation insurance policy your business has help to pay for the medical expenses needed to treat these job-related injuries. Workers compensation will also help your employees to recover a percentage of their income while they take time off to recover from the injury.
How does Workers Comp Insurance work?
The advantages of workers compensation insurance policies
How much per year is the cost of a Workers Compensation Insurance policy?
All Virginia insurance companies base workers compensation premiums on the amount of payroll an employer has, as well as how dangerous the work/risk is including past claims experience.
How the companies calculate the Workers Compensation Insurance premium?
The cost is calculated based on a rate charged per $100 of payroll. Rates vary by state as well as based on the type of work/risk employees are engaged in and the business’ claims history.
Workers Classification Code Rate x Experience Modification Number x Payroll per every $100 = Premium
Example: 13.61 (code rate) x 1.90 (Exp Mod) x Payroll / $100 = $ (Premium)
The workers classification code rate is determined by the type of work performed by its employees. States provide the basis for rates by classification code. The Experience Modification is determined by the business’s insurance claims history and is calculated by the state bureau and shared between all insurance companies. The average modification is 1.00; a good claims history may generate mods below 1.00 while a company with a history of claims may have a mod greater than 1.00. Preventing accidents in the workplace starts with evaluating your risks and exposures, training your employees and giving them the right tools to complete the work currently. These processes eventually lead to creating a successful return to work for your employees.
Is Workers Compensation Insurance required in Virginia?
Virginia law requires that most employers carry workers compensation insurance in order to cover their workers in the event of a work injury. Virginia law requires that an employer who regularly employs more than two part-time or fulltime employees and/or Sub-contractors carry Virginia workers compensation coverage.
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TJC Insurance, Discover your Benefits!
When it comes to avoiding surprises with insurance coverage and premiums, much of the responsibility is on the policyholders. The owner should report changes in payroll, locations and operations to their agent and insurer as soon as possible.
1. Payroll Changes: By far, unreported new employees and payroll changes are the top reason that businesses may owe additional premiums at the time of the final premium audit. Owners neglect to notify their agents or their insurance company of these changes. Workers’ compensation premiums are based on payroll and the workers’ compensation class codes assigned to employees, so any staff additions or subtractions can have a financial impact.
The simplest way owners can avoid unexpected changes in billed premium costs due to staff changes is to update their payroll estimates every 6 months and as changes occur during the policy period.
2. Operational Changes: New risks can mean a change in premiums. When your company changes what it does, it could impact the workers’ compensation class codes applied to your employees.
As a result, premium rates could change if there are new class codes. To help avoid surprises at the end of the year, notify your insurance agent ASAP.
3. Entity Type Changes: Any change of entity type must be reported to the insurer on or before the date the event occurs. This type of change occurs when a small business restructures its operations and changes its entity type. Take for example a sole proprietorship that incorporates.
There are specific, but widely varying laws in every state that mandate whether principals of a corporation are mandatorily subject to workers’ compensation coverage, are exempt from coverage, or have the ability to reject coverage. In certain states, a sole proprietor is exempt from coverage, but upon incorporating becomes subject to coverage and a premium charge.
4. Ownership Change: It is critical that all material ownership changes be reported to the insurance company on or before a change in ownership occurs so that the insurance company can review all the details and make sure proper coverage is in place going forward. A material change occurs when there is more than a 50% transfer of ownership for any one named insured. In most cases, new owners cannot assume the prior owner’s existing workers’ compensation policy and they must obtain new worker’s compensation policy.
For more information about workers’ compensation insurance, including workplace safety training contact us at 540-319-4229 or write us!
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