Running a business means that you have a variety of different expenses to take care of every month. While some are superfluous, others are extremely necessary. Obtaining a Virginia workers compensation policy is one expense you cannot do without, so here is some information about this type of insurance.
What Does it Cover?
Workers compensation insurance covers the expenses associated with one of your employees incurring a work-related injury or illness. However, this doesn’t not mean that the illness or injury will necessarily occur at your office. Instead, it simply means that as long as it is work-related, it is covered. For instance, if an employee breaks his or her leg at the company barbecue, your Virginia workers compensation policy would have to cover medical expenses associated with fixing it.
Additionally, there are situations where an illness or injury would not be covered under your workers compensation policy. For instance, if your employee incurred a self-inflicted injury or was intoxicated when he or she became injured, your policy would not cover the situation.
When Do You Need a Policy?
As soon as you hire your first employee, you need a workers compensation policy. If you do not have one already, contact an insurance professional in your area to discuss your coverage needs.