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Virginia workers’ compensation premiums – the money that employers in Virginia pay to provide workers’ comp insurance for their employees – may be going down next year. Why? Virginia has steadily seen a decrease in the amount of money spent on workers’ comp claims across the Commonwealth.
What is driving this reduction? Experts believe that the amount spent on workers’ comp claims in Virginia is down because of better “claims efficiency”. A hearing will be held on October 26 by Virginia’s State Corporation Commission to decide the matter.
The only Virginia industry not seeing declines in workers’ comp payouts is mining. Virginia has 114 coal mines which employ approximately 4,800 workers. New federal health care regulations include benefits for workers who suffer from black-lung disease, and this will keep costs up.
The prospect of workers’ comp premiums going down is obviously good news for business owners, but in a way it is good for workers’ too. When premiums are reasonable, businesses are less likely to engage in workers’ comp premium fraud by misclassifying workers or failing to provide insurance at all.
In Virginia, most employers are required to carry workers’ comp insurance. Liberty Mutual Insurance is the biggest workers’ comp insurer in the Commonwealth, followed by American International Group (AIG), Hartford Insurance Group, and Travelers Group.
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