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Virginia is a great state for business owners. It boasts some of the lowest workers' compensation rates in the country. VA is ranked as the 15th most affordable state for workers' comp coverage, on average. Virginia rates are about 21% below the national average, offering a competitive advantage to employers in this state.
Viginia is an NCCI state like most other states. NCCI issues employers' experience modification factors and collects all data for the state including claims, class codes, premiums, and payroll. They analyze this data and make annual recommendations to carriers and to the VA Department of Insurance. Every Insurance company is required to file their rates with the state for approval each year.
Don't pay too much for your workers' comp coverage. Our agents will find your best deal. Our technology tracks carrier rates by state and compares their pricing in real-time. Find out how knowledegeable agents, better advice and more options lead to lower rates and a better price.
Don't get stuck paying too much for your workers' comp coverage. Our agents know how to get you the lowest rates for your business. Call us today to find out how knowledegeable agents, expert advice and more choices lead to the best workers' comp quote.
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What influences my workers comp insurance cost?
Insurance companies file their "base manual rates" for approval with each state for all class codes. Rate recommendations are generally made to the state and carriers annually by the
National Council on Compensation Insurance.
Employee claims are reported to NCCI and statistically compared with all other
similar type businesses using the same class code in each state. An
Experience Modification Rate may apply to your business after a few years of coverage.
Insurance company underwriters are permitted to make premium rate adjustments based
on unique factors about your business, safety practices, and management
experience in most states.
Insurance companies may apply policy credits and debits to the base
manual rates. Additional discounts can be applied to premium as the total payroll &
Smart Agents with expertise in workers' compensation insurance utilize this information to negotiate your insurance rates with underwriters. A good narrative about your business helps
insurance companies justify a better price.
Rates for State Class Codes. Select Codes Listed:
The workers' compensation rates listed for Virginia represent the current low and high insurance rates for 2023. Virginia rates are determined by the Virginia Workers' Compensation Commission and the Bureau of Insurance. Insurance companies are allowed to offer discounts and policy credits up to 25% on workers' comp coverage. We offer Pay As You Go wor comp insurance in Virginia. Not all employers will qualify for the lowest rates available or maximum policy credits. Our agency helps Virginia employers buy workers compensation coverage at the lowest rates available.
Virginia workers' compensation rates vary by industrial NCCI class codes and insurance company underwriting standards. Employers' who have an Experience Modification Rate (EMR Rating) assigned to their business may have additional credits or debits applied to their insurance rates based on prior premiums and workers' compensation losses. There is no State Fund in VA. All assigned risk policies are managed by NCCI. Get better priced quotes today..
State Resources for Virginia
Virginia Workers' Compensation Commission
1000 DMV DriveRichmond, Virginia 23220877-664-2566 Virginia Workers' Comp Commission
VA Bureau of Insurance (BOI)
Tyler Building1300 E Main StreetRichmond, VA 23218800-552-7945 State Corporation Commission
Virginia is under the Jurisdiction of the National Council for Compensation Insurance (NCCI). NCCI also administers that Assigned Risk plan and places all State Fund workers comp in Virginia.
Our agency helps employers find guaranteed state fund workers' comp in VA. If we can't find better coverage with a private insurance provider, we can help purchase a state fund policy.
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Get more information about workers' compensation in Virginia:
Workers Compensation Info
Workers Comp Programs
National Broker Services