Most companies in Virginia are required to carry an insurance policy that covers expenses related to on-the-job accidents that injure or kill a worker; however, the National Council on Compensation Insurance (NCCI) has proposed raising the premiums that are associated with Virginia workers’ compensation coverage for certain industries.
An article from Insurance & Financial Advisor explains the proposal calls for a decrease in premiums for businesses that fall under the industrial classification. The same goes for those that fall under the voluntary market.
On the other hand, coal mining operations could see an increase in workers’ compensation coverage.
This has many workers concerned, considering the mining and extraction industry has one of the highest worker injury rates in the nation, and an increase in workers’ compensation coverage could prompt some companies to find ways to skirt the requirement to carry insurance.
This behavior is prevalent in the construction industry, where companies classify workers as independent contractors to avoid paying for insurance coverage.
A hearing on the subject of the increase is scheduled to take place October 21 at 10 A.M. at the Tyler Building in downtown Richmond, Virginia.
The Norfolk personal injury attorneys with Lowell “The Hammer” Stanley are aware of the impact workers’ compensation benefits can have on accident victims who are injured and unable to work. That’s why we urge anyone who has been hurt while working to speak with our legal team to help ensure your potential rights to compensation are protected under the law.