NEXT is Virginia’s best workers’ compensation insurance provider, scoring almost a perfect rating with 98 out of 100 points. The company offers reliable customer service, low workers' comp rates, and a large coverage selection. However, Pie and Thimble are good runners-up that you should also consider for coverage.
Cheapest Workers' Comp Insurance in Virginia
Updated: June 3, 2025
Advertising & Editorial Disclosure
Key Takeaways
NEXT, Pie, Thimble, biBerk and The Hartford are our top picks for the best cheap workers' comp insurance providers in Virginia.
For most small businesses in Virginia, workers' compensation coverage costs around $641 per year or $57 per month.
Workers' comp insurance is required in Virginia for all companies with employees to cover expenses from employees sustaining injuries or illnesses during business activities.
Best Cheap Workers’ Comp Insurance Companies in Virginia
| NEXT | 98 | $101 |
| Pie | 91 | $122 |
| The Hartford | 91 | $188 |
| Thimble | 90 | $157 |
| biBerk | 89 | $201 |
| Nationwide | 86 | $256 |
*Rates and scores are for software development businesses with small (five employees), medium (20 employees) and large (100 employees) operations, aggregated for an overall best recommendation.
NEXT: Best Overall
pros
Best affordability in Virginia
Highest customer ratings
Most flexible customer service hours
cons
Not the most affordable option in Virginia
COMPANY HIGHLIGHTS
NEXT earned our top spot for business insurance in Virginia due to their great balance of affordability and great service. With over 600,000 insured clients and coverage for 1,300 business types, NEXT has the best customer rating of 4.7 out of 5.0 stars and convenient instant digital access to your certificate of insurance and a 24/7 support via chat. Compared to the next most affordable provider, we found that you'll save $21 more on average monthly.
How Much Is Workers' Comp Insurance in Virginia?
For businesses in Virginia, workers' comp rates can range from $641 to $4,594 annually. However, this only represents software development companies. Your rates will vary depending on the number of employees, the risk of your industry, the work your employees do individually and your claims history.
| Larger small businesses | $395 | $4,594 |
| Businesses with five or less employees | $57 | $641 |
| Medium-size small businesses | $135 | $1,558 |
Factors That Impact Workers’ Compensation Costs in Virginia
The cost of workers' compensation insurance varies for each business, depending on several factors that influence coverage costs including the following: industry type, payroll size, and claims history.
Payroll costs
Businesses typically pay workers' compensation rates based on each $100 of payroll. A business with higher payroll costs pays a higher premium than one with lower payroll costs.
Number of employees
Companies with a large number of employees face a higher risk of employee injury, which can increase insurance premiums.
Employee class code
A class code identifies the type of work employees do. This code sets the rate charged for every $100 of payroll. High-risk industries like construction, mining and manufacturing typically have higher rates than lower-risk fields such as consulting, accounting and software development.
Previous claims
A history of workers' compensation claims can increase your premium.
Virginia Workers' Comp Insurance: Buyer's Guide
Navigating business insurance is often a complicated task, so we've broken down how to get the best workers' comp coverage, who needs it, and what this type of policy covers to guide you.
How to Get the Best Workers' Comp Insurance in Virginia
Below we detail the best steps to take to ensure you get the best workers' comp policy possible for your organization.
- 1
Learn about required coverages and options
Research your state's regulations first, as requirements and options vary widely. The coverage you need depends on your industry, organization size and claims history. Talk to a business insurance agent about what's right for your company before buying to avoid getting too much or too little workers' comp insurance.
- 2
Research costs and providers
Research average costs and providers for your specific business to determine which companies to get quotes from. Also, consider state-provided options and whether self-insurance is possible in your state.
- 3
Consult similar businesses
Talk to other businesses in your community, especially those similar to yours. Ask about their experiences, needs and coverage choices to help inform your decision more personally.
- 4
Compare multiple providers through different means
Get multiple quotes and compare providers on equal terms to find the best deal. Prices vary depending on how you get quotes — online comparison sites versus speaking with an agent. Use different methods and contact various companies to gain the most balanced view of what's best for your business.
Do You Need Workers’ Compensation Insurance in Virginia?
All businesses in the state must carry workers’ compensation insurance. Sole proprietors, partners and corporate officers who fully own a corporation can choose to be excluded from this insurance.
WORKERS’ COMP PENALTIES IN VIRGINIA
Employers in Virginia must provide workers' compensation insurance and adhere to regulations surrounding it. Not doing so can lead to serious penalties:
- Up to $250 daily penalty - Civil penalties of up to $250 for each day uninsured, with a maximum total fine of $50,000.
- Misdemeanor criminal offense - Failure to carry insurance carries a fine of up to $1,000 and up to six months imprisonment.
- Criminal prosecution - Blatant disregard for obtaining workers' compensation insurance can result in criminal prosecution for employers who knowingly and willfully fail to insure workers.
- Stop-work orders - State can prohibit employers from operating their businesses within Virginia.
- Loss of lawsuit protection - Employers become liable for all employee injury costs and face civil lawsuits for medical expenses and lost wages.
- Additional penalties for non-compliance - Civil penalty of up to $5,000 per occurrence for failing to secure required coverage.
What Does Workers’ Compensation Insurance Cover in Virginia?
Workers' compensation insurance provides benefits to employees with work-related injuries or illnesses. This coverage includes medical care, disability benefits, and lost wages, paying 66% of weekly wages in Virginia. It safeguards employees and defends businesses from legal claims.
Best Workers' Compensation Insurance Virginia: Bottom Line
In Virginia, the leading workers' comp insurance options are NEXT, Pie and Thimble. While these companies are our top picks, we encourage you to check out different rates and talk with businesses like yours to snag the best deal.
Workers' Comp Insurance in Virginia: FAQ
Below are answers to frequently asked questions about Virginia workers' comp insurance from our MoneyGeek experts.
Which company has the best workers’ compensation insurance in Virginia?
In Virginia, NEXT Insurance stands out for its competitive pricing, with an average monthly cost of $121 for medium-sized small businesses, and a low complaint index. However, finding the ideal insurance depends on your specific industry, workforce size, and state requirements.
Which company has the cheapest workers’ compensation insurance in Virginia?
Pie is the most cost-effective workers' comp insurance provider in Virginia for businesses with 5 or fewer employees. For medium-sized small businesses, The Hartford offers the lowest rates. For larger small businesses, Pie provides the most affordable options.
Does Virginia require businesses to have workers’ compensation insurance?
Yes, Virginia mandates that businesses carry workers' compensation insurance, though certain roles like sole proprietors may qualify for exemption.
In Virginia, workers' compensation insurance is a legal requirement for all businesses, but exclusions are available for sole proprietors, partners, and corporate officers who own their businesses outright.
How much does workers’ compensation insurance cost in Virginia?
In Virginia, medium-sized small businesses with around 20 employees generally incur a workers' compensation insurance cost of about $135 monthly.
How We Rated Workers' Comp Insurance Companies in Virginia
MoneyGeek calculated workers' compensation insurance rates using a software development business with five, 20 and 100 employees to represent various organization sizes.
Our scoring methodology included:
- Affordability (60%): Overall cost compared to other providers and different business profiles
- Customer experience (30%): Ratings from actual customers, J.D. Power studies, AM Best financial stability ratings and our team's experience with quote processes
- Coverage (10%): Additional options beyond standard offerings and breadth of industries served
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- Ethisphere. "The 2025 World’s Most Ethical Companies® Honoree List." Accessed April 14, 2025.
- State Compensation Insurance Fund. "Virginia Workers' Compensation." Accessed April 14, 2025.
- The Hartford. "Workers' Compensation Insurance Reviews." Accessed April 14, 2025.
- U.S. Bureau of Labor Statistics. "Employer-Reported Workplace Injuries and Illnesses in Virginia — 2023." Accessed April 14, 2025.
- U.S. Bureau of Labor Statistics. "Employer-Reported Workplace Injuries and Illnesses – 2023." Accessed April 14, 2025.
- NEXT. "Customer Reviews." Accessed June 3, 2025.