Virginia may be known as the birthplace of the nation, but much has changed since its first English settlement in Jamestown. Stretching from the Chesapeake Bay to the Appalachian Mountains, Virginia is home to 20 Fortune 500 companies and more than 723,000 small businesses.
Virginia’s diverse population and strong economy help foster the growth of its small businesses. From Virginia Beach to Roanoke to Arlington, Virginia supports entrepreneurs and business owners through many programs and organizations, including Virginia’s statewide network, the Small Business Development Center, as well as Virginia’s Department of Small Business and Supplier Diversity.
Virginia’s small businesses employ more than 1.5 million people, accounting for 47% of the state’s private workforce. With more than 77,000 workplace injuries and 118 fatalities across all industries in 2017, small businesses need to make sure they have appropriate workers’ compensation coverage.
If you have two or more employees working in Virginia, your small business is required to carry workers’ compensation insurance. Workers’ compensation insurance covers work-related injuries and illnesses regardless of fault.