A Virginia Self Insurance Bond is a surety bond required by the state of Virginia for businesses that wish to self-insure their employees for workers’ compensation. It is designed to protect employees and the public in the event of a business’s failure to pay compensation for an employee’s injury or death that is covered by workers’ compensation insurance. There are two types of Virginia Self Insurance Bonds: a Standard Self Insurance Bond and a Stop Loss Self Insurance Bond. The Standard Self Insurance Bond covers the employer for the entire amount of the workers’ compensation claim, while the Stop Loss Self Insurance Bond covers the employer only up to a certain limit. Both bonds require the employer to provide proof of financial responsibility, such as a financial statement, to the Virginia Workers’ Compensation Commission in order to be approved.
Virginia Self Insurance Bond
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How to fill out Virginia Self Insurance Bond?
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