For many West Virginia residents, opening a small business is something they’ve dreamed about for years. The good news is that small business ventures account for nearly 98.8% of all companies in the state of West Virginia.
So, if you’re planning on joining the thousands of entrepreneurs in the state, you’ll want to ensure you have everything necessary for success. For instance, before launching the business, it’s a good idea to research whether your state requires special licenses or permits to operate. Another essential item you’ll want to consider is small business insurance.
Generally, most states require companies to maintain coverages such as commercial auto insurance and general liability. However, if you plan on hiring employees, you’ll also need to purchase workers’ compensation insurance.
This coverage is a mandatory requirement for any West Virginia business with at least three full-time employees and offers protection for workplace injuries.
If you haven’t owned a business before or aren’t familiar with how workers’ compensation insurance works, the following tips will help you get acquainted with the coverage.
Remember, every situation is different. West Virginia workers’ compensation laws are subject to change, so be sure to do your research and speak with a trusted advisor.
Please note that this content is intended for educational purposes only. As laws change regularly, refer to your state legislation and/or an advisor for specific legal counsel. If you’re a small business owner, learn more about the basics of workers’ comp or check your current rate in 3 minutes.