WORKERS COMPENSATION INSURANCE
Ensure you have the right amount of this compulsory cover
Employers are required by law to take steps to ensure their workplaces are safe. This includes having workers’ compensation insurance for all their employees.
Who should consider it?
Workers’ compensation insurance is compulsory for all employers in every state and territory in Australia.
Accidents in the workplace can happen. As an employer, it is your responsibility to ensure your workplace is safe and that you obtain a Workers Compensation policy that adequately covers your employees in the unfortunate event they sustain an injury at work or become sick because of work.
Workers Compensation Insurance is an insurance scheme managed under state-based legislation that provides financial assistance to employees who sustain an injury at work or become ill from their work. The schemes and their regulations can vary and be administered differently between states, however a 'worker' will generally include anyone receiving a wage or commission from your business, including casual employees, temporary employees and contractors.
What can it cover?
Workers’ compensation insurance pays employees who are injured at work or become sick because of their work.
Workers’ compensation insurance can cover:
Employees’ wages if they’re not fit to work
Compensation for lost earnings for workers who are forced to work at a reduced level due to an injury
Payment of medical, hospital, chemist and other treatment costs related to a work injury
Costs involved in rehabilitating an injured worker so they can return to work
Lump sum payments for permanent impairment on the basis set by the particular scheme