Accidents in the workplace can happen. That's why employers are required by law to take the appropriate measures to ensure that their employees are adequately covered should something unfortunate occur.
At Coverforce, our highly experienced insurance brokers and in-house claims team will deliver personalised risk advice, expert service and an optimal Workers Compensation Insurance Program that won't let you down when it's time to claim.
What is Workers Compensation Insurance?
Workers Compensation Insurance provides financial assistance to workers who suffer a work related injury or illness and are unable to work at full capacity.
Do I need Workers Compensation Insurance?
Workers Compensation Insurance is compulsory throughout Australia. Therefore, every employer must have a Workers Compensation Insurance Scheme in place for each of their employees.
Whilst it can vary between states, a 'worker' will generally include anyone receiving a wage or commission from your business, including casual employees, temporary employees and contractors.
- If you are unsure about the conditions for your state, you can contact your Workers Compensation State Authority listed on the Safe Work Australia website.
What does this insurance cover?
Workers Compensation generally covers:
- A percentage of injured workers’ wages for the period of time they are unfit 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
Note - The scheme is managed under state-based legislation. For this reason premium calculations, compensation amounts and other aspects of Workers Compensation insurance can vary between each state.
Important Tips for Employers
- As an employer, if one of your workers is injured it is your responsibility to report the injury, assist the worker return to work and cooperate with the insurer and other service providers.
- The effect of any claim can be quite significant on your premium. Maintaining a safe workplace and having an up-to-date 'Return to Work' program can save you considerable costs.
- Consult with a qualified insurance broker who understands the scheme in your state for advice on setting up your policy correctly. Penalties can apply for employers not meeting their workers compensation obligations.