What is workers’ compensation insurance?
If you’re a business owner, it’s easy to assume that accidents won’t happen at your workplace. But the statistics say otherwise.
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. Each state or territory has its own workers’ compensation scheme, run by independent regulators, with rules differing slightly between each jurisdiction.
What can it cover?
Workers’ compensation insurance pays employees who are injured at work or become sick because of their work. Workers’ compensation can provide weekly benefits, medical and hospital expenses, rehabilitation services, certain personal items and a lump sum payment for permanent impairment on the basis set by the particular state or territory scheme.
|Type of Cover||Potential Benefits|
|Employees’ wages||If they’re not fit to work|
|Employee Injury||Cost of their rehabilitation and medication|