Workers Compensation Insurance
Workers Compensation Insurance
Accidents in the Workplace can happen. As an employer, you are responsible for ensuring a safe work environment and securing a Workers Compensation policy that adequately covers your employees in the unfortunate event they suffer an injury or illness related to their work.
Workers Compensation Insurance is a scheme managed under state-based legislation that provides financial support to employees who are injured at work or become ill due to their work.
While the schemes and regulations may vary and be administered differently across states, a 'worker' generally includes anyone receiving a wage or commission from your business, including casual employees, temporary staff, and contractors.
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.
- 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 in returning to work, and cooperate with the insurer and other service providers.
The impact of any claim can significantly affect your premium. Maintaining a safe workplace and implementing an up-to-date 'Return to Work' programme can help reduce your costs.
Consult with a qualified insurance broker who understands the scheme in your state to ensure your policy is set up correctly. Be aware that penalties can apply for employers who fail to meet their workers' compensation obligations.
General Advice Warning
The information provided on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice on this website is General Advice and does not take into account any person’s individual investment objectives, financial situation or needs. Before making a decision based on this advice you should consider whether it is appropriate to your particular circumstances.
Where the General Advice relates to the acquisition or possible acquisition of a financial product, you should obtain a disclosure document, including the Product Disclosure Statement (PDS) and, where available, Target Market Determination (TMD) relating to the product and consider the content before making any decision about whether to acquire the product.
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How Clearlake Insurance can help
At Clearlake Insurance Brokers, our specialist in-house claims team is here to support you and your injured workers throughout the claims management process. Our expert insurance brokers provide personalised risk advice and arrange smart, cost-effective Workers Compensation Insurance cover for your employees.
For more information or to arrange cover, please contact us on 02 9037 8970 or simply fill out the form below and one of our insurance brokers will get in touch shortly.