Lumaktaw sa pangunahing content

What You Need to Know About Workers Compensation Insurance

If you have employees working you as part of your business, you need to know about workers compensation insurance. This form of cover is designed to protect both employees and employers following a compensable workers compensation claim and is a mandatory form of cover in Australia. Let’s take a closer look at what workers compensation insurance means for your business!

What does workers compensation insurance cover?

If an employee is injured at work or becomes unwell due to work, workers compensation allows for payments to be made to the employee to cover wages while their away from work, medical bills, rehabilitation costs, and equipment such as glasses. It could also include a lump sum payment in the event of permanent impairment. With workers compensation insurance, employers are reimbursed for payments made to the employee following a claim.

Is workers compensation compulsory?

Workers compensations insurance is compulsory in every state and territory in Australia by law. It’s important to remember that every state or territory runs their workers compensation scheme a little differently. In WA, Tasmania, the Northern Territory and the ACT, workers compensation is underwritten by private insurers. In NSW, South Australia and Victoria, insurers act as agents for the state government, while the scheme is run solely by the government in Queensland.

If you fail to have workers compensation insurance in place, your business will be liable for significant fines and you’ll also be required to directly pay the benefits owing to an employee following a claim.

What will workers compensation insurance cost?

When it comes to the cost of your workers compensation insurance, it will depend on a number of factors. Some of the main considerations will be things such as the number of employees you have, the type of work they do, the risks they may be exposed to, and how much you spend on wages. In basic terms, the higher the risk then the higher the premiums.

Who do I need to cover?

If you have employees working for you, they will all need to be covered under your policy, This includes full time, part time, casual or seasonal workers. If you use contractors or subcontractors, in some cases they’ll be considered a ’worker’ under your policy and you will need to obtain cover for them. At other times they will need to organise their own insurance to cover themselves if they’re injured or become ill at work. To ascertain whether you will need to cover them under your own workers compensation insurance please contact your broker to discuss.

At GSK Insurance Brokers, we can help protect you and your employees with workers compensation insurance. We’re one of Australia’s leading insurance brokers, and will work with you to ensure you have the right cover for your business.

For workers compensation insurance for your business, speak to the experienced team at GSK Insurance Brokers today on (08) 9478 1933.

The post What You Need to Know About Workers Compensation Insurance appeared first on GSK Insurance.




Read full article here:What You Need to Know About Workers Compensation Insurance
via https://www.gskinsurance.com.au/

Mga Komento

Mag-post ng isang Komento

Mga sikat na post sa blog na ito

How Using an Insurance Broker Can Help You Save Some Serious Money

If you’re thinking of getting in touch with an insurance broker in Perth to give you a hand with your cover, it’s a smart move! There are a number of benefits associated with using an insurance broker – they’re experts when it comes to the world of insurance and can help you find the best cover possible for your unique set of risks. Of course, one of the main benefits that comes with using a broker is that they can save you money. Let’s take a look at how they do it. They can shop around If you’re like most people, you just don’t have the time to compare a whole heap of different policies to find the right price. That’s where your broker comes in. They’ll compare a number of different policies on your behalf to find cover that offers the best value. Due to the professional networking connections your broker has, they also have the power to negotiate with insurers around the cost of your premiums. They get the balance right The problem with opting for the cheapest insurance policy ...
Mag-post ng isang Komento
Magbasa nang higit pa

Top 10 Reasons Why You Need an Insurance Broker in 2020

Insurance forms an important part of the risk management strategy for your business as it offers financial protection when things go wrong. Of course, finding the right insurance solutions can be easier said than done and many business owners find it difficult to find the time to arrange insurance. If you’re trying to navigate your way around the often complex world of insurance and need a little help, it might be time to speak with an insurance broker.  An insurance broker is an insurance industry expert who can provide professional advice and act on your behalf to make the process of finding business insurance a whole lot easier. Today, we’ll be looking at just some of the reasons why you should consider utilising an insurance broker. 1. Offers expert advice Whether you want to check that you have the right level of cover, want more information about your inclusions or exclusions, or have a question about your premiums, all you need to do is give your insurance broker a call...
Mag-post ng isang Komento
Magbasa nang higit pa

5 Things to Consider With Your Commercial Insurance

Your business is your livelihood and no matter how many precautions you put into place, the unexpected can happen. To protect yourself financially when things go wrong, you need to have the right commercial insurance in place. When it comes to insuring your business, there are a few things you need to consider so you can be confident all of your areas of risk are covered. Let’s take a look! 1. Have I considered all areas of risk? The most important thing that you must consider with your commercial insurance is the specific risks facing your business. Consider things like your internal and external risks, when and where risks are likely to occur, and who would be affected if something went wrong. Think about previous incidents which have occurred and consider the worst case scenario. For example, what would it mean to the business if the premises were seriously damaged? 2. Which policies should I consider? There are a range of policies which may be included in your commercial insur...
Mag-post ng isang Komento
Magbasa nang higit pa