Workers Compensation Insurance Port Kennedy
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 his its own workers’ compensation scheme, run by independent regulators, with rules differing slightly between each jurisdiction.
Did you know?
In the 2015-16 financial year, there were 104,770 serious workers' compensation claims in Australian workplaces
(Safe Work Australia, Key Work Health and Safety Statistics Australia, 2017)
$61.8 billion is the cost of work-related injury and disease to the Australian economy
(Safe Work Australia, Key Work Health and Safety statistics Australia, 2017)
$10,800 Median compensation paid per claim
(Safe Work Australia, Key Work Health and Safety Statistics Australia, 2017)
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 |
Important note
The information is provided to assist you in understanding the terms, implications and common considerations in workers’ compensation insurance. It does not constitute advice, and is not complete, so please discuss the full details with Dunbar Insurance.