workers comp

What Is Workers Compensation

No matter what industry, business size, product, or service, all employers across all states and territories in Australia must have workers’ compensation insurance.

So, if you run a business with part-time, full-time, or casual basis employees, you should have workers’ compensation. This compulsory type of insurance covers your employees if they get injured or contract a disease, including mental health disorders. The injured worker can get benefits, rehabilitation services, hospital and medical expense assistance, or a lump sum payment in case of permanent impairment.

Protect your workforce, your reputation, and your business. Get workers’ compensation insurance with the help of Grace Insurance today.

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Risks and Cover

Workers’ compensation includes payments to people you have employed. The term “employees” pertains to individuals who work for you on a casual or seasonal basis, part-time, and full-time schedule. It typically covers those who receive a commission or wage, which may include temporary workers, pieceworkers, commission-based workers, apprentices, contractors and subcontractors, and trainees.

Please note that workers’ compensation insurance will not cover sole traders. Partners in a partnership are excluded, as well. However, their workers may be able to receive compensation under the insurance policy. If you are the business owner or employer, you are not covered. You, therefore, need other insurance for your own protection.

Having workers’ compensation covers your business in case of:

  • Physical injuries
  • Mental health injuries
  • Illnesses that employees may have contracted whilst under your employment
  • Injuries as a result of travelling for work (may not apply in some states)
  • Aggravations or recurrence of existing conditions or diseases

What Can Workers Compensation Insurance Help With?

Businesses in Western Australia have to follow the Workers Compensation and Injury Management Act 1981. As a no-fault state, it means all employers should provide compensation to employees, regardless of why they acquired the injury or illness. In other words, workers are entitled to payments whether or not they acted in line with your company’s procedures. Some restrictions may apply, particularly for serious misconduct.

With workers’ compensation insurance, you are ready to provide:

  • Wages whilst recuperating
  • Medical expenses
  • Rehabilitation costs
  • Other compensation entitlements

The insurance policy may also cover the following:

  • Legal fees
  • Court costs
  • Other related payments due to charges as a result of a worker’s injury, disability, or illness

As an employer, you have a number of obligations, which you must meet concerning workers’ compensation. These duties are designed to help reduce and cover the financial impacts of work-related illness and injury. At Grace Insurance, we follow an approach focused on risk mitigation. Experience tells us that having the right insurance in place, including workers’ compensation, can save any business from headaches – or worse.

Why You Need Workers’ Compensation

Aside from the fact that workers’ compensation offers essential cover for workplace incidents, this form of insurance is compulsory for all businesses. It would be best to have this insurance so you do not encounter any financial issues after an employee suffers an injury whilst performing work duties. Although it is “compensation for workers,” it definitely offers significant benefits to your business and finances, as well.

Grace Insurance is your partner if a workplace disease or injury occurs. We aim to help you achieve sustainable outcomes, especially with your early return to work practices. Whether you’re new to getting workers’ compensation or filing a claim, we’re here for you.

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Grace Insurance Experts

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Workers’ compensation may seem easy to understand, but there are a few things to take note of. One crucial detail is that each state has a respective government that regulates the scheme. Therefore, workers’ compensation is administered in a variety of ways, depending on the location. As a result, insurers have different degrees of responsibility.

For example, insurers in Western Australia, together with the Northern Territory, Tasmania, and ACT, underwrite workers’ compensation privately. On the other hand, South Australia and NSW insurers serve as scheme agents under the government authority.

Grace Insurance comprehends the whole scheme. Our team is made up of knowledgeable specialists who can help you find the best workers’ compensation insurance quotes for your business.

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