What is Worker Compensation?
Workers’ compensation is the type of compulsory insurance for all employers in all state and territories in Australia, that provides protection to workers in terms of financial and medical help should they suffer work-related injuries or sickness.
Should you have it?
According to Workers’ Compensation and Injury Management, Act 1981, businesses and employers who reside in Australia must have worker compensation insurance, whenever they employ new workers.
Why is this beneficial to employer?
The compensation ensures protection and monetary compensation to all registered workers. Not only this is a policy, but it also helps businesses to cover any losses should their workers suffer any injuries or get disease in the working environment.
Are all insurance the same?
Each scheme has different rules in place for domestic employees. These can be checked on the scheme regulator’s website in that state.
How workers will be covered?
If a worker suffers work-related injuries or diseases, the compensation will cover things such as weekly benefits, medical and hospital expenses, rehabilitation services, certain personal items, and a sum of payment in advance for sustained permanent injuries.
List of trustworthy insurance companies:
Allianz Insurance one of the largest Australian insurers (Np. 4), has over 3 million customers and represents 25% of total employees in Australia.
Lloyds’s Australia Ltd is a global specialist insurance, operating in more than 200 countries. In 2018 Lloyds accounted for A$2.8 billion worth of business.
Vero Insurance has over 180 years of experience, one of the top 5 insurer in Australia, 2020 winner of Business Insurer of the Year and 2019 RM Advanced Awards Winner.
AIG is an international recognized insurer with operations in 80 more countries and 60+ years of experience in Australian market.
For more detailed information please go to: https://www.safeworkaustralia.gov.au/workers-compensation
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