Accidents in the workplace can happen. As an employer, it is your responsibility to ensure your workplace is safe and that you obtain a Workers Compensation policy that adequately covers your employees in the unfortunate event they sustain an injury at work or become sick because of work.
For businesses, Workers Compensation Insurance is not only a legal requirement in many jurisdictions but also a key element in maintaining a safe and supportive work environment. By providing this coverage, you protect your employees and your business from the financial impact of workplace injuries, helping to foster a healthier, more productive workforce.
What is Workers Compensation Insurance?
Workers Compensation Insurance is an insurance scheme managed under state-based legislation and is compulsory throughout Australia. It helps provide financial assistance to employees who sustain an injury at work or become ill from their work.
A typical Workers Compensation Insurance policy 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
- Maintain a safe workplace and an up-to-date Return-to-Work program to reduce claims impact.
- Consult with a qualified insurance broker to ensure your policy complies with state requirements and is set up correctly.
- Remember, penalties may apply for non-compliance with workers' compensation obligations.
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Workplace Services: Proactive Risk Management
Did you know that Workers' Compensation is often a business's largest insurance cost? Without effective management, premiums can rise quickly, impacting your bottom line. That’s where our Workplace Services team comes in.
By addressing Workplace Health and Safety (WHS) risks, you can actively reduce your Workers' Compensation premiums while reaping the benefits of a safer, more efficient workplace. A robust WHS program improves productivity, morale, and reputation while avoiding penalties and prosecution.
How we can help
Our Workplace Services team offers:
- Reviews of Workers' Compensation premiums, classifications, and claims
- Injury management and claims advice
- Development and implementation of recruitment policies and safe work processes
- Identification and mitigation of workplace risks and hazards
- Compliance gap analysis and closure
- Guidance on performance and behavioral frameworks through tailored policies
Exclusive Benefits for Coverforce Clients
At Coverforce, we believe in supporting our clients beyond just insurance coverage. That’s why we provide access to a range of free and discounted workplace services to help you effectively manage people-related risks and improve your business outcomes.
Free Services for Our Clients
As a valued Coverforce client, you gain access to essential workplace services at no additional cost, including:
- Initial advice for workplace injuries
- Assistance with workers' compensation claim lodgement
- Guidance on next steps and expectations
- Direct access to your injured worker's claim number and insurer contact details
Discounted Specialist Services
We also offer reduced fees on a range of tailored services designed to minimise workplace risks and costs:
- Comprehensive workers' compensation claim management
- Return-to-Work compliance support
- Workers' compensation premium reviews, appeals, audits, and program management
- Work Health and Safety (WHS) advice, policies, and procedural support
- Other tailored people-management solutions to suit your business needs
How Coverforce can help
At Coverforce, our expert team of insurance brokers will take the time to assess your individual requirements and exposures and deliver a comprehensive insurance solution that is tailored to your specific needs and budget.
For more information or to speak to one of our brokers about arranging cover, please contact us.
Alternatively, you can simply fill out a Workers Compensation Insurance Quote form below and one of our insurance brokers will get in touch with you within one business day.
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