Workers Compensation Insurance for Your Business
Are You Covered?
While every business owner likes to feel confident that the workplace they own and operate is a safe environment for all employees, the fact is that each year Australian workers file well over 100,000 workers compensation claims.
The most current findings from Safe Work Australia workers compensation statistics reports the most recent number of workers compensation claims filed was 106,260. Even with the best intentions and necessary safeguards, accidents happen all too often.
What is Workers Compensation Insurance?
Workers compensation insurance is insurance cover for the employees of a business. It will pay employees who are injured on the job or in the event that the workplace causes an illness that makes working impossible.
What Will Workers Compensation Cover?
Standard workers compensation insurance pays for:
- Employee wages while they are not able to work
- The medical expenses incurred by the employee
- Rehabilitative services designed to help the employee return to work
What is an Employer’s Responsibility Under the Law?
According to Australian work, health, and safety (WHS) laws, employers must:
- Run a safe workplace
- Keep up to date workers compensation insurance in the correct amount to make sure injured employees and their families will not experience financial difficulties while the employee is unable to work.
- Provide workers compensation insurance through an authorised insurer
- Make provisions for employee access to first aid, workers compensation claim information, and return to work rehab
- Give employees the name and contact information of the go-to workers compensation staff member in the company
Protecting your employees with workers compensation insurance is required by Australian law. However, the insurance requirements and specifics are under the jurisdiction of individual Australian states and territories.
Every Australian Employer Must Provide Workers Compensation Insurance
Every Australian Employer
Must Provide Workers Compensation Insurance
What Are the Benefits That Workers Compensation Insurance Covers?
- Medical and rehabilitative costs incurred by an employee that is injured while on the job
- Wages for an employee until they are fit to return to work
Statistics From Safe Work Australia
- In the 2016-2017 fiscal year, there were 106,260 serious workers compensation claims filed
- The median amount of compensation paid per claim $11,500
- Work-related injury or illness costs the Australian economy $61.8bn
Workers Compensation Insurance Case Study
Mary works entering data for a shipping company. After many years on the job, she develops carpal tunnel syndrome. Mary’s pain is excessive, and she is unable to work.
After an evaluation, medical staff reported Mary’s condition stemmed from the constant repetitive typing. She will need to take time away from work while she rests the injury and receives treatment with medication and physiotherapy.
Mary’s employer claimed this on the workers compensation insurance. They also improved conditions for the data entry department to prevent injuries to other employees.