Protecting your workers is one of the most important responsibilities an employer has. Accidents and illness at work can happen, and workers compensation can provide an injured employee with weekly benefits, medical and hospital expenses, rehabilitation services, some personal items and permanent impairment payments.
What does Workers Compensation Cover?
Workers Compensation is compulsory insurance for all employers throughout Australia to provide protection for workers who suffer a work-related injury or illness.
A worker can include full-time, part-time, casual or seasonal workers on wages or salary, cash workers, directors, officers and, in some cases, family members.
How Knightcorp can help
Knightcorp staff understand Workers Compensation Acts and can provide advice to your business regarding:
- An employer’s rights and responsibilities as defined by the Act
- Injury avoidance
- Injury management and dealing with third party providers
- Claims lodgement and management
- Rehabilitation of injured or sick staff
- Return to work management program
- Finding the best workers compensation policy to suit business requirements
- Negotiating the best possible price for your business
Many business owners don’t know a lot about workers compensation because they may not have had to make a claim before. Knightcorp’s experienced staff and in house claims team can assist clients with advice on medical treatment providers for injured employees and setting up a program to help an employee return to work after a long injury or illness.
How Workers Compensation Premiums are Calculated
Workers compensation premiums are regulated by state governments based on a formula that takes into account the value of wages that you pay, the industry you operate in and the claims history of your business.
Your Workers Compensation Requirements
Employers are legally required to have a workers compensation insurance policy with a minimum $50,000,000. If a business doesn’t have a current policy, it can be held liable for the cost of benefits paid to a worker involved in a work related injury.
Each state and territory have their own government workers compensation regulator to ensure employers comply with their relevant legislation. In Western Australia, WorkCover WA enforces the Workers Compensation and Injury Management Act 1981 and SafeWork NSW enforces the Workers Compensation Act 1987 and the Workplace Injury Management and Workers Compensation Act 1998.
Regulators can take legal action against employers that don’t meet their workers compensation obligations by holding a current policy. If the regulator is successful, an employer can be ordered to pay a fine, the value of the avoided insurance premium and costs. Prosecution details are also published on regulators’ websites WorkCover WA and SafeWork NSW.
Encourage Workers to Think About Workplace Safety
Many workplace injuries could be avoided every year in Australia if everyone in the workplace takes an active role in creating and maintaining a safe environment. Encourage staff to keep health and safety top of mind by identifying risks and making sure they are fixed.
Some workers are at more risk than others including those who are young or inexperienced on the job, workers with low literacy skills or disabilities, workers from culturally diverse backgrounds and pregnant women.
Other Business Insurance Offerings
Knightcorp can also provide Group Personal Accident and Illness cover including Death, Trauma, Income Protection as well as Terminal and Permanent Disability. These covers can be used as additional staff benefits or to satisfy Enterprise Bargaining Agreements (EBA) your company may be contracting into.
If you would like to discuss your workers compensation policy, contact the experienced staff at Knightcorp on 1300 656 001 or email email@example.com