Workers’ Compensation Insurance.
By Jim Vass
Workers’ Compensation Insurance is compulsory insurance for all Australian businesses that employ staff.
It is intended to ensure that workers’ are covered if they suffer from a work related injury or disease. In the event of a worker suffering a workplace injury or disease, the insurance would provide the employee with wages, medical expenses, rehabilitation services and particular personal items that may be required for recovery.
Premiums can vary from industry to industry, depending on how ‘risky’ an occupation is determined to be.
State Governments in every state and territory in Australia regulate the scheme in the state. In New South Wales, three organisations oversee workers’ compensation.
- Safework is the workplace health and safety regulator. It is the body which investigates workplace incidents and enforces work health and safety laws in NSW.
- SIRA, the State Insurance Regulatory Authority oversees workers’ compensation insurance.
- And icare delivers insurance and care services under the NSW Workers Compensation Scheme.
Employers should note that every work accident or injury in the workplace – no matter how minor – should be noted with your insurer.
For more information, you can visit: https://www.workcover.nsw.gov.au/
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