Did you know it is compulsory for the majority of employers to have a workers compensation policy? If you engage workers and pay total wages in excess of $7,500 per year, you should have a workers compensation policy in place.
Workers Compensation defines workers as, but not limited to, full time, part time, casual and apprentices & trainees.
Please note if you pay yourself as an employee of the business then your wage will also get caught by the Workers Compensation provisions.
A workers compensation policy will insure your business against the cost of supporting your injured workers and may include:
- weekly compensation benefits
- medical and hospital expenses
- rehabilitation services
- certain personal items (eg; clothing or spectacles, if damaged in a work related accident)
- lump sum payment for death or permanent impairment.
If you don’t already have a policy and you think you might need one please contact your General Insurance Company or Broker as soon as possible.
Should you have any further queries please do not hesitate to contact our office on (02) 4940 2800.
The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.