Hashtag

Insurance

Insurance Ideas

Worker's Compensation Claims Can Break a Small Business. Here's How to Get Covered For It


Owning your own small business can have a number of benefits – you can be your own boss, choose your own employees, and you can often earn more money compared to working with someone else. However, there are a number of risks that small business owners need to consider and one of the risks relates to employee injuries at work. The costs related to a workplace injury can be significant which is why it’s important to have workers compensation insurance in place. Not only does workers compensation insurance protect your business financially, it is also compulsory cover for Australian businesses.


Workers compensation insurance explained

Workers compensation insurance provides financial protection for both employees and employers by providing financial reimbursement for the costs associated with a successful workers compensation claim. Should an employee be successful with a workers compensation claim, workers compensation insurance steps in for pay for associated costs such as ongoing wages, medical bills, rehabilitation costs and any specialist equipment requirements. The cost of workers compensation insurance will depend on a number of factors such as the size of your business, the type of work you do, the number of employees that you have and the location of your work.

Injuries covered by workers compensation insurance

Some of the common injuries that workers compensation insurance can cover includes:

  • Body stress and back injuries

  • Falls, trips and slips

  • Exposure to chemicals and hazardous substances

  • Injuries caused by heat and electricity

  • Exposure to bacteria and viruses

  • Injuries caused by sound and pressure

Workers compensation insurance doesn’t just cover physical injuries – it can also cover mental stress and psychological illness.


Workers compensation in Australia

While many forms of insurance are highly recommended for small businesses, such as public liability insurance, they are generally not compulsory. However, the exception is workers compensation insurance which is compulsory in every state and territory in Australia. Each state and territory runs its workers compensation scheme a little differently so it’s important to familiarise yourself with your specific scheme – speak to your insurance broker for further information. In Western Australia, Tasmania, Northern Territory and the ACT, insurers underwrite the scheme privately. In South Australia, NSW and Victoria, insurance underwriters act on behalf of the state government. In Queensland, the scheme is run solely through the state government.



Making a workers compensation insurance claim

If an employee suffers a workplace injury, the first thing they need to do is report it to their employer or supervisor. The workplace will then be able to formally report the injury via the correct channels. Next, the employee should obtain supporting documentation including a medical certificate which includes details such as the nature of the injury, details of fitness for work and recommended treatment. Once supporting documentation has been obtained, a formal workers compensation claim can be lodged.



Workers compensation insurance exclusions

As with any form of insurance cover, there are limitations to a workers compensation insurance policy. For example, you are generally not covered for injuries which occurred while commuting to and from work unless you are carrying out work-related duties. Further, most workers compensation insurance policies won’t cover injuries which occurred while you were intoxicated or under the influence of substances. Employees typically also won’t be covered if an injury occurred following conduct which violates company policy. This could be incidents such as injury following a physical fight with another employee. Also, it’s important to remember that you need to be classified as an employee to be covered by a business’s workers compensation policy – contractors may not be covered. Speak to your broker regarding further information around the exclusions attached to your workers compensation insurance policy.

For more information about worker’s compensation insurance, speak to your insurance broker today.

News Reports

A car collision in Perth injured two persons and caused thousands of dollars in damage

An accident occurred in Perth's North-Western suburbs in the first days of December. A vehicle lost control and crashed into a house in the early hours of the morning. A man was injured when the ...

Hashtag.net.au - avatar Hashtag.net.au

Buying Your First Family Car? 4 Things To Consider

Buying your first family car is a big decision and financial purchase, you want to make sure you get the perfect vehicle. Before you can head to the dealership and secure online car finance, there...

NewsServices.com - avatar NewsServices.com

Why Australians Are Opting out of College

A survey by the Australian Government revealed that a staggering 46 percent of college-aged Australians opt-out of college. Getting a tertiary education might be a dream come true for a lot of people ...

NewsServices.com - avatar NewsServices.com

Safe on the move: forklift personal protective equipment

Employers know that protecting their team is priority number one. Not only can illness, injury, distraction or discomfort cause serious ongoing health problems for employees, it can also cause sev...

NewsServices.com - avatar NewsServices.com

5 tips for building a shipping container home

Shipping container homes have been all the designer rage in the last few years, with Instagram-worthy styles popping up all over the world. There is something so cool and funky about the shipping ...

NewsServices.com - avatar NewsServices.com

Top Reasons To Consider Enrolling Your Kids In A Private School

Sending your kids to a private school for first-class education has numerous benefits. For example, with the COVID-19 pandemic, many private learning institutions such as The King’s College have i...

NewsCo - avatar NewsCo

10 Steps To Writing A Will - A Comprehensive Guide

When it comes to writing your will, time is of the essence.  Don’t be tempted to put it off until you’re old, sick, or have spare time with nothing to do. After all, none of us knows what the f...

NewsCo - avatar NewsCo

8 Best Sites To Buy Instagram Followers, Likes & Views From

Social media is one of the great things technology has introduced to the world. Gaining online followers, especially on Instagram, is very crucial. First of all, it is essential to those who have ...

NewsCo - avatar NewsCo

Health & Wellness

Leadership in Healthcare: Everything You Need To Know

NewsServices.com - avatar NewsServices.com

The world as we know it today is constantly changing and evolving, and so is the healthcare industry. With new challenges and opportunities emerging more frequently, healthcare leaders must be pre...

What Are the Benefits of Laser Hair Removal in Winter?

NewsServices.com - avatar NewsServices.com

Anyone who values their skin must maintain it in a healthy, attractive state because your skin's appearance reflects your general health and enhances your physical experience. In addition to assis...

Is It Safe to Be Treated for Varicose Veins When Pregnant?

NewsServices.com - avatar NewsServices.com

It can be scary seeing your legs swell and become heavy during pregnancy. Not to mention the discomfort, discoloration, and pain that comes with the condition. It's pretty normal to want to know if ...

Sleep Apnea Guide 101: Know the Signs, Prevention, and Cure

NewsServices.com - avatar NewsServices.com

Sleep apnea is a common sleep disorder when breathing repeatedly stops and restarts between sleep periods. It causes daytime fatigue, high blood pressure, and high cholesterol levels in people tha...



NewsServices.com

Content & Technology Connecting Global Audiences

More Information - Less Opinion