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Workers Compensation Insurance

What is workers compensation?

Workers’ compensation is a compulsory form of insurance for all employers across all states and territories in Australia.

Therefore, any business with employees, whether they work full-time, part-time, or on a casual basis, must have workers compensation that covers their employees for injury and disease (including mental health issues). 

Workers’ compensation, then, includes payments to employees that cover: 

  • Medical expenses during rehabilitation
  • Wages while unable to work 

The workers’ compensation scheme in each state is regulated by the respective state government. As a result, workers’ compensation schemes are administered in different ways, with insurers having varying degrees of responsibility within the schemes. 

For instance, in the Northern Territory, ACT, Tasmania, and Western Australia, insurers underwrite the scheme privately. However, in South Australia, Victoria, and NSW, insurers act on behalf of the government authority as a scheme agent. Finally, in Queensland, the workers’ compensation scheme is run entirely by the state. 

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Workers Compensation and COVID-19

Workers’ compensation has proven to be of huge importance during 2020, with the global COVID-19 pandemic having a significant impact on the global economy, as well as businesses both large and small across Australia. According to statistics from Safe Work Australia, as of July 31 2020, there were: 

  • 533 claims lodged 
  • 202 were for workers who contracted COVID-19 
  • 179 were for the mental health impacts of the virus 
  • 152 related to testing or isolation requirements 

As shown by these statistics, workers compensation is important both for the employee and the employer. It gives the employer and the employee ease of mind if the unforeseeable is to occur. 

Online Business Insurance Brokers Can Help

Online Business Insurance Brokers is a team made up of real, experienced brokers who will find the best quotes for you. We aren’t a robot crunching through data, you can contact us 24/7 and find an experienced professional waiting to help you handle the matter at hand. 

We can help you understand workers’ compensation rules in your state, helping you find the best possible deal if this is necessary in your state. With Online Business Insurance Brokers, you can rest assured that you’re going to get the best deal available. 

Additionally, we pride ourselves on our ability to send you ten quotes within 24 hours. With Online Business Insurance Brokers, you’ll have the best insurance policy in no time. Finally, with Online Business Insurance Brokers, you can pay any of our options from any of the insurers monthly AT NO EXTRA COST. 

Get in touch with Online Business Insurance Brokers today to receive tailored insurance quotes from our experienced team. 

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