What is Workers' Compensation Insurance?
Workers Compensation Insurance is designed to cover an employer’s liability for benefits payable to an employee who is injured while working for them. Employees are among an organisation’s most valuable assets, so it is one of the most important covers to hold. It is also mandatory in Australia for any business that employs staff to have Worker’s Compensation in place. Some requirements are set by Safe Work Australia, but each state also has its own governing body.
What does Workers' Compensation Insurance typically cover?
Wages, or a percentage of the employees’ wages, while the employee is unfit for work
Cost of medical expenses to assist recovery
Rehabilitation costs to return back to work
Why do I need Workers' Compensation Insurance?
An employee being injured in the workplace is something no employer would ever want to face. Whilst there are many steps you may take to ensure the safety of your employees, an unfortunate reality is that injuries do happen. Safe Work Australia reported 127,800 serious claims in the year 2021-22.
Not only is Worker’s Compensation mandatory, it’ also one of the most important covers to have in place to help lessen the emotional and financial challenges that come with a workplace injury, for both employees and employers.
It helps protect employers from the financial strain resulting from work related injuries, and assists injured workers maintain their livelihood with weekly payments and assistance with medical and rehabilitation costs.
Workers' Compensation Insurance
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Frequently Asked Questions
If I am employing a contractor, will my Workers Compensation cover them?
This will depend on the policy you take out. If you hire a contractor, you should notify your broker before they start to find out whether your policy covers them.
If I need to make a claim, can Aon manage the process for me?
While Aon can help you lodge the claim in the first instance, if the claim is accepted, at some point you may need to liaise with the insurer to provide further details. Payments may also be made by the insurer or your employer rather than through Aon.
What is the process to make a Workers Compensation claim?
The claims process varies between states. If an employee has suffered an injury or illness due to their employment, it is best to first make contact with them and ensure they receive appropriate medical treatment immediately following the incident. You should then contact your broker who can talk you through the next steps. Your relevant state authority may have forms which you’ll need to fill out and provide to your insurer, or in some states, you may only need to contact your broker.
Can Workers Compensation cover Mental Health illnesses?
Workers compensation is not only applicable to physical injuries and illness but also mental health related illness, if it deemed compensable under the relevant state or territory legislation.
How do I make a claim?
You will find details of how to make a claim in the policy wording you receive from us. However, we also appreciate that having to make a claim can be a stressful time which is why, as your advocate, we are always on hand to help with any questions. Please do not hesitate to call us on 02 6190 0958 during business hours.
What are your opening hours?
Our opening hours are 8.30am to 5:30pm Monday to Friday (AET, except public holidays). If you need to contact us out of hours you can email by clicking here and your query will be picked up on the next business day.
How do I renew my policy?
Your renewal offer, schedule and tax invoice will be emailed to you approximately 30 days before your renewal date. Please ensure you review the details of our offer carefully (remember pricing and coverage levels may have changed so it is important to review). If you are happy with the offer and wish to accept, simply make payment by the date specified on the tax invoice.
What if I need to make a change to my policy?
It is important to keep your policy up to date with the changing shape of your business but also to keep your business and personal information up to date in the event of a claim.
Should your business circumstances have changed, for example you have moved into new premises or you have changed the services that you offer and you are not sure if your existing insurance covers it anymore then you can always call one of our experienced friendly brokers to discuss on 02 6190 0958.
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1Subject to full terms, conditions, exclusions and limits of the policy. Please review the full policy wording for more information.