Do I Need Workers Compensation Insurance in Western Australia? 3 Questions to Ask
Workers Compensation insurance covers your workers when they are working for your trade or business, and/or whilst acting under your instructions.
Workers Compensation protects you and your business from financial claims when a worker sustains a work-related injury or disease. It provides injured workers with weekly payments to cover loss of earning capacity, and payment of reasonable medical and vocational rehabilitation expenses, where necessary, to help them remain in or return to gainful employment.
In some circumstances, workers may be entitled to lump sum settlements.
1. Are You Familiar With WorkCover's Requirements?
WorkCover Western Australia (WorkCover WA) manage Workers Compensation insurance in Western Australia. As per WorkCover WA, all small businesses with employees and businesses that work with uninsured subcontractors are legally required to have Workers Compensation insurance.
This means, that even if you own a business where the risk of an on-the-job injury is relatively low, such as a small office of information technology professionals, you must by law, have Workers Compensation insurance.
2. Do You Know the Recommended Premium Rates?
Every year, Western Australia's state government puts out a list of recommended premium rates for Workers' Compensation insurance plans. If your current Workers Compensation insurance company sets a higher premium than the state's recommendations, you need to ask yourself why.
Is this higher cost due to past Workers Compensation claims or perhaps your current provider and/or broker isn’t obtaining alternative options from around the market.
If you look at the government's rate recommendations before you start shopping for an insurance broker, you'll be better prepared to find a business that works with your budget. Alternatively, you can work with a Workers Compensation insurance broker who can explain how much a business of your size should reasonably expect to pay in monthly premiums.
3. Do You Have a Reputable Insurance Broker?
Why does one broker charge a higher premium than another? Which insurance company can offer your employees the best support if they experience an accident on the job? What legal requirements do you need to meet if your only employee is a family relation, working director or if you work solely with independent uninsured subcontractors?
An insurance broker can answer ALL of these questions and more.
Westralian Insurance will work with you to find an insurance solution that best suits your business needs. Call them today, on (08) 9302 2885.
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