Workers Compensation…..do you have a current policy?
Did you know it is compulsory for the majority of employers to have a workers compensation policy? If you engage workers (full time, part time or casual) and pay total wages in excess of $7,500 per year, or if you engage apprentices or trainees, you should have a workers compensation policy in place.
A workers comp 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, jump on the Icare website (www.icare.nsw.gov.au) and take out a policy or obtain a quote. Make sure you have the following details available when you do:
· general business details
· start date for the policy
· type of business
· details of past workers compensation claims that you may have made
· number of workers you employ
· estimate of wages paid to workers
Obligations will differ depending on the size of your business but head to the website for more information.