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.