Workers Compensation Insurance
Workers compensation is compulsory for Australian businesses, with even the safest workplaces containing a number of hazards for staff. Getting the right cover to protect against these dangers is therefore crucial for every company.
What are the risks?
Regardless of the industry, your employees will be exposed to a number of potential hazards while undertaking their duties. Injuries caused at work can create a big hassle for your business and leave you with considerable costs in the event that something does go wrong.
If you fail to meet your workers compensation obligations as an employer, then your business will likely be liable for hefty penalties as a result of non-compliance. In fact, some companies have been fined hundreds of thousands of dollars as a result of not having the proper levels of worker insurance.
This type of fine is more common than you might think and can seriously damage the credibility and reputation of your business.
While incidents like this highlight the potential financial costs that come from insufficient insurance cover, it is equally important that you make getting employees back on the job your top priority.
Accidents are inevitable in any work place, but having employees return to work as quickly as possible is something you do have some control over.
There is also a concern that relations between you and your staff will deteriorate under the pressure of a claims process which is dragging on. Making sure this process runs smoothly is not just about getting one worker back to work in a timely manner, it is also about ensuring that your relationship with your workforce is not strained by unfortunate circumstances.
The complexities of Workers’ Compensation insurance
While workers compensation is essential for every business, it is also one of the most complicated areas of insurance. In Australia, every state has different workers compensation requirements and laws, meaning that your policy must consider local regulations.
Worker compensation laws are also periodically altered, as new legislation comes into effect to keep your workers safe.
As conditions change constantly, it can be incredibly difficult to stay on top of your obligations as an employer. Not understanding these requirements will also leave you liable to big costs in the event something does go wrong.
How we can help
First and foremost Trades Insurance are in the business of caring. Acting out of a genuine respect and care for our clients, we make it our business to understand yours so that we are best placed to offer you all the the tools and advice you need to make sure you get the best workers compensation protection. Our experienced team will find a solution to your workers compensation insurance which meets the specific needs of your workplace.
A well-managed and proactive claims system encourages workers to return promptly to work and reduces overall costs to your business. It is this level of efficiency which you need to consider when it comes to choosing the right insurance solutions.
With Trades Insurance, you will have access to policies from all of Australia’s largest insurance companies, so that you can find a product that is perfectly suited to your insurance needs, rather than trying to make one fit.
For enquiries on workers compensation, please fill out a quotation request, and one of our consultants will be in touch to help you find the right options for your business.