Do you know your obligations regarding Workers Compensation? All NSW employers are required to have a current workers compensation policy if they pay over $7500 in wages per year.
In the event of a workplace injury or disease, a workers compensation insurance policy will ensure that an employer is covered for the costs of all benefits due to the injured worker. Injured workers may have an entitlement through the workers compensation system to:
- weekly payments
- lump sum payments for permanent impairment (and pain and suffering where applicable)
- payment of medical and hospital expenses and
- rehabilitation assistance
The scheme is funded through the premiums paid by employers and provides medical and financial support to injured workers.
The premium paid will depend on the:
- industry in which you operate
- amount of wages paid to your workers
- costs of any claims made by your injured workers and
- dust diseases levy.
Your premium should not vary according to the insurance company you use. The rates are standard across all insurers. Contact your insurance company or broker for further information.