Workers Compensation Insurance
Workers Compensation insurance is a compulsory form of insurance that employers are required to take out to protect their employees. Workers Compensation insurance is designed to cover an employee’s loss of wages, medical and rehabilitation expenses for work-related injuries or illnesses. Lump sum benefits may also be available if an employee dies or is permanently impaired as a result of their work.
Safe Work Australia (SWA), an Australian government statutory body, develops national protocols relating to work, health and safety (WHS) and workers compensation. Although SWA is a national body, they do not regulate or enforce WHS laws or any workers compensation scheme – this is the responsibility of each of the states and territories to monitor and enforce.
Each state and territory regulates the cost of workers compensation insurance based on their own formulas, but generally, the cost of your Workers Compensation policy is calculated based on:
- Your business type
- Number of employees
- Classification of employees
- Wages paid to your employees and
- Claims history.
Did you know?
- The average time someone requires off work when they are injured is 7 weeks.1
- The top three causes of work-related injuries in FY2022-23 were body stressing; falls, slips and trips; and being hit by moving objects.1
As Workers Compensation is regulated by each state and territory, each scheme has its own rules, regulations and legislative framework. BizCover is not licenced to provide Workers Compensation insurance, but you can find out more about each of the schemes by visiting the links below:
| NSW | icare is currently the sole provider or Workers Compensation insurance in New South Wales https://www.icare.nsw.gov.au |
| VIC | https://www.worksafe.vic.gov.au/make-claim Workers Compensation claims are managed by five different claims agents, appointed by WorkSafe Victoria. |
| QLD | https://www.worksafe.qld.gov.au/insurance/apply-for-workcover-policy-online Workers Compensation insurance in QLD is government owned and is underwritten by WorkCover Queensland |
| ACT | https://www.worksafe.act.gov.au/workers-compensation/making-a-claim |
| WA | https://www.workcover.wa.gov.au/service-providers/insurers/ |
| NT | http://www.worksafe.nt.gov.au/WorkersCompensation/Insurers/Pages/default.aspx |
| TAS | http://www.workcover.tas.gov.au/insurance/licensed_insurers/forms_for_licensed_insurers |
| SA | Workers Compensation claims are handled by two claims agents – Employers Mutual and Gallagher Bassett, https://www.rtwsa.com/claims/when-an-injury-occurs/make-a-claim |
1. Safe Work Australia, Key Work Health and Safety Statistics Australia 2024, September 2024
