Regardless of how safe your operation is, there will be times when your employees will suffer work related injuries or disease. For serious injuries, it is not unusual for workers compensation claimants to be paid sums in excess of $500,000. Imagine the impact that would have on your business if you weren’t insured!
With payments like these, you need the security of a large insurance company behind you. In addition, in certain situations you may even be liable for contractors who might come on to your site from time to time.
But don’t worry, in NSW there is WorkCover insurance offered by a number of specialist Agents (insurers).
Workers’ Compensation policies must be maintained by every employer in the jurisdiction where their employees are attached. If you don’t have a policy the penalties can be quite hefty (in NSW up to 6 months in jail, $55,000 fine, plus twice the premium you should have paid).
The Government is very strict on those who don’t insure.
The Agents (insurers) currently licensed in NSW and who can arrange a policy for your business are: