Workers Compensation Insurance

What is Workers Compensation Insurance?

If you’re a business owner, it’s easy to assume that accidents won’t happen at your workplace. But the statistics say otherwise.

Employers are required by law to take steps to ensure their workplaces are safe. This includes having workers’ compensation insurance for all their employees.

Who should consider it?

Workers’ compensation insurance is compulsory for all employers in every state and territory in Australia. Each state or territory has its own workers’ compensation scheme, run by independent regulators, with rules differing slightly between each jurisdiction.

Stephen Koukoulas, Dun & Bradstreet Economic Adviser

Poor work health and safety costs $5,000 per worker each year and equates to 4.1 per cent of Australia’s gross domestic product. This doesn’t even touch on the immeasureable cost of greif and trauma to workers and their families.

Did you know?

In the 2015-16 financial year, there were 104,770 serious worker’s compensation claims in Australian Workplaces
(Safe Work Australia, Key Work Health and Safety Statistics Australia, 2017)
$61.8 billion is the cost of work-related injury and disease to the Australian economy
(Safe Work Australia, Key Work Health and Safety Statistics Australia, 2017)
$10,800 Median compensation paid per claim
(Safe Work Australia, Key Work Health and Safety Statistics Australia, 2017)