Workers' Compensation Insurance
Workers’ compensation insurance (also referred to as workers comp insurance or workers cover insurance) protects you if one of your employees is injured or develops an illness because of their work. The Workers’ Compensation and Injury Management Act 1981 (Act) legally requires employers to provide compensation and support to their employees for work-related medical issues.
Compensation for lost earnings, medical expenses, rehabilitation and other associated costs can work out to be highly expensive, which is why the act also requires businesses to take out workers’ compensation insurance by law. Before the Workers’ Compensation and Injury Management Act 1981 (Act), businesses would go bankrupt while failing to provide adequate support to their injured employees, hence the importance of the act and why it was introduced.
At Lync Insurance, our knowledgeable professionals can guide you through the requirements of workers’ compensation, ensuring your business and employees stay protected.
Cost of Workers' Compensation Insurance
The cost of workers’ compensation insurance varies, depending on the industry of your business and the amount of risk involved in the work your employees perform. Prices tend to be lower for low-risk roles such as office-based jobs and teachers. Meanwhile roles in construction and mining usually pay higher prices for their workers’ compensation insurance. Our experienced team can help you compare the different workers’ compensation insurance policies that are available while providing quotes that are fair and specific to your workplace needs. We’re committed to providing comprehensive, reliable cover for your business and your employees.
