Workers Compensation Insurance

• It’s mandatory insurance paid by your employer.
• It covers your medical bills, lost wages, and recovery costs if you get hurt or sick because of your job.
• It protects the employer from being directly sued for these costs.

Show Transcript

Are you hiring your first employee? Well, here's what you need to know about workers compensation insurance. If you're thinking about hiring someone for your business, even if it's part-time or casual, then you need to start thinking about workers compensation insurance. In Australia, it's legally required in most states to have this insurance as soon as you employ someone. Don't assume things like they're casual or we're too small, we don't need it, or they've signed a waiver, so I'm off the hook. If they're working for you, then you're responsible for their safety and well-being at work. So, if you are planning to hire, be compliant today and make sure that you review workers compensation.

Who Manages Workers’ Comp in My State?

State / Territory	Who is the Main Manager/Insurer?	How to get insured?
New South Wales (NSW)	iCare (Government Insurer)	Apply for a policy directly through iCare or one of their contracted Claims Service Providers.
Victoria (VIC)	WorkSafe Victoria (Government Insurer)	Register with WorkSafe Victoria. Your policy is managed through WorkSafe's appointed claims agents.
Queensland (QLD)	WorkCover Queensland (Government Insurer)	Apply for a policy directly through WorkCover Queensland (the exclusive provider).
South Australia (SA)	ReturnToWorkSA (Government Insurer)	Register for cover with ReturnToWorkSA online or over the phone.
Western Australia (WA)	Private Insurance Companies	Contact a licensed insurance broker or an approved insurer to get a quote and policy. (Regulated by WorkCover WA)
Tasmania (TAS)	Private Insurance Companies	Contact a licensed insurance broker or an approved insurer to get a quote and policy. (Regulated by WorkSafe Tasmania)
Australian Capital Territory (ACT)	Private Insurance Companies	Contact a licensed insurance broker or an approved insurer to get a quote and policy. (Regulated by WorkSafe ACT)
Northern Territory (NT)	Private Insurance Companies	Contact a licensed insurance broker or an approved insurer to get a quote and policy. (Regulated by NT WorkSafe)

Do I still need Worker’s Compensation Insurance if my business is very small?

• You still need it. In most Australian states, workers’ compensation insurance is a legal requirement as soon as you employ someone. Check the rules in your state.
• Contractors may also need to be covered, depending on your state’s specific rules.

What are some common Workers’ Comp mistakes?

• Thinking contractors or casuals are automatically excluded. Most are still covered if they meet the “worker” definition in your state.
• Believing your business is too small or “low-risk” to need it. Even one employee usually triggers the requirement.
• Forgetting to update wages declarations. Under-declaring can lead to massive premiums adjustments and penalties.
• Assuming Public Liability Insurance covers injured employees. It doesn’t because that’s for customers or the public.

When to Get a Broker Involved

State rules differ significantly and premiums depend on industry, claims history and accurate wage reporting. An insurance broker can make sure you’re with the right insurer and not over- or under-insured.

Have a Quick Question?

Planning to check your Workers’ Compensation cover? Do you want to understand your state’s rules? Speak with Tank Insurance today. Tank’s team of experts can help you compare options for your business.

Related Terms

• Directors and Officers (D&O) Insurance – Directors can face personal liability for WHS breaches, making D&O cover an important companion to Workers Compensation.
• Insurance Premium – Workers Compensation premiums are calculated based on wages, industry classification, and claims history.