Workers’ compensation insurance also protects injured workers by providing weekly payments to cover loss of earning capacity, payment of reasonable medical and rehabilitation expenses, and other entitlements.
Understanding workers compensation legislation can be overwhelming and each state and territory has different legislation and requirements. That’s why we have been continually trusted to find workers’ compensation insurance packages that best fit our clients’ businesses.
For example, in Western Australia, workers’ compensation premiums are calculated by recommended industry rates set by WorkCover WA. Your business will be assigned an industry classification code which is at the discretion of your insurance company.
The insurer can then either load or discount the rate depending on a number of factors such as claims history and the operational risk of the business. There are currently seven different workers compensation insurers in Western Australia and Matrix Insurance can access them all on your behalf.
Whether your business operates as a sole trader, partnership or company, Matrix Insurance will ensure you have the correct policy in place to protect your business and company employees from injury at work.
Learn more about workers compensation and how it can affect your business by reading our frequently asked questions. If you have any further queries or would like to talk more about workers compensation, get in contact with Matrix Insurance.
Workers compensation is a form of compulsory business insurance which provides wage replacement and medical reparations to employees who are injured in the duties of their employment in exchange for their forfeiture of the right to sue their employer for negligence. This has been legislated state by state since the ACT in 1951 and is outlined by the WA state government in the Workers Compensation and Injury Management Act 1981.
Workers compensation aims to protect both workers and employers from injury or loss due to negligence. Workers are allocated a weekly payment to cover loss of earning capacity, payment of reasonable medical and rehabilitation expenses, as well as other entitlements. Making this insurance compulsory ensures that both employees and employers are protected from damages caused by negligence in all cases. This allows for better workplace environments and extinguishes the potential of hostile legal proceedings between employer and employee.
Workers compensation is intended to cover damages and injury caused by negligence in the workplace. It commonly covers the loss of earning potential in the form of weekly payments, medical treatment and rehabilitation as well as a range of other costs inclusive of future earnings. Workers compensation also protects employers from potentially crippling costs resulting from legal action due to business negligence. The cover that your business need Is dependent on a set of legislation codes and regulations set by the state government of WA and are based on your industry classification code.
There are many factors that attribute to the cost of workers compensation and can lead to your business getting the most appropriate cover for its needs! There are currently seven different workers compensation insurers in Western Australia and Matrix Insurance can access them all on your behalf. Contact us here.
If you have experienced loss in the workplace to your health or property, immediately seek first aid and report the injury or loss to your employer. After this step, communicate with your employer that you would like to make a claim and that they need to submit the appropriate documents through the workcover.wa.gov.au website. You will also need to see a doctor as soon as possible and attain a ‘First Certificate of Capacity’. Once all of these documents have been compiled and submitted, the insurer will notify you within 14 days as to the status of your claim.