What is Workers Compensation Insurance?

Workers compensation insurance or compo is becoming more popular across Australia. It is a form of insurance that replaces your wages and provides medical benefits in the event that you are injured as a result of your employment.

Provisions can be made in the form of wage replacements, compensation for economic loss, reimbursement or payment of medical and like expenses, and benefits paid to dependents of workers who are killed. General damages for pain and suffering and damages for employer negligence are generally not available.

Who is it for

Almost every company with employees is required to have workers compensation insurance. Many companies take out an overall insurance package that covers all employees, so they do not have to worry about taking out multiple policies. Workers compensation actually benefits employers in that the claims do not cost the business. This means that in the event of an employee getting injured, business can continue as normal.

Buying Workers Compensation Insurance

All the major insurers provide workers compensation online. Allianz and GIO are among the most competitive, offering some excellent deals for first time and current customers. As with all insurance products, premiums can vary considerably so it pays to shop around. Online tools can help you determine which company offers the best deal to suit your needs.