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Workers compensation insurance – Back to basics

Author: John Elliott
by John Elliott
Posted: Feb 23, 2015

It’s important not to forget about the people working for you when you are sorting out your insurance policies. Workers Compensation Insurance is necessary due to regulation and also will help to protect your back pocket should your employees become ill or injured whilst on the job. Here we will tell you what you need to know about Workers Compensation Insurance for your tradie business.

Working as trades person brings along some high risk situations not only for yourself and others, but also those working for you. As an employer you have the responsibility of making sure that your employees, subcontractors, or apprentices are safe. And if something does go wrong.

Workers Compensation Insurance in WA is mandatory by regulation for good reason. There is an important need to protect your business financially and ensure that if someone under your charge is injured or falls ill as a result of the work they are performing for you, they will be adequately compensated.

What are we talking about?

It covers the employer should workers become injured or ill due to the work they perform on the job. The costs of recovery, medical bills, loss of income, and home modifications if necessary, would all be covered by this insurance.

If you are a sole trader, you can’t take out this Insurance on yourself. To protect your own income you can take out a Personal Accident and Illness Insurance policy to help supplement your income whilst you personally are sick or injured and off work.

The grey lines occur when tradespeople are not sure if they are covered by their employer or not. If you are contractor, you still might be deemed an employee for the purpose of Workers Compensation and covered. If you are unsure, it’s best to check with your employer directly and seek professional help to ensure you are covered adequately from someone such as a broker. If you don’t have an ABN and you receive a wage, chances are you are covered by your employer. If you work for yourself and you pay people a wage – it’s likely you’ll need to obtain this insurance.

Those who are usually eligible include:

  • Employees
  • Apprentices
  • Trainees

Workers Compensation Insurance Quotes

Workers Compensation Insurance lets employers rest easy knowing that should someone under their care become injured or sick as a result of the work, they will stay financially secure. The price of your workers compensation premium will depend on the number of employees you have, the risk levels of the particular trade, your business size, and location amongst other factors.

As this is a mandatory insurance, it is important to check with your broker or relevant state WorkCover body to check that you are complying correctly.

If you require more information regarding Workers Compensation Insurance in Perth or WA, contact All Trades Cover today. We can give you a quick and easy online quote at www.alltradescover.com.au or call 1300 826 850 to chat to one of our staff members. All information provided above is of a general nature, if you need specific advice we recommend speaking to a broker.

If you’ve got more questions, we’re all over social media. Keep up with the latest updates on Facebook or Google, and check out our YouTube channel, too.

About the Author

AllTradescover is Australia's fastest growing trade insurance provider offering low cost tradesman liability insurance and public liability insurance packages. Request a quote today.

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Author: John Elliott

John Elliott

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Australia

Member since: Feb 23, 2015
Published articles: 21

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