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Workers Compensation Insurance Australia: Protecting Your Business and Employees
As a responsible employer in Australia, it is your duty to ensure that your employees are safe while they work for you. However, accidents can happen, and when they do, having workers' compensation insurance can provide financial protection for both you and your employees.
At Connect Business Insurance, we understand the importance of having the right insurance coverage for your business. Our comprehensive workers' compensation Western Australia policies are designed to meet the unique needs of your business, providing you with peace of mind and protection when you need it the most.
Workers Compensation Insurance Cost
While your insurance professional can address your unique circumstances, it is often a wise decision for renters or lessees to get insurance cover for property and equipment. If you're unsure about your specific circumstances, contact our expert team today.
Here's An Example:
Hope leases a storefront for her day spa. While she does not own the building, she has a large amount of money invested in all of the equipment needed to serve her customers, as well as the items that make her spa stand out from the competition.Suppose a fire destroys the building. Most, if not all, of Hope’s equipment and decorative items will also be lost. If she does not have the necessary cover, Hope will experience a tremendous financial loss. The loss could be significant enough to force her to close her business permanently.However, if Hope has insurance that covers the property and equipment, she will be able to replace the things needed to operate her business.
- In the 2016-2017 fiscal year, there were 106,260 serious workers compensation claims filed
- The median amount of compensation paid per claim $11,500
- Work-related injury or illness costs the Australian economy $61.8bn
The cost of workers' compensation insurance in Australia can vary depending on several factors such as the size of your business, the industry you operate in, and your claims history. At Connect Business Insurance, we can provide you with a competitive quote for your workers' compensation insurance policy that meets the needs of your business.
We understand that cost is an essential factor when it comes to choosing the right insurance policy for your business. Our experienced brokers can provide you with advice on risk management strategies that can help you reduce the likelihood of workplace accidents and claims, thus lowering your insurance costs.
Safe Work Australia, Key Work Health Safety Statistics 2014
"Penalties awarded against companies and its directors or officers for work health safety breaches have increased by 43% to $22.3 million in one year. Penalties now average $62,000 per company."
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Did You Know?
Many businesses think it won't happen to them, but statistics show otherwise. In fact:
(Chubb 2016 Private Company Risk Survey)
The likelihood of a claim that could be covered by a Management Liability policy has tripled in the last five years, with 50% of notifications resulting in a claim.
Chubb 2016 Private Company Risk Survey
The most common claims are for employment practices like bullying, harassment and wrongful dismissal.
Chub, 2016 Private Company Risk Survey
Major claims by amount relate to crime - including employee fraud.
Workers Compensation Insurance Cost
- In the 2016-2017 fiscal year, there were 106,260 serious workers compensation claims filed
- The median amount of compensation paid per claim $11,500
- Work-related injury or illness costs the Australian economy $61.8bn
The cost of workers' compensation insurance in Australia can vary depending on several factors such as the size of your business, the industry you operate in, and your claims history. At Connect Business Insurance, we can provide you with a competitive quote for your workers' compensation insurance policy that meets the needs of your business.
We understand that cost is an essential factor when it comes to choosing the right insurance policy for your business. Our experienced brokers can provide you with advice on risk management strategies that can help you reduce the likelihood of workplace accidents and claims, thus lowering your insurance costs.
Workers Compensation Insurance: A Legal Requirement
Workers' compensation insurance is a legal requirement for all Australian employers. It is regulated by each state and territory, and as an employer, you are obligated to provide workers' compensation insurance coverage for your employees.
Workers compensation insurance covers the cost of medical treatment, rehabilitation, and lost wages if your employees are injured at work or suffer from an illness caused by their work. Having workers' compensation insurance can help ease the financial burden on your employees and their families during a difficult time.
Workers Compensation Insurance Quote
At Connect Business Insurance, we make obtaining a workers' compensation insurance quote simple and straightforward. You can fill out our online quote request form, and we will get back to you as soon as possible. Alternatively, you can give us a call, and one of our experienced brokers will assist you in finding the right workers' compensation insurance policy for your business.
Workers Compensation Insurance Case Study
Mary works entering data for a shipping company. After many years on the job, she develops carpal tunnel syndrome. Mary’s pain is excessive, and she is unable to work.
After an evaluation, medical staff reported Mary’s condition stemmed from the constant repetitive typing. She will need to take time away from work while she rests the injury and receives treatment with medication and physiotherapy.
Mary’s employer claimed this on the workers compensation cover. They also improved conditions for the data entry department to prevent injuries to other employees.
Why Choose Connect Business Insurance for Your Workers Compensation Insurance Needs in Australia?
At Connect Business Insurance, we are committed to providing our clients with the best possible insurance coverage and service. We offer several benefits to our clients, which include:
- Experience: Our team of insurance brokers has extensive experience in helping businesses of all sizes find the right insurance coverage.
- Personalized Service: We take the time to understand your unique needs and provide you with customized insurance solutions.
- Competitive Pricing: We work with a range of insurance providers to find you the best possible pricing on your insurance policy.
- Claims Support: In the event of a claim, our team is here to provide you with support and guidance every step of the way.
- Risk Management Advice: We can provide you with advice on risk management strategies that can help you reduce the likelihood of workplace accidents and claims.
Protect your business and employees by obtaining workers' compensation insurance in WA coverage today. Contact Connect Business Insurance to learn more about our workers' compensation insurance policies and how we can help protect your business and your employees.
