Workers compensation insurance is a legal requirement to protect your business from financial costs if a worker sustains a work-related injury. It also protects injured workers by providing income compensation payments to cover loss of earnings, payment of reasonable medical and health expenses, and other entitlements.
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Understanding workers’ compensation legislation can be challenging, especially since each state and territory has its own set of rules and requirements. That’s why businesses trust Matrix Insurance to find workers’ compensation insurance packages that best suit their unique needs.
Workers’ Compensation premiums are determined by a number of factors including type of work performed, amount of wages and claims history. Your business will be assigned an industry classification code, which the insurance company uses as a base to calculate your insurance premium.
With multiple workers’ compensation insurers available, Matrix Insurance has access to all of them, ensuring we can find the best rate and appropriate industry code to best suit your business.
Whether you’re operating as a sole trader, partnership, or company, Matrix Insurance makes sure that you have the right workers’ compensation policy to protect both your business and employees.
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.
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 needs 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 contribute to the cost of workers compensation, and finding the right cover for your business is essential. There are currently five different workers compensation insurers in Western Australia, and Matrix Insurance can access them all on your behalf.
