Workers Compensation

What is Workers Compensation Insurance?

You’re busy running a business - managing projects, meeting deadlines, looking after employees and clients. Out of nowhere, an unforeseen accident occurs, and a worker is injured.

Without Workers Compensation cover, you could find yourself in serious trouble. Did you know that workers compensation is a compulsory, statutory form of insurance for all employers?

This insurance policy covers any worker who is injured as a result of their work for your business.

Do I need Workers Compensation Insurance?

If your business employs or hires workers on a full time, part time or casual basis, either on a written or oral contract, you need to have Worker's Compensation insurance. It is a legal obligation, and there are no exemptions in the Northern Territory.

Even if you are employing sub-contractors/ABN holders, you should still have this insurance cover. In the event of an accident, contractors may claim that they are in fact workers which will put your business at risk.

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What can Workers Compensation cover?

Injury to a worker

Covers compensation for worker’s loss of earnings; medical and hospital expenses; rehabilitation to assist in getting back to work; and a lump sum payment for permanent impairment.

Director of the company

Covered under workers compensation policy if their personal details and salary are disclosed to the approved insurer.

Business owner’s family members (if an individual or partnership)

Covered under workers compensation policy if their personal details and salary are disclosed to the approver insurer

What is not typically covered?

Workers Compensation covers all injuries incurred whilst working for your employee.

How we get the right cover for your business

At IRS, our business is protecting your business. As independent advisors, we provide personal, tailored advice for Territory businesses. We work with you and consider a number of factors, to find you the best cover and at the most affordable price. Some of the questions we’ll consider include:

How many employees and sub-contractors do you employ?
What are your state rules and regulations for coverage?
What potential risks, and level of risks, could your employees be exposed to?
What potential accidents could happen in the business that results in an employee injury?
Are there family members to cover as part of your workers’ compensation?