Insurance
Workers Compensation Insurance
Workers Compensation insurance covers your employees for work-related injury or illness, including medical costs and lost wages. It is compulsory in every Australian state and territory, with rules that differ by jurisdiction.
Do I need Workers Compensation insurance?
If you employ anyone, including many contractors deemed to be workers, you must hold Workers Compensation insurance. Operating without it attracts significant penalties.
What does it cover?
- Medical and rehabilitation expenses for injured workers
- Weekly payments while a worker cannot work
- Lump sum compensation for permanent impairment
- Employer legal liability, depending on the scheme
Important tips
- Declare wages accurately, including contractors who may be deemed workers. Audits are common.
- Early reporting and structured return-to-work programs reduce both human and premium cost.
- Rules differ between states. If you employ across borders you may need policies in more than one scheme.
General advice warning
The information on this page is general advice only. It does not take into account your objectives, financial situation or needs. Before acting on it, consider whether it is appropriate for you, and read the relevant Product Disclosure Statement before deciding to buy or hold any insurance product.
How Loyed can help
We arrange policies in the states where you employ, help you classify wages correctly, and support you through claims and premium reviews.
Request a quote
Tell us a little about your business and a member of the Loyed team will contact you within one business day.