Insurance and Premiums
If a workplace injury or disease occurs, workers and employers are protected by the NSW workers compensation scheme. The scheme is in place to help maintain a financially viable workers compensation system that is fair and affordable for employers and improves outcomes for injured workers. The scheme is in place to give workers injured in the workplace medical and financial support. It is funded by premiums that are paid by the employers. The amount of premium that is paid by the employer depends on a few factors including the:
- industry in which you operate
- amount of wages paid to your workers
- costs of any claims made by your injured workers and
- Dust diseases levy.
If an injury does occur in the workplace, the employer will be covered for the cost of compensation to the worker that is injured, provided the employer has a ‘workers compensation insurance policy’. Due to the workers compensation system, any injured worker may be able to get compensation in the form of:
- weekly payments
- lump sum payments for permanent impairment (and pain and suffering where applicable)
- payment of medical and hospital expenses and rehabilitation assistance.
Read more about this topic: Work Cover Authority Of New South Wales
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