Workcover insurance provides all employees with financial protection from loss of income and loss of other benefits while on the job. This pays for the expenses incurred when one has to be away from work due to illness or accident. This policy is intended to provide employees with peace of mind that should any unexpected event occur during their working hours; their employer will adequately cover them.
Workcover is a statutory employer insurance scheme. An employer is required to have an expert Workcover Perth insurance policy if he employs an apprentice, or pays part-time workers, or hires a casual employee. The annual remuneration of their full-time employees (i.e. wage bill) exceeding $7500, falls within the definition of the policy.
However, there are limitations to the coverage of this type of policy. If the employer does not offer the right Cover, then the employee can take out separate Cover. In this case, the two policies will compete for the same funds, and this may result in an employee taking out more than one of them. This is referred to as dual-pay protection. It is also possible that the employer’s offer of Work Cover may not include any financial protection cover.
Know that expert Workcover Perth also provides a variety of protection for the employer. This may include claims payment, accident benefit and liability. Any claims paid by the employer on the employee’s behalf would be taken care of by the Employer Benefit Trust, which holds the funds in a trust and dispenses the benefit to the employee on the employee’s behalf.
The third advantage to having a Workcover policy is that it reduces the risk that the employer may be made liable if someone suffers an injury at work. It is illegal for employers to make their workers liable in case of accidents on the job. For this reason, the employer is required by law to offer all eligible employees a minimum of four days of regular leave per year, and an equivalent number of sick leave days and holiday days, with no deduction for days of absence.
Workcover also provides some options, ranging from the least expensive to the most expensive, to suit different types of employers. The minimum benefit offered is usually twelve days, plus five days for each extra day paid at no extra cost, and with reduced premiums.
Workcover can be used by employees of all levels of the company. It is not a compulsory insurance scheme. You may choose to have either comprehensive or minimum benefit cover or other Cover as an alternative to a policy you already have in place.
If you are self-employed, you may not need to have Workcover, but you may want to consider taking out an additional policy. You should do this as soon as possible because the cost of ensuring your business could rise over time, and you could find that the benefits cover too little to cover the risks involved in your business.
When you have started looking for a good cover, you will find that there are so many available to choose from that it can become confusing. However, it is worth making sure that you take the time to compare different plans so that you can get a good idea about how much they cover and what you could expect to get back from them should you need them.
Make sure that the policy you choose covers you fully for the risks you have in your business. It may be useful to buy more than one type of Cover if the risks involved vary from one company to another. For example, if your business deals with some machinery, then the benefits cover may not give you as much as you would if your business dealt with more human beings.
Be prepared to hire a lawyer when something does happen to you while on the job. Lawyers who are experts in the field of worker’s comp will ensure your claims gets the proper attention and compensation from your employer and the insurance company that provides the cover.