Workers compensation insurance assures that your organisation is covered for the costs that might follow a workplace-related injury or disease. The Workplace Injury Management and Workers Compensation Act 1988 (NSW) also regulates workers compensation insurance in NSW. Under the Workers Compensation Act 1987 (NSW), all employers in NSW (except exempt employers) must have a worker’s compensation policy.
If you don’t have one, your business may be fined or penalised up to $55,000 and/or six months’ imprisonment.
icare NSW Workers Compensation Insurance
icare was formed in September 2015 through the commencement of the State Insurance and Care Governance Act.
This Act also enabled the creation of two other government organisations to promote a simple, efficient and engaging experience for the people of NSW:
- State Insurance Regulatory Authority (SIRA): an independent insurance regulator
- SafeWork NSW: an independent workplace safety regulator
In NSW, icare insure more than 284,000 NSW employers and their 3.4 million employees. With more than $32 billion in assets, they are one of the largest insurance providers in Australia.
What is covered?
Workers Compensation Insurance will protect your business against the cost of supporting your injured worker and may include:
- weekly compensation benefits
- medical and hospital expenses
- rehabilitation services
- certain personal items (e.g. clothing or spectacles, if damaged in a work-related accident)
- lump sum payment for death or permanent impairment.
Duration of Policy
All policies are renewed for 12 months unless you request a shorter term. If you’re a small employer, the first period of insurance will run for 11 to 12 months from the day you take out the policy. This is because the policy must align with the end of a month.
As a policy holder, it’s your responsibility to meet specific employer obligations when an incident occurs. If a staff member covered by your policy informs you of a work-related injury or illness, you have an obligation to let us know within 48 hours.
You also need to:
- provide first aid and make sure your worker gets the right care in a timely manner
- record the incident in your register of injuries.
- help your worker to recover at work.
- pay $7,500 or less in annual wages,
- don’t employ an apprentice or trainee; and
- are not a member of a group for premium purposes
Arranging Insurance Cover
Disclaimer – “This material contains general information only and may not suit your particular circumstances. To decide if a policy is right for you please carefully read the relevant Product Disclosure Statement (PDS) and/or Policy wording. While we have exercised due care and skill in preparing this information, Optimum Insurance Services (Optimum) does not accept any legal responsibility or liability for negligence or otherwise to you or anyone else who seeks to rely on this information. This includes, without limitation, loss arising from a possible failure of the information to comply with statutory or regulatory requirements or the failure of the information to identify other terms and conditions beyond those considered in this document. You should obtain advice to ensure that your policy provides adequate cover for your circumstances.
“Optimum Insurance Services Pty Ltd is a Corporate Authorised Representative of Insurance Advisernet Australia Pty Ltd (Car No. 291220), Australian Financial Services Licence No 240549, ABN 15 003 886 687.”