Are You Covered?

Did you know – If businesses you control have workers (including apprentices and trainees) and pay wages of more than $7,500 pa. in total, then you are required to maintain a workers compensation policy. If you are the owner of a partnership or sole trader business and you are injured on the tools, then this insurance will not pay you a claim, it is only for workers engaged by you.

It gets more complex… some contractors may be deemed to be workers for and should be covered by your workers compensation policy. This is often over looked when assessing the level of “wages” you need to declare for workers compensation purposes. Also be sure you remember to include the superannuation paid on behalf of your workers as this forms part of the wages declaration that is required annually to renew your policy. If you pay contractors, make sure you check with us so that you know you are declaring the right level of wages.

Finally, even if your wages are less than $7,500, consider if you would prefer to cover the risk of an employee being injured using workers compensation insurance?

Posted 14.3.17

The information we are providing to you is purely factual in nature and does not take into account all of your personal objectives, situations or needs.  The information is objectively ascertainable and, therefore, does not constitute as financial product advice.  If you require personal advice you should consult an appropriately licenced person or authorised financial advisor, such as HQB Financial Solutions Pty Ltd.