For employers and staff, workers compensation isn’t just a nice-to-have – it’s a mandatory requirement for all employers in Australia, making it one area where companies have to secure the right policies for their needs.
Because of the significant monetary outlay, companies will often look to an expert broker to help them navigate their workers compensation needs. At Trans-West Insurance Brokers, we have many years of experience helping companies get the right cover, calculating their premiums effectively and managing any claims properly to help employees back to work.
When a worker is injured, being able to work with an insurance broker will ensure the claim is processed quickly and secures a positive outcome for the injured employee, with minimal disruption for the employer.
There are three levels of injury that a worker might experience, each of which comes with different obligations for your organisation as the policyholder. These include:
- Notification-only claims. These are for minor injuries such as bruising or lacerations that don’t require medical attention beyond any initial first aid. There’s a short process to run through to notify your insurance broker, and a quick call to confirm the employee didn’t require further medical attention.
- Medical expense-only claims. A claim will fall into this category if a worker requires more care beyond first aid at the scene of an accident. The injured employee will need a Work Cover certificate from their doctor confirming the treatment programme they need and how they will return to work.
- Time loss and medical expenses claims. These claims will be for the most serious injuries, when a worker is unable to return to the same role they were in pre-injury, or are unable to work the same number of hours. In this case, the business will need to gather additional information to demonstrate how the employee’s ability to work is affected by the accident.
Nationally, the first two types of claims won’t affect premiums, however in NSW, a time loss and medical expense claim will have a bearing. For an employer, the most important thing to do is make sure any claim is started immediately after an injury to ensure the process runs smoothly and supports their injured worker.
The premiums that come with an insurance policy are one of the reasons many businesses choose to work with a broker like Trans-West. The processes involved here can be complex, and working with a broker can help companies save time and money in the long run.
Workers compensation insurance is somewhat unique; unlike other insurance policies, it won’t cancel if the policy-holder doesn’t renew it, it will simply roll over. As the premiums change over time as a result of injured workers lodging a claim to cover their injuries, this can leave employers with a significant cost they weren’t aware they were accruing.
The premium that a company pays will also depend on their size. The state in which the employer holds their policy will also dictate whether the employer will be assessed as small, medium or large. As each state has its own unique definitions and applicable premium calculations for each of the different categories.
Trans-West Insurance Brokers have over 50 years of combined experience helping firms navigate their workers compensation needs. We help companies make sure their premiums are being calculated correctly, so they aren’t paying the wrong premium. Thanks to our expertise in this space, we can also help by forecasting premium costs for the business, so workers compensation premiums don’t adversely impact overall finances.
When an injury does occur a company has to make a claim, our team will help with every step of the process. We’ll put a strategy in place to mitigate the financial impact for the business and actively manage the claim to ensure the employee’s case is handled effectively, to help them get back to work sooner.
We also work with businesses to make sure they’re compliant with all the relevant state legislation covering workers compensation, so they are sure they’re compliant and meeting their obligations under the scheme.
So, if you want to get your business in the right place to deal with any workers compensation insurance claims that may come your way, contact Trans-West Insurance Brokers today.
Located in New South Wales
Trans-West Insurance Brokers Pty Ltd
79 Bathurst Street Liverpool
NSW 2170 Australia
Ph (61) 2 9601 7166 Fax (61) 2 9821 2010