Who needs a WorkSafe Injury Insurance policy?
If you engage workers or contractors deemed to be workers and you pay, or expect to pay, more than $7,500 a year in rateable remuneration or if you engage apprentices or trainees, you must take out a WorkSafe Injury Insurance policy.
This applies to you even if you are a small company, partnership or sole trader with only one or a small number of workers
Note: Incorporated contractors can still be deemed to be workers irrespective of whether the company has its own WorkSafe Injury Insurance policy.
If your worker has a work-related injury or illness and you do not have WorkSafe Injury Insurance in place, the benefits payable to the injured worker are guaranteed by WorkSafe. However, you may face penalties for failing to hold a policy and you may be liable for the full cost of any claims incurred while you were uninsured.
Penalties may also apply in the event that you underestimate your rateable remuneration or fail to notify your Agent of the correct figure within 28 days of exceeding your last estimate.
The minimum cost of WorkSafe Injury Insurance in 2010/11 is $172.70(including GST).
If you are not required to have a policy and one of your workers makes a claim for compensation, you must report the claim to WorkSafe or your Agent and pay a fee of $157.00 (GST not applicable).
