Why your business needs worker compensation insurance
No matter which trade you work in, there will be risks faced by your staff. While having the right safety systems in place can go a long way to helping you resolve these issues, you will also need to have other processes in place in case something does go wrong.
For this you will almost definitely need worker compensation insurance, as a support mechanism in case an accident occurs on site. So what are the advantages of having a workers compensation policy?
The most obvious benefit of workers compensation insurance is that it will save your business a lot of money if an accident occurs in your workplace. Workers compensation can be very expensive for a company, with medical costs and ongoing wage payments quickly adding up.
There is also a personal aspect to having the right levels of cover as a tradie. Disagreements with staff members over worker compensation can have big repercussions for overall morale, with employee-worker relations often strained by compensation claims.
Having insurance for these instances can ensure that your relations with staff can continue unimpeded, no matter what accidents occur in your workplace.
Another issue which worker compensation can help with is retaining valuable staff members. The Australian Law reform Commission suggest that, as the population ages, worker compensation is going to become more important as a tool for keeping people in the labour force.
Having the right mechanisms in place to ensure that injured staff get back to work as quickly as possible will be an invaluable help, especially for tradies facing a skills shortage.
Finally, one of the biggest benefits for workers compensation insurance is the peace of mind that this can offer you. Accidents are inevitable, but there is no reason that these should be keeping you up at night or costing your business a lot of money if they do happen.