Workers' compensation insurance is important insurance for any business. It provides financial protection for employees who are injured at work, as well as their dependants in case of death. There are many factors to consider when choosing the best workers comp insurance in Australia, these include:
1. The Size Of Your Business
The size of your business is the first thing to consider when you're looking for workers' compensation insurance in Australia. The bigger your company, the more risk there is that injuries or accidents will happen on the job.
Your liability for workers' compensation will depend on how many employees you have and how many hours they work each week. You can also get different levels of coverage depending on how many employees you have, so it's worth finding out what options are available to you before making a purchase.
2. Type Of Work Performed By Employees
The type of work your employees do is another factor to consider when choosing a workers' compensation policy. If they do manual labor jobs that require heavy lifting and other strenuous physical tasks, they may be at greater risk of injury than someone who works in an office environment.
It's also important to think about what type of equipment they use at work — if they use any machinery like forklifts or heavy machinery, then there's a higher chance that they could be injured in an accident involving these items.
3. Risk Factors Associated With Your Industry
The type of industry you're in is another factor that can affect how much you pay for workers' compensation. For instance, if your business is located near heavy traffic or trains, there's a greater chance that your employees could be injured on the job. Other examples of risky industries include construction, manufacturing, and agriculture — these types of businesses tend to have more accidents than others because they involve dangerous machinery and tools that could cause injuries if not used properly.
You may need coverage with higher premiums if you work in a particularly risky industry.
4. The Frequency And Severity Of Claims Made Against You
If you have a history of claims, this will affect how much you pay for workers' compensation insurance. The more claims your business has made, the higher your premiums will be. If your company has a good safety record and rarely makes claims, it might qualify for lower premiums.
To find out more about which type of workers' compensation insurance is right for your business, contact an agent today.
Contact a local company like Westralian Insurance.
