From the 1st of July 2008, anyone paying less than $7,500 in annual wages will no longer require workers compensation insurance with their home or residential strata policy.
Workers compensation coverage will automatically be removed from the home or residential strata policy when it renews after the 30th of June 2008 for risks situated in NSW.
If you expect to pay more than $7,500 in wages you are still required to have a current policy and should contact our office to arrange this for you.
In the event of a claim taking place you will still be covered due to the laws put in place. If this does occur you will need to contact WorkCover to report the claim.
Workers Compensation provides valuable protection to workers and their employers in the event of a workplace related injury or disease. Through workers compensation, injured workers can receive weekly payments to cover loss of earning capacity, payment of medical expenses and vocational rehabilitation expenses, where necessary to assist them to return to work.
All NSW Employers paying in excess of $7,500 wages per year must have a Workers Compensation Policy to insure themselves against compensation claims for workplace injuries. Workcover NSW regulates the New South Wales Workers Compensation System. The system is comprised of:
The New South Wales Workers Compensation Scheme
Self and Specialised insurers who bear their own liabilities and claims risk
Treasury managed fund
The scheme comprises of funds from premiums and investment income and provides insurance for injured workers in NSW. Seven organisations operate as agents in the scheme and deliver claims and policy services under commercial contracts.
The system operates under the Workers Compensation Act 1987 and The Workplace Injury Management and Workers Compensation Act 1998. Recent changes to Workers Compensation aim to produce a financially viable scheme that is fair and affordable for employers and improves outcomes for injured workers.