Workers Compensation Insurance is complex and changes based on what state you’re in. At CIG Insurance, we can help you manage risk, reduce costs and protect your people accordingly.

In NSW, it’s actually a mandated legal requirement to protect your team with Workers Compensation. Not only does it provide a critical safety net for your employees, it also protects your business by ensuring you remain compliant with regulatory requirements.

From our office in Hurstville, CIG Insurance can help you navigate the Australian insurance market to ensure you find Workers Compensation that is tailored to your demands and doesn’t leave you vulnerable when you need it the most.

With 20 years of experience matching businesses with robust Workers Compensation, speak to our specialists today or keep reading to find out more.

What is Workers Compensation Insurance?

Workers Compensation insurance is a critical cover that protects your employees if they become ill or injured as a result of their work, paying for wages, medical costs, or rehabilitation expenses that may be incurred.

As a statutory requirement in New South Wales regulated under the SIRA framework, there is no opt-out option. Holding adequate Workers Compensation cover means that if an accident does occur in the workplace, any claim costs will be covered by insurance, rather than coming out of your budget.

Accidents do happen. Workers Compensation makes sure you’re prepared while protecting your balance book.

Who Needs Workers Compensation Insurance?

Regardless of your business size and structure, any employer who hires employees is legally required to hold Workers Compensation insurance, even if only one employee works for you.

At CIG insurance, we typically arrange cover for:

  • Childcare and daycare operators
  • Registered NDIS providers
  • IT companies and tech firms
  • Financial planning and advisory firms
  • Motor fleet operators
  • Rock climbing and bouldering facilities
  • General small-to-medium businesses (SMEs)

What Does Workers Compensation Cover?

The scope of Workers Compensation certainly has its limits, which are important to understand before deciding on a policy. While designed to protect both the worker and the employer, there are boundaries to bear in mind:

Covered:

  • Weekly income replacement for injured staff
  • Medical, hospital and surgical expenses
  • Rehabilitation and return-to-work costs
  • Lump sum payments for permanent impairment

Not Covered:

  • Self-inflicted injuries
  • Injuries occurring outside of employment duties
  • Misclassified contractors
  • Claims involving serious misconduct.

How a Broker Makes Workers Comp Easier

When you need to find a Workers Compensation policy that works for you and covers your unique business risks, a broker simplifies the process and makes sure to find you the best terms. With expert knowledge of the complex insurance landscape, a broker leverages their industry expertise and knowledge to navigate the market for you and negotiate the best conditions and pricing for your insurance policy.

The benefits include:

  • Industry Comparison: We assess your unique business needs and compare the options that are best suited to your structure.
  • Full Claims Support: We’re by your side throughout the claims process, taking the stress off your hands.
  • Ongoing Policy Reviews: We ensure your policy evolves and grows alongside your business as well as if regulations shift.

Business Insurance Services We Also Cover

At CIG insurance, we have a comprehensive suite of commercial insurance products:

Public & Products Liability Insurance

Public liability covers incidents that happen due to your work. Product liability deals with things you manufacture, sell, install or distribute. For many industries, this insurance is mandatory for on-site work.

Professional Indemnity Insurance

This is about advice, design, documentation, planning, or decisions that cause financial loss to others. Professional indemnity protects you against claims of error, oversight, or negligence, even if you believe you did everything right.

Property & Commercial Contents Insurance

This policy protects the physical assets of your business against things like fire, theft, impact damage, storms and malicious acts. Without it, a damaged premise or stolen stock load comes straight out of your pocket.

Cyber Liability Insurance

Cyber threats don’t just hit large companies anymore. In fact, small businesses are the easiest targets for phishing, ransomware, system hacks, data breaches, and more.

Business Interruption Insurance

Business interruption insurance is about keeping cash flow moving when things stop. This cover helps pay wages, rent, overheads, and lost income during downtime, so the business survives long enough to recover.

Commercial Vehicle & Fleet Insurance

Utes, vans, delivery vehicles, entire fleets, and more, commercial vehicle insurance gets you back on the road quickly after accidents and damage. Time off-road equals lost revenue; hence, fleet cover is about reducing downtime.

Management Liability Insurance

This protects directors, business owners, and managers personally. It covers things like:

  • Fair Work claims
  • Unfair dismissal
  • Employee disputes
  • Regulatory investigation
  • Personal liability for management decisions

Curious about Workers Compensation Insurance?

Speak To One Of Our Brokers Today