Insurance & workers' compensation

It's essential to arrange insurance when you're in business - this may include insuring your company, your income and your commercial risk. Taking out the right insurance will help protect your business and minimise its exposure to risk.

The types of insurance required for running your business will vary depending on:

  • the type of business you’re running
  • the structure of your business
  • its size
  • which industry you belong to.

There will also be certain types of insurance that are compulsory, such as:

  • workers' compensation insurance - if you employ people in your business
  • third party personal injury insurance - for any motor vehicles you own
  • public liability insurance - for certain types of companies.

Even if insurance is not compulsory, taking out the right insurance can help protect your business and minimise its exposure to risk.

Workers' compensation

In the event of a work-related accident or illness, occupational health and safety (OH&S) and work health and safety (WHS) laws require that injured workers have access to first aid, workers' compensation and return to work rehabilitation.

It's your responsibility as an employer to:

  • maintain a safe workplace
  • maintain current workers' compensation insurance
  • protect yourself and your workers from financial hardship in the event of a workplace injury.

Read more about workers' compensation on the Safe Work Australia website.

Workers' compensation and contractors

If you employ a contractor to perform duties for your business, you should check to see whether you have workers' compensation liability under WHS/OH&S laws in your state or territory. Check with your local workers' compensation authority listed on insurance in your state or territory.

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