Risk is an inherent element in any business undertaking. There is always a chance that something will not go according to your expectations, putting you in an awkward position. The sooner you recognise this aspect, the faster you can take measures to mitigate the effects of unprecedented events. Indeed, insurance policies are one of the safest ways of safeguarding your business against many liabilities, damage and loss. Modern insurance providers keep track of the evolving business risks and tailor-make their policies to suit your business needs.
Almost every workplace faces some form of work-related injuries or illness, such as stress and depression, falls and equipment malfunction. Therefore, every business must prepare for such eventualities by taking insurance cover for its employees to cater for medical expenses and wage compensation. In Australia, each state or territory has laws and regulations that govern workers' compensation insurance. This article highlights some top facts about Australia's workers' compensation insurance. The information is useful for businesses to remain compliant with state or territory laws.