If you run a business in Australia and have employees, you need workers compensation insurance.
Workers compensation insurance protects your employees against financial hardship (by covering wages and medical expenses) if they are injured or become sick because of their work.
In this article, we’ll outline what to look for in workers compensation cover and share our recommendations for how to find the best in Canberra. Let’s get started.
What should you consider when choosing workers compensation cover?
In the ACT, workers compensation insurance can only be issued by an approved workers compensation insurance provider. But that doesn’t mean that all approved providers offer identical service and policies for an identical premium.
Working with an insurance broker can help take the stress out of finding the right cover for your business. In the event that an employee does need to make a workers compensation claim, an insurance broker can also handle the more complicated and time-consuming elements, such as interacting with the insurance agency on your behalf.
Here are a few things we recommend keeping in mind when choosing a workers compensation insurance broker:
- Qualifications and experience. Don’t be afraid to ask about your broker’s educational background and qualifications. They should have an Australian Financial Services Licence and be either a Practicing Insurance Broker (QPIB) or Certified Insurance Professional (CIP).
- Value for money. The best workers compensation insurance isn’t necessarily through the cheapest provider. Do your research to ensure that you’re getting comprehensive cover for a competitive price.
- Local knowledge. Each state and territory has different workers compensation requirements and responsibilities. The broker you choose, therefore, should specialise in ACT workers compensation (or the type of workers compensation relevant to your location and business).
- Honesty and integrity. Do your homework about the broker you’re considering. Have they been in business for a long time? What do other businesses say about their services? Are they committed to being honest and transparent with their clients?
The top workers compensation insurance brokers in Canberra – according to you
RiotACT’s editorial team has combed through 19 years of on-site comments to compile a list of the most recommended businesses according to you.
To be listed in our Best of Canberra series, each business needs to have consistently received positive feedback on RiotACT and Facebook as well as maintaining a minimum average of 4/5 stars on Google.
Workers compensation can be a difficult area to navigate. Which laws apply to your business? Do you need insurance cover for contractors as well as employees? How can you be sure you’re getting the best possible deal?
Fortunately for Canberra businesses, allinsure is here to make workers compensation insurance clear and easy to understand. Its Fyshwick-based team offers custom insurance packages to suit your business, with a focus on delivering superior client service and fostering strong, long-term relationships.
allinsure is a corporate authorised representative of Insurance Advisernet, one of Australia’s largest networks of independent insurance advisers. This relationship provides financial strength, business efficiencies and buying power that spans every major insurer in Australia and New Zealand, as well as major overseas insurers when required.
Customer Brad shared his experience with allinsure in a Facebook review: “Great people, great service. Love these guys, walked me though everything and made the whole process very easy. So professional, if you need insurance, these are the guys to go to.”
If you need workers compensation insurance for a small or medium business, PSC Insurance Brokers could be the broker for you. It’s a national insurance brokerage with a strong Canberra presence, and it provides cost-effective insurance advice and solutions.
PSC Insurance Brokers recognises that there’s more to complying with workplace health and safety regulations than just taking out a workers compensation policy. Its holistic approach involves working collaboratively and acting as an extension of your HR, OH&S and industrial relations teams.
Hamilton Brokers has provided general insurance brokerage services in the ACT since 1974. Based in Fyshwick and billed as “Canberra’s business insurance specialist,” Hamilton Brokers recognises that most people aren’t insurance experts.
Its team takes the mystique and red tape from the fine print to tell you want you really need to know.
Your experience buying workers compensation insurance in Canberra
Thanks to our commenters who have provided insightful feedback. If you believe we have got it wrong, please let us know.
Have you had experience with any of the workers compensation insurance providers listed above? If so, share your feedback in the comments below.