Workcover 101 for new business owners

When starting a business, one of the first things we get asked is ‘do I need Workcover?’ If you don’t know, Workcover is a type of regulated insurance that covers workplace injuries for Victorian businesses. 

If you are starting out as a sole trader, and don’t employ anyone else, you don’t have to take out workcover insurance. We usually recommend that you do in any case, as it covers you for any injury you might receive on the job. 

Once you start employing people, or your business is a proprietary company that services more than one client, it is a legal requirement that you take out Workcover.

Workcover insurance is underwritten by several different companies. However it is a regulated insurance product, so all providers charge the same fees. The amount you are charged is based on your gross wages for the previous year. So the more staff you employ, the higher the cost will be. Need help taking out your Workcover? Contact us today.

Please note - this advice only applies to Victorian businesses. Other states may have different requirements.

Disclaimer

This information is intended to be general in nature and is not personal financial advice. It does not take into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided having regard to your objectives, financial situation and needs.