Is your business a Pty Ltd company? As a Director, you’ve probably spent some time sorting out workers compensation insurance for your staff – but have you covered yourself?
You might not know this, but as a Director of a company, you’re not included for cover under workers compensation insurance unless you are specifically included on the policy.
If a work-related accident or injury comes knocking on your door, you don’t want to be caught unprepared. So, as a working director, it’s worth spending a few minutes looking at your workers compensation insurance policy to make sure you’re specified for coverage.
Watch the video below to find out more about WA workers compensation:
The cost of a workers comp premium
How much does workers compensation insurance cost? Premiums start at around $400 a year for Directors in a low-risk profession, which isn’t bad considering it’ll pay for your costs if you injure yourself at work.
If you’re mostly stuck in front of a computer, then this is probably the kind of cover you will need. Before you think it’s not worth it – that you’re unlikely to hurt yourself in front of a computer – the policy will also cover you in case you get in a car accident on the way to visiting a client.
Or if you develop a RSI (repetitive strain injury) from holding power tools for too long, it would cover you for that.
The difference between workers compensation and income protection
A workers compensation policy isn’t as comprehensive as income protection. While workers comp covers you for injuries or illnesses you get from work, income protection will pay you out even if you injure yourself outside of your workplace and are unable to work.
But also don’t underestimate what workers comp can do for you when you need it. It’s your financial safety net, supporting you with medical expenses, lost wages, and even rehabilitation. So, when life throws you a curveball, you can bounce back and rock your trade like a pro.
Updating your policy
Workers compensation insurance gives you solid protection without breaking the bank. Don’t gamble with your future – use this cost-effective cover to shield yourself and your business against unexpected hurdles.
If you’re a company director and you’re not sure whether you’re covered under workers comp, get in touch with us today and we can extend your policy.
Don’t keep us in the dark—let us know, and we’ll extend your policy to cover working directors such as yourself.
