What is Workers compensation?
Payroll & people. A plain-English definition for Australian business owners.
Workers compensation is mandatory insurance covering employees for work-related injury or illness.
Schemes are state-based: NSW (icare), VIC (WorkSafe), QLD (WorkCover Queensland), and so on. Premiums are calculated against wages and industry risk classification. Failure to maintain current cover exposes the business to direct liability for claims plus penalties.
In a connected back office this sits with the People hub, where Valont runs award compliance, hr & ir advisory and employer advice line for Australian SMEs as one team. The full definition set is on the glossary.
Talk to an Advisor
General information, not advice. For how this applies to your business, talk it through with a Trusted Advisor or start with the Business Health Check.