WorkCover insurance (also known as worker’s compensation cover) is a form of protection that compensates employees if they become injured at work or become sick as a result of tasks carried out at their work. This payment can be used to cover an employees:
- Wages while they are unfit to work
- Any medical expenses and rehabilitation. However, even if you are entitled to WorkCover through your company, it is still worth considering Income Protection Insurance to provide an additional level of cover. Income protection will provide cover for injury and illness that occur both at the workplace AND outside of work. The Workers Compensation benefit period is generally capped at 130 weeks unless the worker is totally incapacitated. With income protection the applicant can choose benefit anywhere up to age 70. Also, with workers compensation, self employed workers are not covered.