Workers Compensation is mandatory insurance provided by employers to cover injuries caused to their employees while working. It provides protection for both employees and employers.
Each State and Territory manages Workers Compensation differently and has its own legislation and governing body. Businesses can self-insure. However, they are still accountable to the same State or Territory based laws.
In the event of injury, employees are required to contact their employer within a given time frame. Claims can be paid out in the form of weekly benefits, hospital expenses, lump sum payments, and more.