A Case of Accidental Debt (The Sydney Morning Herald)
Published on: 06-Jun- 2012 | Comments: 0
Excerpted from The Sydney Morning Herald | June 6, 2012
Small businesses that fail to take out workers' compensation insurance risk jail time and hefty fines and must potentially pay back the cost of premiums under strict regulations governing this type of insurance. Although the principles of the legislation are the same around the country, different regulatory regimes operate across each state. This means compliance can be a nightmare for businesses that operate nationally.
"In Australia, there are two primary workers' compensation schemes available to private sector small to medium businesses," a consultant with insurance brokers Marsh, Rob Peseta, says.
"Managed-fund schemes include NSW, Victoria, South Australia and Queensland, where each state regulatory body sets the rules of the scheme, including the price of workers' compensation insurance. In the remaining states, governments set the rules but not the price," he says.
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