The Importance of Commercial Insurance

The Importance of Commercial Insurance

Emerging Issues that Impact Workers Compensation Insurance

Dale Sutton

As an insurance company specialising in workers compensation insurance, your objective is to offer the best possible insurance service to employees. Unfortunately, this is not always the case with some service providers. This can be attributed to the fact that some insurers don't pay close attention to emerging issues related to workers compensation, and that can have a detrimental impact on the industry as a whole. In light of this, insurance service providers must keep up-to-date with current issues in workers compensation insurance as highlighted herein. 

Ageing Workforce

According to recent research, the average retirement age in Australia has risen from 64 to 65.5 for males and from 61.5 to 64.2 for female workers. What does this mean for the Australian workforce? Well, employees retiring later can only mean one thing — the population of elderly workers will continue to grow. Trade insurance providers should take the trend seriously because it will affect workers compensation policies. The reason is that as people get older, their physical condition changes. Notably, staffs get tired through work, and this can affect concentration levels and lead to accidents in the workplace. Increased accidents can take a toll on trade insurers when the number of claims begins to rise. Therefore, by understanding the changing workplace age dynamics, trade insurers and clients can discuss how to best adjust workers compensation policy for the benefit of both parties. 

Fast-Changing Technology

Over the last couple of years, most industries have seen significant shifts in technology. Today, the sectors are relying on technology to not only speed up processes and provide quality service, but also to prevent injuries, accidents, and fatalities in the workplace. An excellent example is the construction industry where construction companies have embraced technology such as drones for building inspection. It has led to fewer on-site accidents. For trade insurers, it is an excellent opportunity to develop workers compensation policies that encourage current and potential clients to continue using technology in their operations. As long as the rate of accidents goes down, policy premiums will remain low, and this is attractive to potential clients. 

Emergence of the Remote Workplace

According to most Australians, the workplace has traditionally been a centralised space where workers meet to perform their roles. The definition of the workplace has made it easy to settle claims because the claimant must have picked the injury in their area of work. However, with more and more Australian employers allowing remote working, trade insurers have to look at workers compensation differently. In this regard, you have to work even closer with a client to determine what constitutes 'place of work.' This way, your clients will adopt remote workplace options with care to avoid legal liability in case of an injury.


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The Importance of Commercial Insurance

Running a small business is more work than anyone expects it to be. Not only do you have to keep close track of your finances, supplies and day-to-day needs, but you also have to think about things like commercial insurance. To help small business owners understand commercial insurance better, we started organizing information about it in this blog. If you want to learn how you can protect yourself, your business and your employees from financially devastating events, read our blog posts. With the right commercial insurance plan, you can feel peace of mind knowing that your hard work won’t go to waste.

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