Do i need Workcover insurance?

*This is lifted from the workcover site. please see https://www.worksafe.vic.gov.au/insurance/eligibility for most up to date information.

Sole traders and partnerships

You're not recognised as a worker of your own business for WorkCover purposes if:

• you're an individual and running a business as a sole trader or sole proprietor
• a partner in a partnership
• the trustee of a trust.

This means that you can't register for WorkCover insurance to cover yourself. You can only register for WorkCover insurance if you have workers working for your business.

If you are hired as a worker by someone else, that person may need to take out WorkCover insurance to cover you.

If you are, or you become an employer and you're paying or expect to pay your workers over $7,500 in the financial year then you must register for WorkCover insurance to cover them.

Companies

A company must take out WorkCover insurance if they pay more than $7,500 a year in rateable remuneration.

Directors and employees of proprietary limited companies (even if you are a director of your own company) that receive wages are covered by WorkCover insurance. This includes instances where the company is a trustee.

Trustees

Trustees can be in the unique situation where they are the employer of different businesses being run by different trusts. Trustees may register for WorkCover insurance for each independent business they run under trusts.