What is self-insurance
Self-insurance provides eligible employers with the option of managing and bearing the costs and risks of their own workers' compensation claims.
Just like insurance through a WorkSafe agent, self-insurance:
- provides direct incentives to improve injury prevention and rehabilitation performance
- ensures that workers are treated fairly and equitably
- contributes to continuous improvement in health and safety and return to work performance.
Who is eligible for self-insurance?
To be eligible to be a self-insurer, you must:
- be a body corporate, and not a subsidiary of another body corporate
- satisfy minimum requirements regarding financial strength and viability and demonstrate that you are, and would be, capable of meeting your claims liabilities.
How do you apply for self-insurance?
You must firstly request an assessment of eligibility by WorkSafe. Once WorkSafe has declared that your organisation is eligible to apply, you can then submit a full self-insurance application.
If you are interested in applying to become a self-insurer, please contact WorkSafe.
The relevant forms you need to complete can be obtained directly from WorkSafe.