WHAT IS INSURED IN PAYROLL?
The expenses that are typically included in the definition of Payroll or, in some policies, Wages are:
- Wages
- Overtime
- Salaries
- Bonuses
- Commissions
- Payroll tax
- Fringe Benefits Tax
- Holiday pay
- Sick pay
- Workers’ compensation insurance premiums and/or accident compensation levies
- Superannuation and pension fund contributions
- Long service leave, and the like
Policies do vary in what falls within the definition, and it is necessary to take a few minutes to familiarise yourself with the definition of Wages or Payroll under the policy you are considering, to ensure that all costs are captured. Failure to do so could lead to an under-insurance problem in the event of a loss.
RELATED LINKS
- CHANGES IN LABOUR
- CHANGES TO RISK MANAGEMENT
- WHAT DO THE CHANGES MEAN TO THE INSURANCE OF PAYROLL?
- THE CONSEQUENCES OF UNDER-INSURANCE OF WAGES
- WHAT IS INSURED IN PAYROLL?
- FULL WAGES COVER IS BEST
- PART WAGES INSURED - KEY / ESSENTIAL STAFF
- INSURING NON-ESSENTIAL STAFF FOR SHORT PERIODS
- INSURING ONLY A PERCENTAGE OF WAGES
- DUAL WAGES INSURANCE
- SEVERANCE PAY
- SUMMARY OF DISCUSSION ON WAGES