You will need this approval to manage and bear the cost of your own workers compensation claims.
An employer that is a body corporate may apply for approval. This includes workers employed by subsidiaries of the body corporate, if the body corporate is a holding company.
Any Victorian employer that pays more than $7500 a year in wages, or employs apprentices or trainees, is legally required to take out WorkSafe insurance. An employer that is approved as a self-insurer is not required to hold a WorkSafe insurance policy, but instead is required to bear the costs and risks of its own workers compensation claims.