WORKERS COMPENSATION POLICY

I am helping a newly established Organisation and they need an advice on how they can develop a workers compensation policy for their Organisation. Following are the key questions to consider:

1.  What are the key areas to look into when developing this policy?
2. What is the advantage of this policy to both employees and employer?
3. How can we effectively implement and enforce this policy?
4. At what point do we need the board of directors to come in when setting up this policy?
5. What else do we need to consider in this exercise?

Your input will not only help me but others too. Thanks in advance for the constructive input