Austbrokers has launched a new joint venture vehicle to offer advice on workers' compensation.

The joint venture between Austbrokers subsidiary Phillips Financial Services and Australian Compensation Services will create Austbrokers Compensation Services (ACS), with more than 800 clients and $25 million in workers' compensation premiums under management.

While primarily based in NSW and Victoria, ACS plans to double the size of its business nationally within three years, as well as open a Sydney office.

Clients previously with Australian Compensation Services will also have access to general insurance, superannuation, life insurance and financial planning advice from Phillips Financial Services.

Phillips Financial Services CEO Gerry Philips told Sunrise Exchange News the complexity of Australia's workplace laws has produced a booming market for businesses which have expert knowledge in the area.