The option to pay your premium by instalments depends on your basic tariff premium.
If your basic tariff premium is between $1,000 and $5,000, you have the option to pay it in quarterly instalments.
If your basic tariff premium is more than $5,000, you can choose to pay it in monthly or quarterly instalments.
End of period premium adjustments
If your end of period adjustment is more than $1,000, you can pay it in three equal monthly instalments.
Your insurance agent will provide a schedule of instalments with your renewal/premium calculation notice.
If you miss an instalment or are having difficulty paying your premium, you should immediately contact your insurance agent to discuss what payment options are available.
Late Payment Fees
Insurance agents can charge employers a late payment fee, which is compounded monthly on the outstanding balance at the end of each month, at the rate prescribed by the State Insurance Regulatory Authority in the Workers Compensation Market Practice and Premium Guidelines, refer to the Insurer guidance material for more information.