Various factors determine your workers compensation insurance premium. These include:
- the industry you operate in
- the amount of wages you pay to your workers
- costs of any claims made by your workers (experience-rated employers only)
- any incentives, discounts or premium adjustments.
Premium rates and dust diseases contributions for policies starting or renewing from 4pm 30 June 2016 remain the same as for 2015-2016 period and are contained in the latest Insurance Premiums Order.
When you apply for a workers compensation policy, you are required to give details of your business activities. This helps us allocate a Workers Compensation Industry Classification for your business.
The classifications are prescribed by the State Insurance Regulatory Authority in the Workers Compensation Market Practice and Premiums Guidelines and remain the same as for 2015-2016 policy period.
Calculating average performance premium
Your average performance premium is calculated by multiplying your wages by the Workers Compensation Industry Classification rate for your industry class.
If you have a multi-tariff policy, this formula is repeated for each applicable industry class, and the outcomes added together to produce the total average performance premium.
For a small number of industry classes, average performance premium rates are expressed as a per capita rate (e.g. professional boxing) or on a per-plate rate (e.g. taxis and hire cars).
The minimum premium amount is $175, even if the calculation produces a lower amount.
The late payment fee rate for workers compensation insurance is the rate prescribed by the State Insurance Regulatory Authority in the Workers Compensation Market Practice and Premium Guidelines.
Rates are per month, compounded monthly and apply to debts associated with polices that start or renew on or after 30 June in each policy year.
Policies that started/renewed on or after 4pm 30 June 2015 and before 4 pm 30 June 2016
The formulas and rates for calculating premiums of policies that started or renewed on or after 4pm on 30 June 2015 are contained in the Insurance Premiums Order 2015-2016.
workers insurance renewal pricing effective from 30 june 2016
The icare premium rates for 30 June 2016 have been approved. This approval allows the continuation of the 2015 rates for the 2016 policy periods – effectively no rate changes.
Insurance agents have commenced issuing renewal invitations, allowing employers reasonable time to make changes and amendments as needed.