To renew an existing policy contact your current insurance agent.
We will ask you for the following information to work out your premium:
- general details about your business (e.g. legal name, ABN, postal and operating addresses, and contact details)
- a start date for the policy
- the type of business
- details of past workers compensation insurance
- the number of workers you employ
- an estimate of wages paid to workers.
The agent will use these details to work out your premium.
certificate of currency
A certificate of currency is evidence that an employer has a current workers compensation insurance policy. The certificate shows the Workers Compensation Industry Classification for your business, number of workers, estimated wages and policy period covered.
A certificate of currency can be issued for up to 12 months, however it can’t extend beyond the expiry date of the current workers compensation insurance policy. You’ll need to request a new certificate of currency from us when you take out or renew a policy.
exempt employers are not eligible for a certificate of currency.
To request a certificate of currency, please contact icare if you have taken a new policy after 1 March 2017 or your relevant insurance agent for an existing policy prior to 1 March 2017. Your request should include details of your estimate of wages, employee and contractor numbers, and your business activity.
duration of a policy
A workers compensation insurance policy starts as soon an employer, without a current policy, contacts icare (or the relevant insurance agent for renewed policies), except for small employers taking out a new policy. All policies are renewed for 12 months except if the employer request a shorter term.
If you’re a small employer, the first period of insurance will run for 11 to 12 months from the day you contact an insurance agent. This is because the policy must align with the end of a month.
transfer a policy
For existing policies, you may elect to transfer your policy from one insurance agent to another, but there must not be any gaps in your insurance coverage.
You’ll need to advise your current insurance agent before the expiry date of your policy, if you wish to transfer to another insurance agent.
If you become a member of a group, you may need to transfer your policy from one insurance agent to another. This is because group policies must be held with a single insurance agent and have a common renewal date.
cancel a policy
Your can cancel your policy in the following situations:
Your policy can be cancelled if your business has ceased trading. You’ll need to provide evidence that your business has ceased trading.
Liquidator/trustee in bankruptcy appointed
Your policy can be cancelled if a liquidator/trustee in bankruptcy has been appointed and your business has ceased trading.
Business is sold by employer
Your policy can be cancelled if you sell your business. The new owner will need to take out a new workers compensation insurance policy to cover employees.
In all other situations, you should contact icare or your relevant insurance agent to discuss your reasons for wanting the policy cancelled. The matter may be referred to us for a formal decision to cancel and a cancellation date.
A policy can’t be cancelled if:
- you take out a new policy at a lower premium
- you no longer have employees (the policy can be cancelled at expiry of the policy period)
- a liquidator or administrator is appointed and you continue trading (even if the liquidator or administrator attempts to take out a new policy).
If you're an employer who:
- pays $7500 or less in annual wages
- doesn't employ an apprentice or trainee
- isn’t a member of a group for premium purposes
then you're not required to take out an insurance policy.
However, even if you’re exempt, you'll still have the same obligations to provide assistance with injury management and return to work. This includes notifying your insurer of any workplace injuries.
Claims incur a $175 administration fee and will be assigned to one of our insurance agents. The administration fee applies to each injury notified.
If your conditions change in a way that means you may no longer be exempt (e.g. your annual wages bill grows to more than $7500), then you must contact icare immediately to make arrangements to take out a policy.