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 (in the case of a new policy)
- the type of business or your primary business activity
- details of past workers compensation insurance
- the number of workers you employ
- an estimate of wages paid to workers.
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 do not require a certificate of currency.
To request a certificate of currency, please contact icare on 13 44 22 or email the support team. 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 and requests a policy. All policies are renewed for 12 months except if the employer requests 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 icare and/or commence the policy. This is because the policy must align with the end of a month.
cancel a policy
You can cancel your policy in the following situations:
You may cancel your policy if your business has ceased trading. You’ll need to provide evidence to support that your business has ceased trading.
Liquidator/trustee in bankruptcy appointed
You may cancel your policy if a liquidator/trustee in bankruptcy has been appointed and your business has ceased trading.
Business is sold by employer
You may cancel your policy 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 to discuss your reasons for wanting the policy cancelled and we will discuss your options before making a final decision in consultation with you.
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 $7,500 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 icare and/or SIRA of any workplace injuries.
Claims incur a $175 administration fee and will be assigned our Claims Agent. 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 increases to more than $7,500), then you must contact icare immediately to make arrangements to take out a policy.