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taking out a policy

If you have determined that you do need a workers compensation insurance policy, you need to contact one of our insurance agents who will help you take out a policy and advise you of your premium.

Unless you’re an exempt employer, you need to contact one of our insurance agents who can help you take out a workers compensation insurance policy.

The insurance agent will ask you for:

  • 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 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 your insurance agent. Your request should include details of your estimate of wages, employee and contractor numbers, and your business activity.

duration of a policy

An insurance agent must start a workers compensation policy as soon as they’re contacted by an employer who doesn't have a current policy. The duration of a policy is 12 months.

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

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 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 insurance agent can cancel your policy in the following situations:

Ceased trading

Your policy can be cancelled if your business has ceased trading. You’ll need to provide evidence to the insurance agent who holds the policy 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.

Other situations

In all other situations, you should contact your 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.

further information

Insurance agents can’t cancel a policy 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).

exempt employers

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 an insurance agent immediately to make arrangements to take out a policy.

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