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insurance for medium and large employers

Experience rated businesses are employers with an average performance premium (total wages x your industry rate) greater than $30,000.

Medium and large employers are "experience-rated" businesses with an average performance premium greater than $30,000.

Claims performance and costs:

If you’re an experience-rated employer, your premiums may be affected as the result of a claim. Your claims performance is calculated at the renewal date of your policy and includes your claims costs for the three years prior to commencement of the policy period. Your claim costs will be the same for both your initial and hindsight premium calculations. This means the hindsight premium calculation will not include the claims incurred during the policy period. The cost of an individual claim is capped at $150,000.

Claim costs included in the experience premium calculation include payments for:

  • weekly compensation
  • provisional weekly compensation
  • permanent impairment
  • death benefit
  • commutation
  • common law compensation

Your claims performance rate (CPR) rewards you with a lower premium if you have a good record of managing worker safety and recovery at work. Your CPR is calculated by comparing your claims performance with other NSW businesses. If your claims performance is better than the Scheme average, then your premium will be lower than your average performance premium.

transitional capping arrangements

If your premium percentage rate under the new premium formula is more than 30 per cent higher than your premium percentage rate under the old formula, then you can request your insurance agent to refer the matter to us for review.

Reforms to the premium calculation formula for experience-rated employers commenced on 30 June 2015.

We also have a range of incentives and discounts to help your business pay its premiums.