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There are many ways you can get a Workers Compensation Insurance quote:
legislated and administered on a State Wide basis, with each state having their own unique set of laws, rules, processes and policies.
It is a legal requirement that any business that engages paid employees or engage sub-contractors that are deemed employees, must hold and maintain Worker Compensation insurance. There are set criteria for each State on who is deemed an employee and when insurance must be acquired.
Remuneration paid to employees can be wages, superannuation, bonuses or any other remuneration that the Work Cover Authority deems paid income.
Not everyone can get Workers Compensation insurance some States exclude or exempt directors and/or sole-traders from being able to acquire cover. Larger national firms can opt out of the State system and self-insure subject to meeting the necessary criteria.
Workers Compensation premiums are calculated using the combined remuneration paid to all employees, this includes their annual wages, superannuation and any bonuses paid. Each occupation has a gazetted code and a corresponding percentage rate. I.e. office workers are approx. 0.5% and sheep shearers are approx. 12%. The percentage rate is multiplied against the combined wages giving you the base premium to which other levies, charges and taxes are applied. So the higher your estimated wages the higher your premium will be.
If you deliberately under declare your wages paid, then you can be fined and prosecuted by the Work Cover Authority. As a general guide you may have a variance margin of up to 20%, but if your wages exceed your estimated figure during the course of the year then you should make this known to your insurer, so as to avoid any penalties or breaches of your duty of disclosure.
If you fail to take out a Workers Compensation policy, then you can be fined and prosecuted. So the golden rule is “if in doubt, ask”.
Every renewal you will be required to confirm your actual wages for the preceding year and estimate your wages for the coming year. Variances in your actual wages versus your estimated wages may result in either an extra premium being charged or a premium refund being made. Some States operate differently regarding the annual declarations, so you will need to apprise yourself of your particular States rules.
Queensland and South Australia only deal direct with business owners, you cannot engage a broker.New South Wales and Victoria deal directly with business owners, but brokers can assist with the process.Tasmania, Western Australia, Northern Territory and the Australian Capital Territory are all handled through insurers, which deal with brokers.Western Australia does not include superannuation as part of the remuneration, where as other States do.All Victorian policies run from a common due date of the 30th June to the 30th JuneNew South Wales runs your first policy to the last day of the following year’s preceding month. If you commence on the 16th May 2022 the policy will expire on the 30th April 2023 and then continue to expire at that date thereafter.
If you would like us to review your current policy and to compare the market for an alternative quote, please complete the questionnaire below.
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