Your premium
The premium formula of your workers compensation policy is calculated considering a number of factors. When calculating your workers compensation premium, the following factors are taken into consideration:
- the value of wages paid to workers over the last three years and
- your claims history over the last three years
- your OH&S procedures and standards
We are committed to working with you to control your claims experience.
Payment of premium
If your premium is over $1,000 you will be able to pay in four installments. Payments will be due at one, four, seven and 10 months from the commencement date of the policy.
If your premium is over $5,000 you will be able to pay in 12 installments. The first payment will be due one month from commencement date of the policy and the remaining 11 installments monthly thereafter.
These two options replace the Statutory Installment Scheme, and your policy must run for a 12 month period to be eligible for participation.
If you qualify for either of the installment options above, you will receive an invoice for the first installment prior to your renewal date. The first installment will be based on your current annual premium and will equate to one quarter of this amount if your premium is over $1,000, or one twelfth of this amount if your premium is over $5,000. The first installment is due one month after commencement of your policy period.
Adjustment premiums are due one month from issue of premium calculations.