30 June workers compensation policy renewals represent the largest renewal month each year. The last 12 months have seen many changes and it important businesses stay up to date with what is required to ensure their workers compensation policy renewal is accurate and they are paying the right premium.
Businesses typically understand they must have a valid workers compensation policy to operate and ensure their workers are protected in case of workplace injuries. It is easy to understand however that businesses are not always across the latest changes or what influences their workers compensation premiums payable.
Why is 30 June the largest Renewal period?
Most Australian businesses operate on a financial year basis and from a financial perspective many businesses seek to align the renewal of there various Insurance lines / products to the financial year. Having financial year based policies makes it easier for businesses to budget, forecast, report actual/forecast wages as well as help make accounting easier.
What’s different this year?
As the majority of businesses have been impacted either negatively or positively by COVID during the last few years, it is important to ensure you review your renewal documents to ensure changes in your business are accurately reflected. If your work force has changed during the last 12 months, then your deemed wages will have increased or decreased.
How are workers compensation premiums calculated in NSW?
We have previously provided information & insights regarding the calculation of NSW workers compensation premiums to help businesses understand their obligations as well as importantly to ensure they are paying the correct premium. In short the premiums you pay are dependent upon a number of key factors including yet not limited to:
- Business size
- Business activity
- Wages
- Claims costs & experience
Need Renewal Assistance?
In NSW, icare has created a quick video to outline what businesses need to do in reviewing your renewal pack. Inserted below for your ease of reference.
Too busy and need help?
Need help reviewing your workers compensation renewal premium? Contact our workers compensation specialists for assistance and help ensure you aren’t paying too much!
For further information, icare has created a video that outlines the renewal process & provide other information to help businesses with their renewals.
Source: icare
Title: Renew your Workers Insurance policy
Read/Watch time: 5-10 mins