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,e many businesses seek to align the renewal of their 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 face increased wage costs, it is important to ensure you review your renewal documents to ensure changes in your business are accurately reflected. If your workforce has changed during the last 12 months, then your deemed wages will have increased or decreased.
Also don’t forget Superannuation increased from 1 July 2025 to be 12%!
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?
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 & provides other information to help businesses with their renewals.
Source: icare
Title: Renew your Workers Insurance policy
Read/Watch time: 5-10 mins