If your NSW workers compensation policy renews in December, check the wage estimate and business details used for the new policy period. The renewal date varies by employer, and an automatic renewal does not remove the need to review the information supplied to your insurer.
Estimated and actual wages are different declarations
For a standard NSW policy, employers generally provide a reasonable estimate of wages for the coming policy period within two months of applying for or renewing the policy. The estimated-wages requirement at renewal does not apply to small employers. All employers, including small employers, must provide a full and correct declaration of actual wages within four months after the policy period ends. Check your policy and the applicable insurer instructions for your circumstances.
Compare the renewal information with your payroll records, workforce and business activities. If an estimate or another policy detail is inaccurate, update it with your insurer. Actual wages can lead to a premium adjustment after the period ends.
How ABILITY GROUP can help
ABILITY GROUP can help employers review renewal information, identify discrepancies and prepare questions for their insurer. Contact our team to discuss your NSW workers compensation policy.
Source: SIRA: workers compensation updates for employers and SIRA: supplying wage estimates and actuals.