Workers Compensation Insurance WA TAS NT ACT
Workers Compensation legislation varies significantly from state to state. Each state has its own requirements, definitions, cover, rates and responsibilities for employers.
Fully Insured have competitive rates negotiated to assist our clients in the following states: WA, TAS, NT and ACT.
If you employ employees you must have this insurance in place. Fully Insured would be happy to provide a very competitive quote for your business in these states, and Fully Insured has negotiated competitively discounted rates with the insurers for your cover.
Other states have a state based scheme in place, we have provided below links to the state based schemes to assist you with your requirements.
How are my rates calculated?
In Western Australia the government agency that manages the Workcover is Workcover WA. This agency releases a gazetted rate for workers compensation for insures to charge as a maximum rate. A good insurance broker will have negotiated better rates than the gazetted rate for its clients.
The rates are usually based on the insurer charging a percentage rate of the employers wages. The amount of that percentage varies dependent on the type of business operation based, for example office employees pay much lowere rates than workers that carry out manual handling. This is because there is more claims in the manual handling category, therefore the insurer needs to factor in more premium to be able to pay more claims.
An example would be if you pay $350,000 in wages and salaries, then a rate would be applied of say 1.4% for office employees, or 2.8% for motor mechanics. Therefore, the office business would pay $350,000 x 1.4%= $4900.00. The Mechanical workshop may have a charge of $350,000 x 2.2%= $7,700.00. Payment is based on a wage estimate for the coming 12 months, and at the end of 12 months you are required to submit a wage adjustment form with the correct amount of wages, and either a further payment to the insurer, or the insurer will arrange a refund should the have overpaid the amount calculated.
Fully Insured can arrange Premium Funding for the policy so the insured can pay the policy over 12 months to assist with minimal impact on the cash-flow of the business.