Help me understand my premium and policy

What you need to know to help you better understand your premium and your policy.

What does my policy cover?

A workers’ compensation policy provides cover for your workers in the event of a work-related injury or illness. This article outlines what is covered by workers insurance, your obligations and rights, and other information about policies including workers compensation legislation.

What a workers insurance policy covers

How is my premium calculated?

Premiums are based on your industry, how much you pay in annual wages and a range of other factors. This article explains how premiums are calculated, including information about the role of industry classifications and how claims performance can impact the premium of medium and larger employers.

How we calculate your premium

Where does the money I pay in premiums go?

Premiums go towards paying claims and statutory levies, with a portion invested and used for future claims. This article explains how the approximately $3.4 billion in annual premiums paid by NSW businesses are spent – including on paying claims, investing to pay for future claims, statutory levies and operating expenses.

What happens to premiums collected

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How can I lower my premium?

icare offers a range of incentives, discounts and other adjustments to help NSW business lower the costs of their workers insurance. This article lists the incentives available to employers to report incidents early, introduce safety initiatives and support injured workers return to work.

Ways to lower your workers insurance premium

Understanding your premium

Everything you need to know about icare's premiums and policy.
If you need an audio description please contact us

Renewing your policy is simple

Small business

Your renewal pack will be sent to you four weeks prior to renewal.

A guide for NSW small businesses: what to expect from your icare workers insurance policy renewal.

Declaration of actual wages

Employers are required to lodge a Declaration of Actual Wages form at the end of the policy period. This is a declaration of how much you have paid your workers in wages during that period.

Learn more about declaring wages
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