When your premium is due to be paid depends on when you start your policy. We'll send you an invoice when your premium is due for payment.
If your average performance premium is greater than $1000, you have the option to pay by instalments.
If your average performance premium is more than $1,000 and up to $5,000, you have the option to pay it in quarterly instalments.
If your average performance premium is more than $5,000, you can choose to pay it in monthly or quarterly instalments.
Note: Your ‘average performance premium’ is your workers insurance premium, calculated by taking your industry classification rate and multiplying it with how much your business pays in wages.
End of period premium adjustments
If your end of period adjustment is more than $1,000, you can pay it in three equal monthly instalments.
You will receive a schedule of instalments with your adjustment premium calculation notice.
If you miss an instalment or are having difficulty paying your premium, you should immediately contact icare to discuss what payment options are available.
Discounts for premiums paid in full
You are entitled to a discount on your premium if you pay your annual premium in full on or before the due date.
The discount can be applied to premiums over $175, regardless of an employer's entitlement to instalments. It is available only to policies that are for a 12 month-duration and the minimum premium payable is $175, including any discount.
The discount is based on your initial premium payable and will not be adjusted as part of the hindsight premium calculation process, or if wages estimates are adjusted mid-term.
The discount rate is subject to change.
For small employers, the current discount is 5%.
For experience-rated employers the current discount is 3%.
Late payment fees may be charged on overdue premiums. These are compounded monthly on the outstanding balance at the end of each month, at the rate prescribed by the State Insurance Regulatory Authority in the Workers Compensation Market Practice and Premium Guidelines. Refer to the Insurer guidance material for more information.
Payment via Direct Debit
You can now pay your instalments via direct debit. If you would like to set up direct debit, please complete and return the following form by emailing the payment services team or sending it by post to PO Box 6766, Silverwater, NSW, 1811. You can also call us on 13 44 22.