Renew your workers insurance policy

You can now renew your policy directly through us

We’ve recently made some improvements to icare workers insurance.

All employers will now deal directly with us instead of a third party insurance agent when taking out and renewing your policy.

If you already have a worker's insurance policy, it will be renewed directly with icare instead of your current insurance agent.

Leading up to your renewal date, we will mail your renewal documents – so keep an eye out, it will be coming from icare. If you are a small employer, your policy will renew automatically. If you expect your wages to differ by 25 per cent or more, contact icare immediately so we can revise the premium amount appropriately. Experience-rated employers will be required to complete and return a declaration of estimate wages.

Small employers

If you’re a small employer, icare will send you a renewal pack toward the end of your policy period requiring you to lodge an actual wages declaration. 

 This is a declaration of how much you have paid your workers in wages during the policy period.

Depending on how much you’ve paid in wages during the policy period, your premium for the current policy period may be adjusted. You may be required to pay additional premium, or you may receive a refund.

The wages you declared at the end of the last expired policy period plus CPI increase will form the basis for your premium payable for the renewal policy period. If the actual wages are not available, the latest estimate wages plus 30% will be used to calculate the renewal premium.

Learn more about declaring wages

Employers with a broker

If your policy has been managed by an insurance broker, the process won’t change. 

Your broker will receive a notification that your policy is due for renewal and your broker will be noted on your policy.

Experience-related employers

There’s a new, easy to use workers compensation insurance renewal form for experience-rated businesses.

The new renewal form outlines how premiums are calculated in three steps.

The form also clearly shows how premiums can be reduced through improved performance and various rewards and incentives. The three sections of the form are:

  1. Your average performance premium
  2. Your employer safety incentive
  3. Your claims performance


    Completing the form for experience-rated employers

  • Your average performance premium

    The Average Performance Premium (APP) is the starting point for all employers.

    It’s calculated using an employer’s wages and applicable Workers Compensation Industry Classification (WIC) rate – that is, the risk attached to your industry.

  • Your employer safety incentive

    The Employer Safety Incentive (ESI) is a premium discount to encourage employers to invest in safety and support systems.

    The best way to reduce lost time through injuries is to invest in increasing workplace safety. In addition, the Employer Safety Reward (ESR) is available to all employers who maintain a safe workplace and have not incurred any premium-impacting claims for four consecutive years.

    This reward is an additional discount off the Average Performance Premium which is delivered at the end of the policy year.

  • Your claims performance

    The Claims Performance Rate (CPR) will reward employers by discounting their premium if they have a good record of managing worker safety and return to work over the previous three years.

    The Return to Work Incentive (RTWI) is a new incentive that rewards employers who proactively provide injured workers with sustainable return to work. It applies to claims made after 30 June 2015. The table below shows how it is applied.

     Discount 15% 10% 5%
     Return time 0- less than 13 weeks 13- less than 26 weeks 26- less than 52 weeks
  • Calculating risk
    Risk is calculated by benchmarking an employer’s performance against all businesses in the workers insurance scheme.
  • Reducing your premium
    As an employer, you can reduce your premium by improving safety and proactively providing injured workers with a sustainable return to work.

    These measures will be clearly shown under ‘Your Claims Performance’ on the new renewal form.

    All employers will benefit if the scheme average is improved through better performance across the board – premiums come down as risk is reduced.