icare will take care of most of the paperwork for you, and we'll send you an invitation to renew your policy prior to the policy expiry date.
To calculate your premium, we will use the wage information we already have on your business, including apprentice wages if you employ apprentices. If you are experience-rated, we will also take into account your last three years of claims costs.
If you are a small employer and expect your wages to differ by 25 per cent or more, or if you are experience-rated and expect your wages to differ by 15 per cent or more, contact icare immediately so we can revise the premium amount appropriately.
Your premium document pack will be sent to you four weeks prior to renewal.
Renewing your policy is simpleA guide for NSW small businesses: what to expect from your icare workers insurance policy renewal.
Your premium document pack will be sent to you after the policy renewal date.
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.
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 the period.
icare will send you the form with your renewal document pack.
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.