The formula below shows you how your premium is calculated. Please refer to the table below for definitions of each component.
Annual wages bill $1,000,000
WIC Rate 1.850%
Average Performance Premium $18,500
Small Employer Safety Incentive -$1.387.50
Dust Disease Levy $80
As an employee, Sarah slipped and injured her ankle at work, and was off work for 8 weeks. She returned on a graduated Return to Work plan.
Claims costs incurred $9,600 (Sarah's wages for 8 weeks)
Payment in full discount -$859.63
Premium charged $16,332.88
As a small employer, Rob does not pay any additional premium for his claims experience.
Are you an existing workers insurance policy holder?
Call us on 13 44 22 if you need to update any of your policy details, including your estimated wages.
Premium formula definitions
|APP||Average Performance Premium (previously known as Basic Tariff Premium BTP)||
|C||Catastrophic Claim Contribution||
|D||Dust Diseases contribution||
|ESI||Employer Safety Incentive||
Employers get to keep this incentive regardless of claims.
|M||Mine Safety Fund Premium Adjustment (MSFPA)||Mining Wages x MSFPA % rate||
|P||Premium||Total premium payable including adjustments.||
Premium is calculated twice annually:
|PD||Performance Discount||A percentage discount applied to (APP - Apprentice APP)||
|Q||Premiums Adjustment Contribution||Additional levy (available if required by icare)||
Set to '0'