The formula below shows you how your premium is calculated. Please refer to the table below for definitions of each component.
Average performance premium
Dust diseases contribution
Mine Safety Fund Premium adjustment
Safe Employer Reward
Apprentice incentive discount
Premiums adjustment contribution*
Catastrophic claims contribution
Where a Catastrophic claim contribution is applied, it is charged separately.
*eligibility for the Safe Employer Reward (SER) may be impacted by claim costs.
Annual wages bill $1,200,000
WIC Rate 2.000%
Average Performance Premium $24,000
Premium before adjustments $24,000
As the employer has no time loss claims or catastrophic claim charges in the last three policy periods, the Safe Employer Reward will reduce the premium by $1,800.
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)
As a small employer, Rob does not pay any additional premium for his claims experience, but will not be eligible for the Safe Employer Reward for three years from the next renewal.
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)||
|CCC||Catastrophic Claim Contribution||
|D||Dust Diseases contribution||
|ESI||Employer Safety Incentive||
Employers get to keep this incentive regardless of claims.
Available for the following policy renewal years:
|SER||Safe Employer Reward||APP x SER%||
A performance based reward applied at policy renewal on the basis of:
|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'