Pay your premium
Find out when and how to pay your workers insurance premium.
How to pay
You have a number of options for paying your premium:Credit card
(Mastercard and VISA only)
Direct debit
Call us on 13 44 22 to set up a direct debit to pay your renewal premium instalments or to modify or cancel an existing direct debit arrangement. Download our direct debit service agreement (PDF 0.7MB) for terms and conditions.
BPAY
Refer to your premium notice and tax invoice for BPAY Biller code and Reference details.
Remember
Please do not send remittances to icare when making a payment. Our system will allocate your payment automatically.
Fees and surcharges
| Payment options | Fee |
|---|---|
| BPAY® | $0.00 |
| Direct debit from bank account | $0.00 |
| Direct debit from debit card or credit card (Mastercard and VISA only) |
Debit or credit card surcharge |
| By debit card or credit card via the icare website or over the phone (Mastercard and VISA only) |
Debit or credit card surcharge |
Applicable debit and credit card surcharge rates are as follows:
| Card type | Surcharge |
|---|---|
| Debit card: Mastercard |
0.23% |
| Debit card: VISA | 0.16% |
| Credit card: Mastercard |
0.83% |
| Credit card: VISA |
0.63% |
Paying in instalments
We are giving customers the option to make their renewal premium payments in monthly instalments. You are eligible to pay your renewal premium in monthly instalments if your average performance premium is $1,000 or greater (previously $5,000).
Note: Your 'average performance premium' is your base premium, calculated by multiplying your industry classification rate by how much your business pays in wages.
Discounts for premiums paid in full
If you pay your renewal premium in full by the due date you will receive a discount. Please note that your total premium including discounts cannot reduce your premium below the minimum amount of $175.
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 per cent. For experience-rated employers the current discount is 3 per cent.
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 on 13 44 22 to discuss what payment options are available.
Note: Your end of period premium adjustments cannot be paid using direct debit. This applies even if you have used direct debit to pay your renewal premium instalments.
Late payments
Late payment fees are charged on overdue premiums. These are compounded monthly on the outstanding balance at the end of each month.
Customers can see late payment fee charges on their icare Statement of Overdue Items.
The State Insurance Regulatory Authority (SIRA) confirmed in late June 2022 the prescribed rate of 0.721% in line with the Workers Compensation Market Practice and Premium Guidelines (MPPG) for policy periods commencing 30 June 2022.
If we need to contact you about an overdue premium one of our service providers listed below may reach out to you on our behalf.
Premium Collection Service Providers include:
- Revenue NSW, the state's revenue management agency (icare's primary collections provider from 1 September 2020).
icares approved Legal Debt Recovery Services Panel members (effective from 1 January 2022):
- Craddock Murray Neumann
- Hall & Wilcox
- Turks Legal
- Woods & Day Pty Ltd.