Workcover Premiums

Every business must ensure they have Workers Compensation Insurance to cover all their employees. There are two categories that will affect your Workcover Premium – remuneration and industry.
 
If employee remuneration is $200,000 or less, your insurance premium will be calculated using the industry rate. If the remuneration is more, it will be calculated differently. Instead, your Workcover Premium will be calculated taking into account your claims experience relative to the claims experience of the rest of your industry. This means that if your business performs better than your industry average, you will pay less. If not, you will pay more. It is very possible that your WorkCover premium is too high. You may have provided incorrect remuneration data or perhaps Worksafe has made an incorrect industry classification.
 
The process of auditing this data is laborious and tedious but can reap large rewards in the form of refund. Talk to HRAnywhere about actioning this for you – it is a free service, and you will only incur a cost if we can secure you a refund! Earlier this year we secured a refund for one of our clients of $150,000 for the last two years of premiums and they will also receive a refund of approximately $68,000 on their FY22/23 premium.  In addition to these refunds, their FY23/24 premium will see a large saving.