Turf QLD Industry Alert |Time’s up to Renew Your WorkCover Insurance Policy

Time’s up to Renew Your WorkCover Insurance Policy

Accident insurance policies for Queensland businesses covering the cost of any work-related injuries are now due for renewal, with WorkCover needing all wages information to be declared by 31 August.

Declare your wages early to take full advantage of WorkCover’s flexible payment options, which includes a 5% discount for paying premiums in full (if greater than $200), or interest free monthly payment plans if you want to spread your payments over more time. Some payment options will not be available if you declare your wages information after 31 August.

It is important to understand who you should cover for workers’ compensation and what wages need to be declared. For example, you need to include superannuation and fringe benefits as wages, and some contractors may need to be covered.

This year, wages paid to apprentices during the course of their apprenticeship will not be included in your premium calculation, resulting in a discounted premium. This discount does not apply to trainees. Wages for apprentices still need to be declared, but they will not be included in your premium calculation and your apprentices will continue to receive the same level of cover.

Employers who pay their premium in full have previously been able to benefit from a 3% discount on their premium. This year the discount is 5%, but you need to declare your wages by 31 August and pay your premium in full by 16 September. Your premium must be greater than $200 to qualify for the discount.

Declaring wages online is easier this year, with the introduction of a step-by-step declaration option. Renewing online will allow a better understanding of the factors that influence premium calculation because any discounts will be on view, and individual and industry average claims performance can be compared.

Last updated

29 August 2017