Taking out a policy
The insurance agent will ask you for:
- general details about your business (eg legal name, ABN, postal/operating addresses, contact details)
- date the policy is to start
- the type of business
- past workers compensation insurance details
- the number of workers employed
- an estimate of wages paid to workers
They will then use these details to determine what your premiums might be and organise your insurance.
Certificate of currency
A certificate of currency provides evidence of an employer maintaining a current policy of workers compensation insurance. The certificate shows the WorkCover industry classification for your business, the number of workers, estimated wages and the policy period covered.
The certificate of currency can be issued for a period up to 12 months, however it cannot extend beyond the expiry date of the current workers compensation insurance policy. You will need to request a new certificate of currency when you take out or renew a policy.
Exempt employers are not eligible for a certificate of currency.
To request a certificate of currency contact your insurance agent. Your request should confirm the details of your estimate of wages, employee and contractor numbers and your business activity.
Duration of a policy
An insurance agent must start a workers compensation policy immediately when contacted by an employer who doesn't have a current policy. The duration of a policy is 12 months.
For small employers only, the first period of insurance will run for 11 to 12 months from the day you contact an insurance agent. This is because the policy must align with the end of a month.
Transfer a policy
You may elect to transfer your policy from one insurance agent to another but there must not be any gaps in your insurance coverage.
You will need to advise your insurance agent before the expiry date of your policy if you wish to transfer to another insurance agent.
Employers who become a member of a group may need to transfer their policy from one insurance agent to another. Group policies must be held with a single insurance agent and have a common renewal date.
Cancel a policy
Your insurance agent can cancel your policy in the following situations:
Your policy can be cancelled if the business has ceased trading. You need to provide evidence of having ceased trading to the insurance agent that holds the policy.
Liquidator/trustee in bankruptcy appointed
Your policy can be cancelled if a liquidator/trustee in bankruptcy has been appointed and the business has ceased trading.
Business is sold by employer
Your policy can be cancelled if the business is sold. The new owner must take out a new workers compensation insurance policy covering their employees.
In all other situations you should discuss with your insurance agent the reason for wanting the policy cancelled. This may result in the matter being referred to us for a formal decision to cancel and a cancellation date.
Insurance agents cannot cancel a policy if:
- you take out a new policy at a lower premium
- you no longer have employees. In this case the policy can be cancelled at expiry of the policy period
- a liquidator or administrator is appointed and the employer continues trading even if the liquidator or administrator attempts to take out a new policy
If you're an employer who pays $7500 or less in annual wages, you don't employ an apprentice or trainee and you are not a member of a group for premium purposes, then you're not required to get an insurance policy. But even if you are exempt you'll still have the same obligations to provide assistance with injury management and return to work. This includes notifying us on 13 10 50 of any workplace injuries.
Any claim will incur a $175 administration fee and the claim is assigned to one of the insurance agents. The same administration fee applies to each injury notified.
If your conditions change in a way that mean you might no longer be exempt (like you realise your annual wages bill has grown larger than $7500), then you must contact an insurance agent immediately to make arrangements to take out a policy.