You can obtain insurance cover from any of the insurers approved by the Minister to underwrite workers' compensation insurance. Please see the List of Approved Insurers in the right-hand panel.
Recommended premium rates for workers' compensation are reviewed and published annually by WorkCover WA. These are set out in a Government Gazette, which is available from the State Law Publisher.
Depending upon your risk profile (i.e. previous claims experience and the extent of risk associated with their particular industry), insurers may discount the recommended premium rates by any amount, or surcharge up to a maximum of 75 per cent of the recommended premium rate for individual employers.
With approval from WorkCover WA, approved insurers may surcharge beyond 75 per cent of the recommended premium rate, dependent upon the claims experience and risk associated with the operation of an employer’s business.
Workers’ compensation legislation in Western Australia encourages a degree of self-responsibility, so you are encouraged to obtain alternative quotes when taking out cover or renewing your policy. A declaration of estimated gross wages for the period of the policy (usually 12 months) will be needed so your insurer can calculate your premium based on the estimate. When the policy expires, you must submit a statement of actual gross wages paid in the past period. If you do not, or your statement is false, you may leave yourself liable for prosecution.
Following the submission of your actual gross wages, an adjustment on your premium may need to be made, depending on whether the actuals were more or less than the estimate you first provided. If you wish to renew your policy with the same insurer, you need to submit (on the same declaration) an estimate of gross wages to be paid the following year.
|