Workers’ comp policy renewal time – at the lowest average rate for the eighth straight year
The finalised rates for WorkCover Queensland's industry classifications for 2021–22 have been published, with the average premium rate remaining at $1.20 per $100 of wages paid.
This is the same rate for eight consecutive years, with Queensland employers continuing to benefit from one of Australia’s lowest average premium rates. The news comes as WorkCover Queensland reminds business that their accident insurance policies are due for renewal. The declaration of wages used to work out premiums is now due and there is an online guide to help complete it.
Declare your wages early to take advantage of flexible payment options including:
- interest-free monthly payment plans with deductions occurring on the date of your choice
- a 5% discount* if you pay your premium in full by 16 September.
*Some payment options will not be available if you do not declare your wages by 31 August 2021. Discounted premium price cannot go below $200.
Once you have paid your premium for 2021–22 or committed to a payment plan, you will be sent your Certificate of Currency, which will cover you from 1 July 2021 until 30 June 2022.
If you don't receive electronic communications, or you need another copy throughout the year, you can go online at any time to obtain your certificate.
Employers who renew their policy online will be able to get a better understanding of the factors that influence their premium calculation through the policy snapshot page.
By declaring your wages online, you'll be able to see any discounts you are benefiting from, compare your claims performance to the industry average, and see how changes to key factors (such as wages or industry rate) have influenced your premium.