Calculating premium

You pay your accident insurance policy premium provisionally—that is, you pay for your insurance at the beginning of a period, and adjust it at the end.

If you're renewing your policy we use the following to calculate your provisional premium:

  • your estimated wages for the previous financial year (we already have this information from your last premium renewal)
  • your actual wages from the previous financial year
  • your estimated wages for the current financial year.

If your estimated and actual wages from the previous financial year differ, we will calculate the difference in premium costs and add or deduct this amount from your current provisional premium (depending on whether you under or overestimated your wages from the previous financial year).

If you're applying for a new policy, we use your estimated wages for the current financial year to calculate your provisional premium.

GST and Stamp Duty are applied to all policies to reach your final premium amount.

CalculatorYour industry rate and claims costs are also important factors in your premium calculation. How we calculate your premium using these factors depends on the amount of wages you declare.

Wages of $1.5 million or less

Employers are assigned a policy rating based on their claims experience for the previous financial year, relative to the claims experience of their industry. Read more about Wages of $1.5 million or less

Wages above $1.5 million

Your premium calculation is now easier to understand, able to respond more quickly to improved claims experience, and helps reduce premium volatility. Read more about Wages above $1.5 million

Free services to help reduce your premium

You might be surprised at how much extra you can get from your WorkCover accident insurance policy with our free services. Read more about Free services to help reduce your premium

Last updated
10 December 2019