To ensure clients’ complete their workers compensation scheme application correctly and on time, our specialist team is here to help.
Advisers and clients alike can get lost or delayed in proving correct applications and risk various exposures. To avoid this, we recommend our Workers Compensation Assessment & Application service.
The service includes:
- Policy and Premium Management
- Workplace registrations and classifications
- Remuneration, employment and consultant evaluation
- Business succession review and other matters
Some of the benefits:
- Free up time and resources
- Get the right Workcover Industry Classification code
- Save your clients money (particularly penalties)
- All States and Territories covered
- Legislation and regulation changes monitored and advised
- Assistance with other insurance matters as required
We are also available for workcover audits, and to guide clients through the process.
| Frequently asked questions | |
|---|---|
| Is the New Business Required to Have a Workers’ Compensation Policy ? | Businesses that employ staff and have a wage role above an amount ($7500 in Victoria) specified by the state regulator (e.g. WorkCover Victoria, icareNSW) must establish a workers’ compensation policy. An initial assessment of the business confirms if a WC policy is required. Failure to meet this requirement can result in significant fines and other penalties. |
| Does the New Business Employ Contactors and Are The Contractors Considered Employees by The WC Regulator ? | It is often assumed that contractors are not employees and the business is therefore relieved of its WC related obligations. However, in many cases, contractors are deemed employees, the business is therefore a deemed employer and WC obligations therefore apply. As assessment of the connection between contractors and the new business must be assessed and determined prior to WC policy registration. |
| Is the Estimate of Remuneration Accurate ? | New WC policy registrations require an estimate of the future year’s wages and salaries, or “remuneration” as defined by the state regulator. This definition is far broader than wages and salaries and it includes, for example, payments made to “deemed employees” mentioned above. We ensure the definition of “remuneration” is understood and values provided to the regulator withstand audit. Fines apply to businesses who deliberately or inadvertently understated “remuneration”. |
| Ensuring the Correct WorkCover Industry Code | At initial registration, employers are allocated a Workcover Industry Code based a description of the business activity provided by the employer. In Victoria, there are 416 WIC rates ranging from less than 1% to 11% of remuneration. The default WIC rate is 11.537%. A proper examination of the main source of business income is fundamental to ensuring the correct classification. |
| Does “Succession” Apply ? | Where there is a predecessor business or the new WC policy registration arises out of a business acquisition, any WC related claim costs pertaining to the predecessor company may be applied to the new registration, thereby creating an immediate WC liability on the new business. |
Please email our General Insurance office for more information or call the office on 1800 086 666.
InterPrac General Insurance Pty Ltd (ABN 70 127 114 541)
Authorised Representative (AR 441745) of PSC Connect Pty Ltd (AFS License No 344 648)
