Self-insurance

Self Insurance A self-insurer is an employer approved by WorkSafe to manage it's own workers' compensation claims and have full responsibility for meeting its claims liabilities.

Role of self-insurance

The role of self-insurance in Victoria is to provide eligible employers the option of managing and bearing the costs and risks of their own claims. Just like insurance through a WorkSafe Agent, self-insurance:

Provides direct incentives to improve injury prevention and rehabilitation performance
Ensures that workers are treated fairly and equitably
Contributes to continuous improvement in health and safety and return to work performance

Eligibility

There are two main eligibility requirements to be a self-insurer:

You must be a body corporate, and not a subsidiary of another body corporate
You must satisfy minimum requirements regarding financial strength and viability and demonstrate that you are, and would be, capable of meeting your claims liabilities

Applying for self-insurance

Once your business has been declared eligible to apply, you must submit a full application as a self-insurer. Further details and forms for becoming a self-insurer can be found in:

Reference material for current and prospective self-insurers

An application will be approved if you are assessed by WorkSafe as being 'fit and proper' to be a self-insurer based on:

Your financial strength and viability
Your resources to administer claims
Your incidence of injuries and claims costs
Workplace health and safety
Compliance with the Accident Compensation Act 1985, Ministerial Orders, any terms and conditions of approval and any other subordinate instrument under the Accident Compensation Act 1985
Any other matters WorkSafe thinks fit

Approval

Initial approval to self-insure is given for a period of three years.

Renewal

To continue as a self-insurer you must apply for renewal of approval every four years. Renewal applications are assessed in a similar way to the initial application.