The Victorian Government has set the average premium rate for 2023-24 at 1.8%.
The average premium rate is a general figure only. If you are an employer your actual premium rate will vary based on your industry, size and workers compensation claims history.
Premium rates for 2023-24 will be effective from 1 July 2023. If you are an employer, you will receive your premium renewal notice in July via mail. Your premium renewal notice will also be available via the Online Employer Services (OES) portal.
WorkCover insurance is compulsory if you employ one or more workers in Victoria and pay, or expect to pay, more than $7,500 in remuneration in a financial year, or if you engage apprentices and trainees.
Employer premiums are calculated as a percentage of the annual remuneration paid to workers. If your total remunerations is $200,000 or less, you will pay a premium based on an industry rate.
There are over 500 WorkCover industry rates which are determined by the relative risk profile of each industry.
If your remuneration is more than $200,000 your individual workers compensation claims experience will also be taken into account.
Capping limits the percentage an existing employer's premium rate can increase in a single year.
For 2023-24, an employer's premium rate cannot increase by more than 75% from the previous premium year, for their existing workplaces. This cap takes into account the rise in the average premium rate.
The best way to ensure you pay the lowest premium is to operate a safe and healthy workplace to prevent injuries from occurring. However, if injury or illness does occur, focussing on achieving a prompt and sustainable return to work outcome will assist in keeping premiums down.
You can also pay your premium early to receive either a 3% or 5% discount by certain dates.
A number of payment options are available for businesses whose premiums are over $1000. These are detailed on your premium renewal notice. Depending on your premium amount you may be able to pay monthly, quarterly or annually. Please contact your WorkSafe agent to discuss what options may be available to you.
More information about WorkCover premium can be found in the Insurance area of the website. If you are an employer, your WorkCover agent can also help answer questions about your individual premium.
