2024-25 WorkCover premium

The average premium rate for 2024-25 will remain 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 2024-25 will be effective from 1 July 2024.

If you are an employer, your premium renewal notice will be available via the Online Employers Services (OES) from 11 July 2024. All mailed notices will be received after this date.

Online Employer Services

No. The average premium rate will remain at 1.8% for 2024/25. If you are an employer, it’s important to know that your individual premium payable will vary based on your remuneration, industry rate, size and workers compensation claims history.

For more information about other changes to WorkCover visit our website.

Scheme modernisation

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 or trainees.

Do I need to register?  How to register

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.

WorkCover insurance industry rates and claims cost rates for 2024-25

Previous claims and your premium

Capping limits the percentage an existing employer's premium rate can increase in a single year.

For 2024-25, an employer's premium rate cannot increase by more than 30% from the previous premium year for their existing workplaces.

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.

Pay early to receive a discount on your WorkCover insurance premium

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.

More information about WorkCover premiums can be found in the Insurance area of the WorkSafe Victoria website. If you are an employer, your WorkCover agent can also help answer questions about your individual premium.

Ways to pay and renew your WorkCover insurance premium

Before registering, find out if you need to register for WorkCover insurance or if you're exempt.

Do I need to register for WorkCover insurance?

If you would like to register, please do so online:

How to register for WorkCover insurance