Loading. Please wait...
 

Premiums

Premiums

Steadfast Workplace Risk places workers compensation insurance cover for employers in all jurisdictions. Our national team works with employers in helping to achieve a positive result in relation to placement, pricing and coverage where applicable.

Factors influencing your premium

Steadfast Workplace Risk places workers compensation insurance cover for employers in all jurisdictions. Our experienced national team can help identify risk factors influencing your premium, including but not limited to:

  • Your business and structure i.e. grouping
  • Business classifications in all States and Territories
  • Advising liability exposures
  • Setting up national insurance programmes and agent/insurer tenders
  • Negotiating rates in risk states (ACT, NT, TAS & WA)
  • Helping minimise premiums in managed fund states (NSW, QLD, SA & VIC)
  • Impacts of Capping and Flooring
  • Wages Definition
  • How claims decisions impact premiums
  • Impacts of acquisitions and mergers
  • WorkCover appeals and retrospective adjustments
  • Self Insurance and Retro Paid Loss advice

Calculation of workers compensation premium

Every State and Territory is calculated and structured differently.  Following the submission of a declaration of wages, your workers compensation insurance premium is based on a number of factors including:

  • Industry/industries in which you operate
  • Amount of wages you pay your workers involved in each industry
  • Costs of any claims made by your injured workers over the past three to five years depending on jurisdiction
  • Various levies apply based on the jurisdiction
  • A businesses proactive and early intervention management approach

Steadfast Workplace Risk can give advice on all of the above areas to make this process simple and easy to understand, whilst projecting the impact claims can have on your premiums.