Vic WorkCover Update
It’s that time of the year again and the yearly Vic WorkCover premium cycle is about to commence, please read below for all of the information you will need to know.
Certificate of Currency
If there is no outstanding premium to pay on your WorkCover account, you can obtain a 2021/22 Certificate of Currency from the 8th June. The process for this is:
- Type WorkCover Certificate of Currency into Google
- Click on the WorkSafe link
- Enter the Employer Number / Policy Number and your postal address postcode and you’re in!
If a statement appears directing you to contact your Agent (rather than displaying the COC) it is usually the case that premiums are in arrears and as such a COC will not be automatically provided.
Employers should be getting ready for their WorkCover 2021/22 renewal
From early July you will receive your 2021/22 WorkCover insurance renewal paperwork in the mail. ReWork would like to update you about some key information that affects your premium calculations and the deadline to take up the premium discount offer.
Policy renewal is scheduled to commence on 3 July, and any remuneration updates received via the WorkSafe Online Employer Services (OES) portal by this date will be reflected in your premium calculation. Otherwise, your renewal premium will be calculated based on your 2020/21 remuneration estimate, indexed by 4.75%.
If you have had a claim, the experience rating period 1 January 2018 to 31 December 2020 will be used to calculate your 2021/22 premium rate. Please note that only weekly payments paid will be included for the most recent 12 months’ claims experience. Other payments made on individual claims and estimates of future claims costs (statistical case estimates) will be excluded.
The maximum cost of any individual claim that will be included in your premium calculation is $434,500. (This amount is indexed each year, and is an increase from last year’s $415,900.) You can access the 2021/22 published Industry Rates (WIC) and claims cost rates here.
Paying Upfront – Premium Discount Options
You have a range of options in which to pay the 2021/22 premium – pay early to obtain a discount or opt for more time to pay. To obtain a 5% discount on your premium, pay the full amount (the annual payment as listed on your invoice) by 31 August. For a 3% discount, pay the full amount (the annual payment due as listed on your invoice) by 1 October.
Given that it would cost you between 2% to 3% to fund your 2021/22 premium and a 5% discount is available for upfront payment, premium funding makes a lot of sense (and dollars).
Please contact the ReWork team if you’d like to explore this option further: