Vic WorkCover Update
It’s that time of the year again. The yearly Vic WorkCover premium cycle is about to commence, and this is the information you need to know.
Certificate of Currency
If there is no outstanding premium to pay on your WorkCover account, you or your Insurance Broker can now obtain a 2022/23 Certificate of Currency.
The best way to do this is type a Google search:
- WorkSafe Certificate of Currency
- Click on the WorkSafe link
- Enter your Employer Number / Policy Number and your postal address postcode and.. you are in!!
If a statement appears advising you to contact the 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.
Are you ready for your WorkCover 2022/23 renewal?
From the second week of July, you will receive your 2022/23 WorkCover insurance renewal paperwork in the mail or via email. ReWork would like to update you about some key information that affects your premium calculations and the deadline to take up the premium discount offers.
Policy renewal is scheduled to commence on 30 June, and any remuneration updates received via the WorkSafes Online Employer Services (OES) portal by this date will be reflected in your renewal premium calculation. Otherwise, your renewal premium will be calculated based on your 2021/22 remuneration estimate, indexed by 4.75%. This remuneration estimate can be later updated and amended by using the renewal premium notice.
If you have had claims, the experience rating period 1 January 2019 to 31 December 2021 will be used to calculate your 2022/23 premium rate. Please note that only weekly payments paid will be included for the most recent 12 months’ claims experience. Other payments made on 2021 lodged claims and estimates of future claims costs (statistical case estimates) will be excluded.
The minimum premium for 2022/23 has increased to $249.70 (includes GST).
The maximum cost of any individual claim that will be included and impact your premium calculation is $438,300 (This amount is indexed each year and is an increase from last year’s $434,500).
Large employers must certify their actual 2021/22 remuneration by 28/10/2022 whilst small employers have until 24/3/2023.
Paying Upfront – Premium Discount Options
You have a range of options in which to pay your 2022/23 premium – pay early to obtain a discount or opt for more time to pay.
To obtain a 5% discount on premium, pay the full amount (the annual payment as listed on your invoice) by 15 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 externally fund your 2022/23 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.
email@example.com 0457 730 245