Renew your Workers Insurance policy
Whether you are a small or an experience-rated employer, your policy will renew automatically.
If you haven't cancelled your policy it will renew automatically and you will continue to be covered.
icare will take care of most of the paperwork for you, and we'll send you an invitation to renew your policy prior to the policy expiry date. Contact icare on 13 44 22 if you need to update your details.
Calculating your premium
We will use the wage information we already have on your business to calculate your premiums. The wage information we use will be your actual wages for the most recently expired policy period (if you have submitted them) plus a percentage increase for the wage price index. If you have not submitted your actual wages we will use your current estimated wages increased by 30%. If you are experience-rated, we will also take into account your last three years of claims costs.
Employers are legally required to report their actual wages to icare at the end of each policy period. This helps ensure that your workers compensation premiums are calculated both accurately and fairly, including any premium refunds.
If an employer fails to submit their actual wage records, we may undertake a wage audit, and/or SIRA, the State Insurance Regulatory Authority, may take the following regulatory action:
- Issue a penalty notice under Clause 141 of the Workers Compensation Regulation 2016
- Issue an official caution
- Issue late payment fees
- Request a wage audit to be conducted for up to the last 5 years
- Recover costs associated with a wage audit
- Prosecution
s163A (1) of the 1987 Act sets out an Employer’s obligations to advise icare if their Certificate of Currency is incorrect including if the estimated wages used in the calculation of your renewal premium are significantly higher or lower than what you believe them to be.
You should update your estimated wages via our website if:
- you employ an apprentice
- you are a small employer and expect your wages to by 25 per cent or more; or
- you are experience-rated and expect your wages to by 15 per cent or more
Renewal premium information packs
icare will send you a renewal pack with details confirming the renewal of your policy, including instructions on how to declare your actual wages and the available payment options. Your tax invoice premium calculation shows what need to pay for the next 12 months.
Renewing your policy
Small employers
Your renewal pack will be sent to you 6 weeks prior to your renewal date. The pack will include a renewal calculation to show how your premium is calculated, how to pay and a certificate or currency.
You will also be able to use this pack to log into our self-service portal to update wages for the current period or submit actual wages for the period set to expire.
Your policy renewal explained
Watch this video to know what to expect from your icare workers insurance policy renewal.
If you need help accessing this video content, please email accessibility@icare.nsw.gov.au.
Experience-rated employers
Your premium document pack will be sent after your policy renewal date. Prior to renewal you can still expect to receive a letter from us which outlines the next steps and includes a certificate of currency.
You will be able to log into our self-service portal once you have received this information and update your estimated wages to ensure they are accurate for the up-and-coming renewal.
Declaration of actual wages
To help calculate your premiums, you need to declare annual wages once a year.
If you do not submit your actual wages your renewal wages for the next policy period may be loaded by an extra 30%. You will be unable to amend the renewal wages until the actual wages have been submitted.
