How are Workers Compensation premiums calculated?

We will use the wage information provided in your Estimated Wages Declaration Form to calculate your premium. There are also additional factors taken into consideration by GIO when calculating Workers Compensation Insurance premiums, including: Industry type Cost of previous workers compensation claims associated with the business Claims history Applicable government charges At the term expiry, your premium will be adjusted based on the information provided in your Actual Wages Declaration Form. If your actual wages are lower than your estimated wages for the policy period, you may receive a refund of premium. If your actual wages are higher than your estimated wages, you’ll need to pay extra premium.

What are my workers compensation responsibilities as an employer?

As an employer, you must: have Workers Compensation Insurance that is current be able to produce proof of coverage if requested by the Regulator prominently display at each workplace details of your insurance coverage.

How do I pay for my Workers Compensation policy?

We provide several options for paying your Workers Compensation premiums , including online with your credit/debit card, BPAY, general mail, or by phone. The only exception is NSW; policy holders in this state need to pay for and renew their policies through icare Workers Insurance .

Workers Compensation

GIO helps employers understand their Workers Compensation Insurance and what to expect if the unexpected happens.

Get a quote for:

In Victoria, South Australia and Queensland, the state regulator provides Workers Compensation Insurance to employers via WorkSafe Victoria, ReturnToWork SA and WorkCover Queensland.

Claims Manager

Our experienced claims managers can help injured employees return to work

Supporting Australians

Over 95 years’ experience supporting Australians with Workers Compensation

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Trusted By Employers Across Australia

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We have a call centre in Australia, call 13 10 10

OVERVIEW

What is Workers Compensation insurance?

Workers Compensation Insurance covers most medical bills of your workers if they suffer a work-related injury and wages, if they are unable to work following the injury. It’s compulsory for most employers in Australia. From slips, trip and falls to muscle strains and injuries, Workers Compensation provides support for workers with a work-related injury.

Whats covered

Wages of your workers if they suffer a work-related injury or disease and they are unable to work.
Medical expenses, treatment and rehabilitation costs.

Who does it cover

All your employees. This usually includes anyone receiving a wage or commission payment, including casuals and temporary employees, apprentices, trainees and some contractors. This may vary depending on the state or territory.

Workers Compensation Insurance does not cover sole traders or a partner in a partnership. Alternate insurance arrangements must be made in this instance.

Get a quote for:

In Victoria, South Australia and Queensland, the state regulator provides Workers Compensation Insurance to employers via WorkSafe Victoria, ReturnToWork SA and WorkCover Queensland.

GETTING A QUOTE

Need help completing your Workers Compensation quote?

To complete your quote, you’ll need:

An estimate of your workers’ total wages for the next 12 months, and
The cost of any Workers Compensation claims in the last 4 years. You’ll need to obtain the cost of this claim from the previous insurer.

TRAINING COURSES

Prevent workplace injuries and reduce associated costs

Did you know that GIO Workers Compensation policy holders can access free or discounted training courses?

VIEW OUR TRAINING COURSES

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FAQ

Frequently asked questions

For Workers Compensation Insurance (where GIO Is the insurer)

We will use the wage information provided in your Estimated Wages Declaration Form to calculate your premium.

There are also additional factors taken into consideration by GIO when calculating Workers Compensation Insurance premiums, including:

Industry type
Cost of previous workers compensation claims associated with the business
Claims history
Applicable government charges

At the term expiry, your premium will be adjusted based on the information provided in your Actual Wages Declaration Form. If your actual wages are lower than your estimated wages for the policy period, you may receive a refund of premium. If your actual wages are higher than your estimated wages, you’ll need to pay extra premium.

Employers have a number of workers compensation responsibilities, including having Workers Compensation Insurance that is current and prominently displaying at each workplace details of your insurance coverage.

We provide several options for paying your Workers Compensation premiums, including conveniently online.

SEE ALL WORKERS COMPENSATION INSURANCE FAQS

If we are unable to provide you with a quote online, you can discuss your specific requirements with one of our workers’ compensation specialists.(If customers cannot quote online, they will be redirected to call 13 10 10)