All Trades Cover can not assist with the placement of your Workers’ Compensation Insurance in Victoria. However we have some helpful advice below on if you require the cover and also where you can get the cover.
In Victoria Workers’ Compensation Insurance is also known as Workplace Injury Insurance. Should you employ anyone in the state of Victoria then you must abide by the rules which are listed below:
- Take out WorkSafe injury insurance with a WorkSafe Agent of your choice, which can include Allianz, CGU and QBE Insurance (you may not have to obtain cover should your annual payroll is to be less than $7500).
- However should you employ apprentices or trainees, then the $7500 or below limit does not apply. You must have a WorkSafe policy irrespective of your annual payroll.
- In the event that your business changes (i.e. a change in staff number or in the type of work your doing) then you must notify your insurer as there may be changes to your classification that apply.
- Changes to your business name or the address of your business must also be notified to your insurer.
- Each year you must revise and check your annual estimated wages (and, if you have any claims, your claims statement). This should be done before the renewal of your insurance policy every year. The insurer will always send a declaration for you to complete.
- In regards to changes in the wage role throughout the year, you must notify the insurer should there be a increase of more than 20% on your original wages estimation.
Before the renewal each year you must ensure that you have confirmed the wages payed for the previous policy period.
- Most importantly pay the premium by the due date!
For more information you can visit the governments WorkSafe site.