Small employers are those who pay wages less than or equal to $300,000 or have a basic tariff premium less than or equal to $10,000.
Employers may avoid paying a claims excess if there is an injury by notifying their Scheme Agent or insurer within the required timeframes.
Impact of claims on premium
Small employers do not have their premiums experience adjusted, that is, their premiums will not be impacted as a result of a claim. This provides greater premium stability for small business.
Employers who pay annual wages of $7500 or less
Small employers who pay annual wages of $7500 or less are known as exempt employers and are not required to hold a workers compensation policy unless they are a member of a group for workers compensation purposes or they have an apprentice or trainee.
Apprentices
Under the Apprentice Incentive Scheme, employers with apprentices are entitled to a workers compensation premium reduction based on the wages paid to their apprentices.
Discount
A three per cent discount is available for premiums paid in full in advance, however the minimum premium payable is $175. The discount is only available for 12 month policies.
Call 13 10 50 for more information.