All employers in NSW (except exempt employers) are required to pay workers compensation premiums.
The NSW Workers Compensation Scheme is funded by the premiums paid by employers and provides medical and financial support to injured workers, while limiting the financial exposure of employers.
Workers compensation insurance premiums are based on a number of things, including:
- the industry in which the employer operates (the industry premium rate takes into account the costs of compensation claims that have occurred in the industry)
- the amount of wages the employer pays to its workers
- the costs of any claims made by their workers (for employers with a basic tariff premium greater than $10,000 and with wages greater than $300,000)
- the dust diseases levy
- the mine safety premium adjustment (for mining industry employers).
Call 13 10 50 for more information about premiums.