Victorian WorkCover Industry Premium Rates are set by the State Government. There are over 500 rates with over 7,000 sub categories. Your WorkCover Agent will select the Industry Classification for your business based on the information that you provide in the policy application form.
Minimum Premium Arrangements
An employer with a payroll between $7,500- and $15,500 per annum, or who employs apprentice employees, is required to pay a minimum premium amount of $188 plus GST per annum.
If an employer’s payroll or remuneration to workers is less than $7,500 per annum and they are not employing an apprentice, nor has a worker been injured, they are not required to pay premium or to have a current WorkCover policy. However, if any of the three above circumstances changes they must immediately take out a policy.
WorkCover Excess (Threshold) Costs
If you do not choose to take up the Buy Out option (removal of excess for a 10% higher WorkCover Premium) you are required to pay the first 10 days compensation and the first $682 (indexed annually) medical expenses on each new claim. Buy Out can be added or removed from any policy between July 1st and August 31st each year.