Determining the Cost of Your Accident Insurance Policy
The cost of your accident insurance policy is influenced by various factors:
- The total wages paid by your business
- Your claims history, encompassing the expenses related to injury claims against your business
- The industry in which your business operates.
Your premium is paid on a provisional basis, requiring upfront payment at the beginning of the financial year. Adjustments may be made at the end if necessary.
What Information is Required? When calculating your policy, the information needed depends on whether you are initiating a new policy or renewing an existing one.
For a New Policy:
- To determine your payment, we will request you to disclose your estimated wages for the current financial year.
Renewal of an Existing Policy
When renewing your policy, certain details are essential for an accurate assessment:
- Actual wages paid in the preceding financial year
- Estimated wages for the ongoing financial year.
Additionally, we take into account the estimated wages from the prior financial year, previously provided during your last renewal.
In cases where there was an under or overestimation of wages in the preceding year, adjustments will be made to your current premium to reflect the difference.
Further Considerations: Factors such as your industry rate and claims costs play a crucial role. Your declared wages influence the premium calculation model we apply. The relevant sections below will elaborate on this process. Additional costs, including GST and stamp duty, will be incorporated into your policy.
Reducing Your Premium: Exploring avenues to reduce your premium is possible, from enhancing workplace safety to engaging apprentices. For comprehensive insights, feel free to engage in a discussion with us or refer to our page on reducing your premium.