WorkCover Queensland has offered one of the lowest average premium rates for workers’ compensation insurance in Australia since 2013, providing excellent value for their customers and supporting more than 90% of workers back to work safely. However challenging economic times and increasing claims costs are putting pressure on premium rates.
For the financial year 2022-2023, the average net premium rate will move to $1.23 per $100 of wages (after discounts).
The premium rate applied to individual employers is dependent on their wages, their claims performance and that of their industry. The 2022-2023 WorkCover Industry Classifications were gazetted on Friday 24 June 2022.
Businesses can influence their individual premium rate by:
- improving their safety culture and reducing workplace injuries. The lower an employer’s claims costs, the lower their premium;
- supporting a worker’s return to work. The faster a worker gets back to work doing suitable duties, the lower the claims costs and impact on premium;
- taking advantage of our early payment discount.
More information is available to on how premium is calculated, what employers can do to reduce their premium and payment options.
If you have any questions about this, please do not hesitate to contact us!
Source: Worksafe QLD