Understanding your premium
Find out what affects your premium, how it’s worked out and where you can go for more information.
What affects your premium
Your premium is what you pay for your workers’ compensation insurance.
If you have an accident insurance policy, we base your premium on your business and the workers you employ.
Understanding what affects your premium can help you budget and find ways to lower it over time.
How your premium is calculated
How your premium is calculated
We base your accident insurance premium on your wage costs, industry and claims history. Here’s a clear breakdown of how we calculate your premium, what information we need from you and what you can do to manage your costs.
WorkCover Industry Classifications (WICs)
WorkCover Industry Classifications (WICs)
Every accident insurance policy has a WorkCover Industry Classification (WIC) code. We use your WIC to group your business and calculate your workers’ compensation premium.
Ways to reduce your premium
Ways to reduce your premium
Your claims costs affect your accident insurance premium. A safer workplace is the main way to reduce your premium, but there are other options too. A good safety culture, the apprentice discount and a 3% pay-in-full discount can all help lower what you pay.
Large Employer Alternative Pricing (LEAP)
Large Employer Alternative Pricing (LEAP)
If you’re a large employer in Queensland, you may be able to choose how we calculate your accident insurance premium. Large Employer Alternative Pricing is an option that can better match your premium to your claims history and safety performance over time.