icare NSW
In NSW icare is your Nominal Insurer
Workers Compensation Insurance in NSW is provided by the NSW Nominal Insurer icare NSW. It is a mandatory requirement for all businesses employing deemed workers in NSW and pay more than $7,500 per annum in actual wages. icare NSW runs several different insurance schemes on behalf of the NSW state government.
Quick Policy Set Up Tips
NSW Workers Compensation
Policy Set Up Tip # 1
Get your WIC Code Correct
A WIC code is an essential component of your Workers Compensation Insurance program. icare NSW has more than 500 WIC codes to choose from. Your premium depends on the WIC code and primary business activity that match your business. It is important to make sure your business has the right WIC code assigned to it to avoid paying too much on your icare Premiums. Working with a specialist like Employers Comp will help you ensure you are paying the correct WIC code for your business.
Policy Set Up Tip #2
Number of Deemed Workers
A deemed worker is a person who is considered a worker for workers compensation purposes, In NSW Workers Compensation, deemed workers include Working Directors, employees, apprentices, and some independent contractors. It is important to remember that the number of deemed workers and their wages that you provide when requesting a quick quote are only estimates.
Policy Set Up Tip #3
Plan and Budget
Most insurers offer a variety of payment options, we recommend opting to pay your premium in monthly installments, but be aware if you miss a payment, icare may refer you to Revenue NSW for debt collection. If you need help planning ahead and budgeting with your workers Compensation, reach out to the team, we have helped thousands of NSW businesses budget for their icare NSW Workers Compensation Insurance.
Policy Set Up Tip #4
Use a Professional
Workers Compensation can be tricky to understand, as it has its own subtleties. It's not like regular insurance, as it's a government scheme, there are extra reporting obligations. If you run a small business, you'll have to report your operations every year to your Nominal Insurer. Getting professional help can make the process easier, saving you time and giving you confidence. Need help? you can contact us at Employers Comp.
Policy Set Up Tip #5
What is an Annual Wage Declaration?
Your legal responsibility as a Policy Holder. When you have an icare Workers Compensation Insurance policy, it's important to declare your wage and renumeration details at the end of each policy period. This step is crucial because it helps icare calculate a premium that's both fair and accurate for your business, making sure you're paying the right amount based on your actual wages. It's a record keeping requirement that all Policy Holders are responsible of providing. Employers Comp takes this headache away so you can focus on your business.
GJN Industries
"The team at Employers Comp have fantastic customer service, nothing is ever too hard."
What We Do
Employers Comp has assisted thousands of businesses in managing their Workers Compensation Insurance compliance. We assist our clients by providing the following four core services.
Cover Set Up
Actual Wages
Advice
Renewals
Phoenix Hotel
"I really appreciate the support from Employers Comp, which is really helpful and valuable for a business like ours."
Adams Mowing
"Employers Comp saved me time and money, it is a must for any business."
How we Help
Employers Comp has assisted thousands of businesses in managing their Workers Compensation Insurance compliance. We assist our clients by providing the following nine core services.
Cover Set Up
We review your specific needs to provide you with tailored, compliant Workers Compensation protection.
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Premium Payments
We help you manage your WIC Codes and payments to ensure you can afford your cover and avoid penalties and fines.
Actual Wage Declarations
We link with your Payroll and Accounting Software to ensure you declare your Actual Wages correctly and compliantly on time.
Contractors Compliance
Not all contractors are your deemed workers. But some are and they need to be included in your policy. We take the headache away.
Renewals
Unlimited support to manage your Renewal. This includes our Representation Guarantee, supporting you through the renewal audit process.
Registrations
Registering a new company, policy or claim we provide you with ongoing advice to save you time and provide you with peace of mind.
Documents
Have access to your documents 24/7. No matter where you are you have access to your policy documents on the go.
Wage Audits
Thousands of employers every year are audited by their Workers Compensation regulator. We represent you in the process.
Advice
Our team of experts provides you with the Unlimited Advice and guidance to help you navigate the complex world of Workers Compensation.
Compliance made easy for your business.
No matter your industry, we've got the perfect plan to suit your needs.
Handz Constructions
"I am very happy with the team at Employers Comp, they are extremely prompt and supportive"
NSW Workers Compensation Definitions
What is a Deemed Worker?
It’s Complicated!
A Deemed Worker is an individual who is “deemed to be a worker” for Workers Compensation purposes. This will include Full-Time, Part-Time and Casuals employees in your business. This will include Working Directors in your business, and in some situation's Independent Contractors.
When renewing your icare Workers Insurance Policy it is the obligation of the employer to include all relevant Deemed Worker remuneration a business has paid when declaring its Actual Wages.
Using a specialist like Employers Comp will assist you in ensuring you declaring your Wages accurately and on time to ensure you comply with your icare Workers Compensation Insurance obligations.
What is a WIC Code?
Workers Classification Code (WIC)
A WIC code is a crucial part of your Workers Compensation Insurance program. Each scheme has its own set of unique WIC Codes. Your premium is based on the WIC code allocated to your business.
If your business changes its primary activity, then your WIC code may change. It is important to ensure your business has the correct WIC code allocated to it to avoid overpaying for underpaying on your icare Workers Insurance Premiums.
Using a Workers Comp specialist like Employers Comp will assist you in ensuring you are paying the correct WIC code related to your business.
What is a Premium Protected Employer?
A small employer who is premium protected.
The current threshold in NSW for premium protection is $30,000. This means that if your premium is below this threshold and you have a worker who is injured at work and makes a claim, your icare workers Insurance Premium will not be increased due the cost of the claim.
What is PIAWE?
Pre-Injury Average Weekly Earnings
If an injured worker is unable to perform their pre-injury job, or suitable alternative duties, as a result of a work-related injury or illness, any weekly compensation that may be payable is calculated by reference to the workers Pre-Injury Average Weekly Earnings (PIAWE). When a claim is registered with icare or an approved SIRA NSW Claims Service Provider (CSP), the CSP is required to obtain the last 12 months of a injured Workers Payslips to Determine the injured workers PIAWE.
What is an Actual Wage Declaration?
A Government Submission
When you have an icare Workers Compensation Insurance policy, it's important to declare your wage and renumeration details at the end of each policy period. This step is crucial because it helps icare calculate a premium that's both fair and accurate for your business, making sure you're paying the right amount based on your actual wages.
It's a record keeping requirement that all Policy Holders are responsible of providing. Employers Comp takes this headache away so you can focus on your business.