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 Quote Tips
NSW Workers Compensation
Quick Quote Tip #1
Business Primary Activity
Your Workers Compensation Premium is determined by your "Primary Business Activity", which is the basis of your Quick Quote and your premium. When requesting a Quick Quote, provide as much detail as possible about your business activities. There are more than 500 business activity categories in NSW, so it is essential to select the right one for your business.
Quick Quote 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.
GJN Industries
"The team at Employers Comp have fantastic customer service, nothing is ever too hard."
Quick Quote Tip #3
Estimate of Wages
An estimate of wages is the expected amount you plan to pay your deemed workers over a year. This includes salaries and dividends given to working Directors, and wages, salaries, bonuses, superannuation, and other compensation given to your employees. Sometimes, it also covers payments made to contractors. You need to report this information to icare NSW after your Policy Renews. Employers Comp does this process for you.
Quick Quote Tip #4
Eligibility Check
Before giving you a Quick Quote, our team will do an Eligibility Check for you. In NSW, some sole operator businesses are required to have a Workers Compensation Policy, while others aren’t. For instance, if you are a Working Director of a Company (PTY LTD with ACN) and you don't employ any other workers, you will probably need to get an icare NSW Workers Compensation Policy for yourself.
Handz Constructions
"I am very happy with the team at Employers Comp, they are extremely prompt and supportive"
Adams Mowing
"Employers Comp saved me time and money, it is a must for any business."
How We Help
Cover Set Up
We review your specific needs to provide you with tailored, compliant Workers Compensation insurance protection.
Actual Wages
​We provide you with support in declaring your Actual Wages, Wage Audits, Contractor Testing and Deemed Worker assessments.
Unlimited Advice
​Our team of experts provides you with the Unlimited Advice and guidance to help you navigate the complex world of Workers Compensation.
Renewals
Unlimited support to manage your Renewal. This includes our Representation Guarantee, supporting you through the renewal audit process.
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.
icare NSW Certificate of Currency Basics
A Certificate of Currency is an official document and proof from your Nominal Insurer,
verifying you have a Workers Compensation Insurance Policy in place for the period
specified on your Certificate of Currency. Nominal Insurers like icare, WorkCover and
WorkSafe will provide businesses with this document yearly, confirming your policy is valid.
NSW Workers Compensation Definitions
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 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 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.
Phoenix Hotel
"I really appreciate the support from Employers Comp, which is really helpful and valuable for a business like ours."
