As a large employer, your claims performance can potentially have a significant impact on your premium.
CGU will work with you to focus on specific areas or claims that are negatively impacting your premiums, in order to reduce the cost of workers compensation. We’ll keep you regularly updated on how your portfolio is tracking and the impact any claims are having on your premiums. We can also provide you with benchmarking information to let you compare your workers compensation performance with your peers’.
We provide training to employers wanting to know more about how their premium is calculated and how to accurately forecast for the future
CGU offers a range of payment options including:
- a discount on upfront payments - premiums that are paid in full and in advance are entitled to a 3% discount (excluding minimum premiums of $175 and short-termed or auto-renewed policies)
- instalment options – premiums above $1,000 may be paid in quarterly instalments. Premiums above $5,000 may be paid in both monthly (via direct debit authority only) or quarterly instalments.
As an employer you have a number of obligations regarding your workers compensation policy, including:
- taking out and maintaining a workers compensation policy
- providing us with estimated and actual wage declarations for each policy period you are insured
- maintaining proper wage records for every person you employ
- allowing inspection of your wage records by an authorised representative appointed by us
- notifying us if your workplace or activities change (as this may change or alter your workplace classification and premium)
- notifying if your remuneration increases by 25% or more
- paying your premium by the due date.
As an employer, you also have obligations when one of your employees is injured at work. For further information, see the
claims section for employers.
If you are currently grouped with the Office of State Revenue for payroll taxes, then you may also be grouped for workers compensation purposes.
Grouping applies to employers that have a combined annual payroll of $600,000 or more. Grouping also requires that all your policies are held with the one workers compensation insurance agent and that they have a common renewal date.