WorkCover
Victoria
Premiums, WICS and Wages, explained for employers
Workers Compensation made easy for your business, by Employers Comp.
For employers in Victoria WorkCover is your Nominal Insurer
WorkCover Insurance is the name of the Workers Compensation Insurance scheme in Victoria, which is provided by WorkSafe Victoria. WorkSafe has delegated the management of the scheme to Agents, such as DXC. All businesses that have deemed workers in VIC and pay over $7,500 per year in actual wages must comply with this compulsory requirement.
Are WIC Codes Important?
Yes, they are the foundation of your Policy.
A WIC code is an essential component of your Workers Compensation Insurance program. WorkCover 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 WorkCover Premiums. Working with a specialist like Employers Comp will help you ensure you are paying the correct WIC code for your business.
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 WorkCover 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 WorkSafe Workers Compensation Insurance obligations.
Phoenix Hotel
“I really appreciate the support from Employers Comp, which is really helpful and valuable for a business like ours.”
What is a Wage Audit?
A Government Review of your business.
Going through a Workers Compensation premium audit can sound daunting, but it’s essentially a check-up by a certified Worksafe auditor. Every year, regulators investigate lots of businesses just to make sure everyone’s categorized correctly and paying the right amount for their premiums.
They’ll take a close look at your payroll, super contributions, dealings with contractors, and even how your business operates day-to-day, all to ensure you’re on track with your Workers Compensation duties. Keeping your business records tidy and being clear about your actual wages paid is key to sailing through an audit. And remember, slipping up on these audits could mean facing some fines or penalties.
If the thought of an audit feels overwhelming, don’t stress, Employers Comp is here to help. Our friendly team can guide you through the process, save you some time, and stand by your side every step of the way.
What is an Annual Wage Declaration?
Your legal responsibility as a Policy Holder.
One of your obligations as an employer and policy holder is to report how much Rateable Renumeration you have paid to your workers each year, through an Actual Wage Declaration. This is a formal government submission. This step is important because it helps WorkCover adjust a premium that's both fair and accurate for your business, making sure you are paying the appropriate amount of premium based on your actual wages. It's a record keeping requirement that all Policy Holders have to provide. Employers Comp takes this hassle away so you can focus on your business.
GJN Industries
“The team at Employers Comp have
fantastic customer service, nothing is
ever too hard.”
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Adams Mowing
“I am very happy with the team at Employers Comp, they are extremely prompt and supportive”
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
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.
Registration
Registering a new company, policy or claim we provide you with ongoing advice to save you time and provide you with peace of mind.
Premium Payments
We help you manage your WIC Codes and payments to ensure you can afford your cover and avoid penalties and fines.
Documents
Have access to your documents 24/7. No matter where you are you have access to your policy documents on the go.
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.
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, supportingyou through the renewal audit process.
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”
Contact Us
Complete the form in the link below and a member of our team will be in touch as soon as possible.