NSW WC - Manage a Policy

Policy life cycles

Life cycle of a small policy

Small employers are defined as businesses who have a base tariff premium that is equal to or less than $30,000.

NB Small employers who are part of a group where the base tariff premium is greater than $30,000 will not be eligible for any of the above.

Life cycle of a medium/large policy

Medium to large employers are defined as businesses that have a base tariff premium greater than $30,000.

Cross border issues

For more information about issues regarding employees who travel and work interstate, please visit icare workers insurance’s Cross Border information.

Apprentice discounts

Organisations that employ apprentices may be entitled to a premium discount. If an apprentice is working under an ‘Approved Training Contract’ with the State Training Services of NSW Education & Community, then wages must be declared on the Renewal form in the appropriate section. These wages will be used for premium calculation and discounted on the policy. However, this will be excluded from the total premium calculation.


All companies that have combined wages of $750,000 or more and are grouped for payroll tax, must register with icare workers insurance as a Group. Every policy in the group must be held with the one Insurer, so that the premium for each policy will be experience rated correctly. Please refer to the Grouping Registration form on our website.

Policy cancellation

As your icare Insurance Partner, Allianz has consent from icare to cancel policies in the following three cases:

1. Ceased trading

A policy can be cancelled if the employer has ceased trading. Evidence of having ceased trading must be provided to the Insurance Partners that holds the policy.

2. Liquidator/trustee in bankruptcy appointed

A policy can be cancelled if a liquidator/trustee in bankruptcy has been appointed and the employer has ceased trading. The policy cannot be cancelled when a liquidator or administrator is appointed and the employer continues trading even if the liquidator or administrator attempts to take out a new policy.

3. Business is sold by employer

A policy can be cancelled when an employer sells a business. The new owner must take out a new workers compensation insurance policy covering their employees.

Employers in any of the above situations can complete a NSW Workers’ Compensation Policy Cancellation Request Form (Link required to forms and guides on new pages). Please ensure you provide a reason for the cancellation, include all dates and sign where applicable.

icare does not give consent to Insurance Partners to cancel a policy if the employer:

For any enquiries relating to changing of legal entities please contact us as soon as possible on 1300 130 664 (Monday to Friday: 8:30am to 5.00pm).

NB Please be mindful that all cancel requests are reviewed and decisions to approve or decline are based on information provided to Allianz. In a situation where a policy is cancelled there may be the possibility that there will be premium owing. For more information please contact us on 1300 130 664 (Monday to Friday: 8:30am to 5.00pm).

General FAQs for all policies

Employers will receive a renewal premium notice approximately six weeks prior to the policy expiry date. These invoices will identify the amount payable by transaction record, policy term, due date, GST amount and total amount due. Payment options include BPAY, cheque, EFT, credit card or Direct Debit. For more details on payment options, please refer to your renewal or adjustment Tax Invoice.

If payments are not received by the due date, installment facilities are forfeited and the full year premium becomes payable immediately. Late payment fees accrue at the end of each month and are compounded. There is no GST on late payment fees and a tax invoice is not available. Monthly statements are sent out on the 11th day of the month.

Annual Payments, if paid on time, may be eligible to for a 5% discount for small employers or a 3% discount for medium or large employers. Late payment penalties apply if premiums are not paid by their due date.

Please note Allianz can issue a Certificate of Currency for a period of up to 12 months, or to the expiry date of the policy. Legislation requires a request for a Certificate of Currency to be in writing.

Requests can be made by completing and signing the Writable Request for Certificate of Currency and Statement of Wages (Link required to forms and guides on new pages) form with the following information:

  • Legal name of policy holder
  • A reasonable estimate of wages
  • Employee numbers

Alternatively a request can be made at renewal by completing a Declaration of estimated wages form ensuring that YES is ticked in section 5. A Certificate of Currency will be sent to you within five (5) working days of receiving the written request.

A certificate of currency may not be issued if there is any outstanding premium, or overdue actual wages declaration forms for the previous 12 months.

For more information contact us on 1300 130 664 (Monday to Friday: 8:30am to 5.00pm)

If you require further clarification about any of the above or have other workers compensation inquiries, please view the NSW Employer Guide or call 1300 130 664. You can also obtain assistance at icare workers insurance.

For workers compensation information at your fingertips please visit icare Employer Assist.