Definition of Wages

Understand more about the definition of wages



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Further Resources

About this product

At Guild, we’re an additional resource you can rely on to help your centre.

We’ve provide free risk management tools and resources to help you maintain a safe workplace.

If a claim is made, your dedicated Workers Compensation Claims Manager will work with you from start to finish and ensure there is minimal interruption to your centre.

Not to mention the ongoing care and support for any employee who is injured at your workplace.


Policy cancellations

1. If you've ceased trading
You can cancel your policy if your business has ceased trading, and you can provide evidence.

2. If you've sold your business
You can cancel your policy if you sell your business. The new owner will need to take out a new workers compensation insurance policy to cover employees.

3. If you cease to employ workers
If you cease to employ but there's a claim in the current policy period, you can cancel your policy at the next policy expiry.

4. If you become an exempt employer

5. If you have a current policy and your wages decrease to $7,500 or less, you can cancel the policy at expiry and the premium you pay will depend on the wages you declare, however the minimum premium is $175.

6. If you take out policy and don't employ workers
If you take out a policy, pay part of full premium and subsequently don't pay wages, we can cancel the policy but the minimum premium payable is $175.

Other situations You can contact us to discuss your reasons for wanting to cancel the policy.

1. If you take out a new policy at a lower premium after 4pm on the due date.

2. If a liquidator or administrator is appointed and you continue trading (even if the liquidator or administrator attempts to take out a new policy).


Premium reviews

Understanding how premiums are calculated for Workers Compensation can be confusing. See here for more information on premium reviews

Why Guild Insurance?

For over 60 years, our customers have continued to be central to everything we do. 
Don't go it alone