business.gov.au

Approval as a Self-Insurer - Victoria

Description

You will need this approval to manage and bear the cost of your own workers compensation claims.

Any Victorian employer that pays more than $7500 a year in wages, or employs apprentices or trainees, is legally required to take out WorkSafe insurance. An employer that is approved as a self-insurer is not required to hold a WorkSafe insurance policy, but instead is required to bear the costs and risks of its own workers compensation claims.

Service type

Licence

A licence defines the need to obtain recognition / certification and registration to undertake a certain business activity.

Eligibility requirements

The application process has two stages. You must first apply for a determination of eligibility to apply for approval. The Agency will only make a determination if:

  • your organisation is capable of meeting its claims liabilities when they fall due
  • your organisation is not a subsidiary of another body corporate (other than a foreign company that is not registered in Australia under the Corporations Act).

Duration

Initial approval to self-insure is given for a period of three years. Renewals of self-insurer approvals after this have effect for a period of four years. WorkSafe may in certain circumstances allow approval to last for six years.

Fees

Fees Details for this service in table format.

Task Type Business Structure Description
Apply Application All

Please consult the responsible agency for further information.

Act(s) name

Workplace Injury Rehabilitation and Compensation Act 2013 Victoria

Administering agency

Department of Treasury and Finance

WorkSafe Victoria

Contact details

Contact Email, Phone and Address Details for this service in simple two column table format, header then data.