Workers’ compensation funding. A practical broker checklist.

Record the insured employer’s legal name and ABN, the proposed borrowing entity, policy number, state or territory, insurer or scheme and period of cover. Flag different entities, interstate operations or separate policies early. Australia’s workers’ compensation schemes operate under different laws; one state’s payment arrangements should not be assumed to apply elsewhere.

Provide the latest invoice or premium notice, including the amount payable, payment reference and due date. Explain whether it is a new policy, renewal, additional premium or adjustment for an earlier period. Identify any amount already paid or disputed so the funding enquiry is based on the remaining requirement. With the client’s permission, share the documents needed for the case rather than employee or claims details that have not been requested.

Ask whether the premium is based on estimated or declared wages or remuneration, whether a declaration is outstanding and whether an amended notice is expected. For example, WorkSafe Victoria explains that updates to remuneration can lead to a recalculated premium. The applicable scheme or insurance adviser should confirm what must be declared. If an additional premium or refund arises after funding, bring it to our team; the existing loan does not change automatically.

Check the client’s current options for paying upfront or using the scheme’s own instalment arrangements before comparing a funding proposal. WorkSafe Victoria offers direct instalment choices; WorkCover Queensland also publishes interest-free payment plans subject to its conditions. Compare eligibility, due dates, any early-payment discount and the full cost of funding, including interest and fees. A discount alone does not establish that borrowing is the cheaper choice.

Tell us when payment must reach the insurer or scheme, not just when the client would like repayments to start. Identify other insurance premiums, different inception dates and any existing funding arrangements. Allow time for assessment, documentation and payment processing. If the deadline is close or an amount is overdue, flag it at the outset and confirm the policy position with the insurer or scheme. A funding enquiry is not confirmation of cover or approval.

Tell us about a proposed business sale, closure, entity change or other event that may affect the policy or premium. Cancellation and refund arrangements need case-specific attention; do not assume that a workers’ compensation policy can be cancelled like another commercial policy, or that a refund will match the loan balance. Our team can review the funding implications alongside the information confirmed by the insurer or scheme.

Before acceptance, help the client work through the loan amount, interest, fees, total amount payable, repayment dates and agreement conditions. Confirm who will complete the documentation and how any subsequent premium change will be raised. Cover advice stays with the client’s authorised insurance adviser. We assess the funding and support the conversation you lead.

General information for brokers. Funding is subject to eligibility, assessment, approval, available funding and agreement terms. Interest and fees apply.

The relevant insurer or scheme and the client’s insurance adviser can confirm policy obligations and current payment arrangements. This is a preparation guide; the information required for a particular funding assessment may differ.