We will use the wage information provided in your Estimated Wages Declaration Form to calculate your premium.
There are also additional factors taken into consideration by GIO when calculating Workers Compensation Insurance premiums, including:
Industry type
Cost of previous workers compensation claims associated with the business
Claims history
Applicable government charges
At the term expiry, your premium will be adjusted based on the information provided in your Actual Wages Declaration Form. If your actual wages are lower than your estimated wages for the policy period, you may receive a refund of premium. If your actual wages are higher than your estimated wages, you’ll need to pay extra premium.