Becoming a self-insurer
Self-insured employers provide accident insurance for their
workers, instead of insuring with WorkCover Queensland. Q-COMP
oversees self-insurance licensing in Queensland. You can apply to
us to be a self-insurer whether you are a single or group
employer-as long as you meet the criteria.
Before you apply, you need to pay a non-refundable fee to
Q-COMP- $15,000 for single employers and $20,000 for group
employers. We have six months to decide your licence application
and usually it takes 3 months. We issue licences for periods of up
to four years, with the initial licence being for 2 years.
Once you have your self-insurance licence you must:
- take on liability for outstanding
WorkCover claims from before you received your self-insurance
licence - this is assessed by actuaries appointed by you and
WorkCover Queensland
- pay your annual levy to Q-COMP
- pay workers' compensable claims
- resource and manage workplace
rehabilitation
- maintain adequate workplace health
and safety systems and resources
- commit financial and management
resources to comply with the legislation and any other licence
conditions imposed by Q-COMP
- provide annual actuarial reports, and
maintain bank guarantees and re-insurance
- renew your licence at least 90
days before the licence period ends.