How is a NSW workers compensation premium calculated?

The starting point is your annual wages multiplied by your industry's WIC (Workers Insurance Classification) rate, plus a small dust diseases contribution. WIC rates for the 2026-27 policy year range from 0.213% to 15.49% of wages depending on industry risk (icare NSW). Employers with a basic premium over $30,000 are also experience-rated on their claims history.

A Workers Insurance Classification code is the industry classification icare NSW assigns your business based on its main activity. There are 523 WIC codes, each with its own premium rate — for example Cafes and Restaurants (573000) is 2.25% of wages, while Concrete Construction Services (422110) is 15.49%.

Do I need a workers compensation policy if I only pay a small amount of wages?

In NSW, employers paying $7,500 or less in annual wages generally do not need a workers compensation policy, unless they employ an apprentice or trainee or do per-capita-rated work (SIRA NSW). Above that threshold a policy is compulsory.

Does this estimate apply outside NSW?

No. Each state runs its own scheme — WorkSafe Victoria, WorkCover Queensland, WorkCover WA, ReturnToWorkSA and so on — with different classification systems and rates. This estimator uses NSW icare rates only.

Workers Comp Premium Estimator (NSW)

Estimate your NSW workers compensation premium from your industry classification (WIC) rate and annual wages, using current icare rates for 523 industries.

Last verified: 15 July 2026

Search your industry

Filters the 523 NSW industry classifications (WICs).

Industry classification (WIC)*

Pick the classification matching your main business activity — it sets your premium rate.

Annual wages*

Total gross wages you expect to pay this policy year (exclude apprentice wages — they're premium-exempt).

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General information and estimates only — not legal, financial or tax advice. Always check your specific award, agreement or contract, or a qualified professional, before you rely on the result.

Workers Comp Premium Estimator (NSW)

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