The Basic Premium Formula
Using the abovementioned data, WorkSafe Victoria takes your industry rate, multiplies it by your rateable remuneration, then adds or subtracts some more (depending on whether you have high or low claims costs) to come up with your business's premium rate and a final premium amount to be paid.
Your insurance premium is calculated based on: the annual remuneration you pay your workers, including wages, super and other allowances. your industry premium rate, and. any income support costs paid to your worker/s with time lost claims in the previous year.