Annual workers compensation insurance renewal
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# WORKERS COMPENSATION RENEWAL - WALLYS BARBER SHOP **Business:** Wallys Barber Shop **Priority:** P2 **Due Date:** 1 April 2026 **Current Date:** [Today's Date] ## IMMEDIATE ACTIONS REQUIRED ### 1. POLICY REVIEW (Due: 60 days before renewal) - [ ] Obtain current policy schedule from insurer - [ ] Review coverage limits and deductibles - [ ] Verify employee classifications (Hairdressers/Barbers - Class Code 8851) - [ ] Check premium calculation basis (wages vs. flat rate) ### 2. EMPLOYEE AUDIT (Due: 45 days before renewal) - [ ] Update employee count and classifications - [ ] Collect updated wage records (July 2025 - June 2026) - [ ] Verify contractor vs. employee status for all workers - [ ] Document any changes in business operations ### 3. CLAIMS HISTORY REVIEW (Due: 45 days before renewal) - [ ] Request claims history report from current insurer - [ ] Document any workplace incidents (even if no claim lodged) - [ ] Review return-to-work programs effectiveness ### 4. MARKET COMPARISON (Due: 30 days before renewal) - [ ] Obtain quotes from minimum 3 insurers: - Current provider (renewal quote) - WorkCover Queensland competitors - Private insurers (Allianz, QBE, Suncorp) ### 5. DOCUMENTATION CHECKLIST **Required Documents:** - [ ] Previous 12 months payroll records - [ ] Employee classification schedules - [ ] ABN and business registration details - [ ] WHS policies and procedures - [ ] Incident registers - [ ] Training records ### 6. COST ANALYSIS FRAMEWORK **Compare quotes on:** - Annual premium cost - Payment terms (monthly/quarterly/annual) - Excess amounts - Coverage exclusions - Claims management services - Premium adjustment mechanisms ## COMPLIANCE REQUIREMENTS ### WorkCover Queensland Obligations: - [ ] Verify current policy meets minimum statutory requirements - [ ] Ensure coverage includes all employees (including casuals) - [ ] Confirm compliance with WHS Act 2011 (Qld) - [ ] Document premium payment method for tax purposes ## TIMELINE - **T-60 days:** Begin policy review and employee audit - **T-45 days:** Complete documentation gathering - **T-30 days:** Market comparison and quote analysis - **T-14 days:** Final insurer selection and application - **T-7 days:** Policy documentation review - **1 April 2026:** New policy effective date ## ESTIMATED COSTS - Barber shop industry average: $800-$1,500 per employee annually - Market comparison fees: $0 (quotes typically free) - Broker fees: 10-15% of premium (if using broker) **Action Owner:** Operations Agent **Escalation Required:** Premium increases >20% from previous year
3 Mar
# WORKERS COMPENSATION RENEWAL - WALLYS BARBER SHOP **Business:** Wallys Barber Shop **Priority:** P2 **Due Date:** 1 April 2026 **Current Date:** [Today's Date] ## IMMEDIATE ACTIONS REQUIRED ### 1. POLICY REVIEW (Due: 60 days before renewal) - [ ] Obtain current policy schedule from insurer - [ ] Review coverage limits and deductibles - [ ] Verify employee classifications (Hairdressers/Barbers - Class Code 8851) - [ ] Check premium calculation basis (wages vs. flat rate) ### 2. EMPLOYEE AUDIT (Due: 45 days before renewal) - [ ] Update employee count and classifications - [ ] Collect updated wage records (July 2025 - June 2026) - [ ] Verify contractor vs. employee status for all workers - [ ] Document any changes in business operations ### 3. CLAIMS HISTORY REVIEW (Due: 45 days before renewal) - [ ] Request claims history report from current insurer - [ ] Document any workplace incidents (even if no claim lodged) - [ ] Review return-to-work programs effectiveness ### 4. MARKET COMPARISON (Due: 30 days before renewal) - [ ] Obtain quotes from minimum 3 insurers: - Current provider (renewal quote) - WorkCover Queensland competitors - Private insurers (Allianz, QBE, Suncorp) ### 5. DOCUMENTATION CHECKLIST **Required Documents:** - [ ] Previous 12 months payroll records - [ ] Employee classification schedules - [ ] ABN and business registration details - [ ] WHS policies and procedures - [ ] Incident registers - [ ] Training records ### 6. COST ANALYSIS FRAMEWORK **Compare quotes on:** - Annual premium cost - Payment terms (monthly/quarterly/annual) - Excess amounts - Coverage exclusions - Claims management services - Premium adjustment mechanisms ## COMPLIANCE REQUIREMENTS ### WorkCover Queensland Obligations: - [ ] Verify current policy meets minimum statutory requirements - [ ] Ensure coverage includes all employees (including casuals) - [ ] Confirm compliance with WHS Act 2011 (Qld) - [ ] Document premium payment method for tax purposes ## TIMELINE - **T-60 days:** Begin policy review and employee audit - **T-45 days:** Complete documentation gathering - **T-30 days:** Market comparison and quote analysis - **T-14 days:** Final insurer selection and application - **T-7 days:** Policy documentation review - **1 April 2026:** New policy effective date ## ESTIMATED COSTS - Barber shop industry average: $800-$1,500 per employee annually - Market comparison fees: $0 (quotes typically free) - Broker fees: 10-15% of premium (if using broker) **Action Owner:** Operations Agent **Escalation Required:** Premium increases >20% from previous year