Cancelling a policy

Cancellation of a policy

#1 You have ceased trading

If your business has stopped operating, you can cancel your insurance policy. You’ll need to provide evidence of having ceased trading to the insurer managing your policy.
#2 A liquidator or trustee in bankruptcy has been appointed

Your insurance policy can be terminated if your business has ceased trading due to the appointment of a liquidator or trustee in bankruptcy.
#3 You have sold your business

Should you sell your business, your insurance policy may be terminated. The new owner will be required to take out a new insurance policy covering their employees. For further information, contact your insurer.
#4 Other situations

For any other reasons you wish to cancel your insurance policy, please discuss directly with your insurer.

A workers compensation policy cannot be cancelled if:

you pay annual wages of $7,500 or less and are a member of a group for workers compensation purposes
a liquidator or administrator is appointed and your business continues to trade
you no longer have employees. In this case the insurance policy can be cancelled at the expiration of the policy period. Contact your insurer to discuss your options as soon as you no longer have employees.

Not having an active insurance policy can lead to severe penalties, including fines up to $55,000, imprisonment for 6 months or both.

For further information, contact your insurer directly.