WageGuard is administered by U-Cover, who will:
- arrange your registration as a participating employer;
- arrange the registration of your employees;
- collect, allocate and remit insurance premiums;
- distribute and process all the relevant documentation necessary in arranging and administering your insurance including but not limited to monthly premium statements, receipts for payment of premiums, distribution to you of disclosure documentation such as a PDS and a copy of the Master Policy;
- provide you with specific advice regarding the Master Policy if requested;
- manage and administer applications for claims;
- manage and administer the ongoing claims process;
- process payments for claims including the management and remittance of applicable taxes and any other statutory requirements;
- issue PAYG summaries to claimants that have recieved benefits directly from us;
- maintain and improve the technology used to administer WageGuard; and
- provide all necessary assistance to participating employers and insured persons.
How to become a Participating Employer
You become a participating employer when you send U-Cover your completed application and U-Cover advise you in writing that your application is accepted.
If your application is accepted, U-Cover will confirm the details of your cover in writing, including the commencement date of your cover, the relevant policy terms and any special conditions.
U-Cover will also confirm details of your cover on each monthly premium statement. Please contact U-Cover immediately if the type of cover you purchased is not in accordance with your requirements.
Participating Employer Obligations
You are required to nominate all eligible employees to be insured by WageGuard and make the premium payments when they fall due.
You must also provide us with payroll information for each eligible employee each month. U-Cover will use this information to produce your WageGuard Monthly Premium Statement.
You must pay 100% of each insured persons premium and you must insure all of your employees who meet the eligibility criteria.
We may terminate cover if the payment of an installment (monthly) premium remains unpaid for more than 30 days after the due date.
On acceptance of cover, eligible employees will become insured persons of WageGuard. You must also inform U-Cover of any changes to an insured persons information that you previously provided. You can do this by amending the information set out in your WageGuard Monthly Premium Statement and returning a copy to U-Cover.
If an insured person is on claim and may be able to return to work, you must help us get the insured person back to work.
How are monthly premiums paid?
Monthly premiums are payable in arrears and calculated as a percentage of an insured persons total income. The percentage used is agreed between Hannover and U-Cover and will be provided to you before you become a participating employer. Premiums for the previous month are due by the 15th day of the subsequent month.
Before the first business day of each month, U-Cover will request the prior month's payroll information from you in electronic format. The information should be easily obtainable from your payroll system and downloaded to an excel spreadsheet.
The information will reflect the payroll history of the prior month and will be used to determine the total premium payable. Within 48 hours of U-Cover recieving your payroll information, you will be issued a WageGuard Monthly Premium Statement.
The WageGuard Monthly Premium Statement sets out:
- employees covered under WageGuard;
- period of coverage;
- type of coverage including any special conditions or policy endorsements;
- amount of premium due;
- due date for payment; and
- payment instructions.
The premium payable is calculated as a percentage of your employees' salaries and the number of eligible employees insured. If you do not pay the premium when due, then cover may cease and your employees may not be covered by WageGuard.