WorkCover NSW has announced a new online tool to help businesses estimate their annual workers compensation costs.

Based on a similar concept to the Motor Accident Authority's successful Green Slip Calculator, the Premium Estimator enables employers to estimate their workers compensation premium.

Businesses can identify their WorkCover Industry Classification using the Premium Estimator, which will help them to better understand their workers compensation premium, while giving assurance they are properly classified.

It also enables businesses to plan for the future by testing what happens to their workers compensation premiums if they add or change business activities, change staffing levels or have a claim.

Click here to access the Premium Estimator.