Unofficial industry views indicate the recent NSW workers compensation legislation and premium formula changes resulted in 75% of medium to large businesses expecting higher 2015/16 Renewal Premiums. ABILITY GROUP has already won NSW WorkCover appeals on behalf of our clients reducing premiums payable. Higher renewal & need help?
The recent NSW workers compensation changes have caused challenges across the industry since taking effect on 30 June 2015. Medium to large businesses with premiums over $30,000 are yet to receive their official 2015/16 Premium Renewals calculated under the new legislated formula. Unofficial data suggests 75% of businesses will see higher premiums. Most businesses are yet to therefore understand if their 2015/16 Renewal Premium will increase or decrease due to the numerous changes. Under the new formula, the key drivers of renewal premium changes will include:
- Claims performance comparison to over scheme rather than industry
- 3 prior years of claims costs rather than 2 years
- Claims wage related costs only becoming premium impacting
ABILITY GROUP has already helped numerous clients with higher 2015/16 Renewal Premiums.
In the new scheme changes, NSW WorkCover introduced a provision for a premium capping. Although not widely known, relevant businesses are able to apply for certain capping. Developing a business case to support the application, ABILITY GROUP can assist clients apply for this capping free of charge with fees payable only if we are able to secure a greater savings than those identified in the new legislation.
We are very pleased to announce our HEALTH ABILITY specialist business is now an accredited NSW Workplace Rehabilitation Provider. Our new General Manager Emily Taylor is actively running our specialist rehabilitation & health services.
The recent NSW legislation changes also mean workers compensation claim related rehab services do not increase the cost of these claims and importantly no longer impact subsequent premiums – effectively making rehab services, an important catalyst for accelerating the return to work of injured employees, free for NSW businesses.