As the end of the year draws closer businesses often have workplace celebrations or parties. Christmas parties, or any business social functions for that matter, can quickly turn from celebration to litigation if not managed carefully.
NSW workers compensation has seen significant change in the last 24 months & it is difficult for businesses to stay updated. Under current NSW legislation, there are various different incentives that can reduce premiums payable. To make things easy we have summarised each incentive.
After a new client engaged ABILITY GROUP to assist with a complex claim, our efforts secured a fantastic outcome that will save our client approx. $400,000 in premium increases. By the time we were involved, solicitors and an arbitration date we already booked. The insurer had communicated very little to the client and what the injured worker was seeking through a settlement was a large amount that would have significantly impacted their premium.
From 1st March 2017 all new NSW workers compensation policies are required to be lodged directly to icare via their online portal. Businesses retain an option to select which insurer will manage their claims. Renewing policies from 30 April will transition.
Like other audits, a workers compensation wage audit can be very stressful & confronting. Businesses face having to pay higher unpaid premiums, late payment fees & the actual audit costs. We assist businesses of all sizes either pre or post wage audits reduce their financial exposure.
iCare and its scheme agents have legal rights to audit employer’s records to ensure they are paying the correct premium.
In the last 12 months, the NSW workers compensation industry has experienced dramatic change. As we approach 30 June 2016, it should be relieving for businesses to know that for there are no changes for workers compensation WorkCover Industry Classification (WIC) rates. As 2016/17 rates for NSW Workers Compensation apply to all renewals that fall due at 4pm on 30th June 2016, businesses and brokers will now be receiving renewal notices for these policies without fear of rate driven increases.
For large employers, icare however announced changes to the Retro Paid Loss (RPL) model by introducing Loss Prevention & Recovery (LPR) scheme as the replacement. LPR is progressively moving closer to providing pricing similar to that of insurers in privately underwritten schemes. This is an important change for large business.