Workers compensation is typically one of the largest costs for a business. If not actively monitored/managed your premium can increase quickly. Embedding HR, WHS & staff well-being strategies in your workplace can help ensure affordable premiums.
Reducing Workers Compensation Premiums
icare is still processing some NSW workers’ compensation premium renewals, with businesses set to receive 2019/20 policy documents. This will provide their first clear view of how claims over the past 12 months have impacted renewal premiums.
Workers’ compensation is often a business’s largest insurance cost, and premiums can rise quickly if not managed. While calculations vary by state, common drivers include:
- Wages
- Costs associated with claims
- Business risks or business types
Efficient management of workers’ compensation premiums, injured workers, and preventive HR, WHS, and wellbeing strategies can help keep premiums manageable. Preventative measures may include:
- The establishment of policies and processes that assist you in recruiting the right people for your business
- The embedding of safe working processes and the identification of risks and hazards in your workplace
- Identifying and closing compliance gaps
- Implementation of policies and procedures that provide guidelines for overcoming difficult people related matters
- Conducting ergonomic assessments to ensure the work stations of employees are set up correctly as it has been shown that comfortable workers are happy workers with higher productivity and are less likely to have a work related injury
- Implementing onsite physiotherapy to ensure that workers are getting timely treatment and to minimise the time employees spend away from work.
- The management of injured workers with the aim of assisting them to recover at work
For more information on these preventative strategies and on how ABILITY GROUP can save time, money and frustration in relation to your workers’ compensation program, contact us.