Across Australia, workers compensation premiums are increasing. In NSW, icare communicated premium increases with an average of 8% over the next 3 years. In Victoria, WorkCover has set the average premium rate for 2023/24 at 1.8%. ReturnToWork SA has increased the average premium rate by 2.8% to 1.85%. With increasing costs & wages, workers compensation premiums will continue to increase, meaning it will be increasingly important for businesses to actively manage workplace injuries, claims & worker compensation-related aspects.
Many businesses are already facing increasing operational costs with many prices rising linked to CPI & with wages continuing to increase, some businesses face uncertain times. Workers compensation insurance can be the large insurance costs for many businesses & with states & Tetories increasing premiums, businesses will need to increase their focus on preventing workplace injuries & when they occur actively managing the resulting workers compensation claims.
An article in the Leader, identified recent statistics that show that Injured Workers based in the St George & Sutherland Shire are taking an average of 98 days to return to work after injury which is 31% higher than the rest of NSW which averages 78 days to return to work after injury. The longer recovery times have resulted in a significant rise in workers compensation premium costs. A recent forum at Hurstville revealed a number of strategies, including a heavy focus on early intervention. This is just an example of the impact claims can have on premium costs & in NSW claims impact the next 3 premium years.
ABILITY GROUP has demonstrated success in assisting businesses of all sizes throughout Australian industries in successfully navigating & managing workers compensation-related matters.
Common areas/questions we can help businesses with:
- You are worried about increasing workers compensation costs?
- Does your business have current workers compensation claim/s?
- Your wages are increasing? Did you know your workers compensation premium might become “experience rated”?
Contact our team to discuss workers compensation premium minimisation strategies & how we can help you minimise your workers compensation premium costs.
For further information, please refer:
Source: icare
Title: Premium Updates
Read Time: 5 minutes
Source: WorkSafe
Title: 2023-24 WorkCover Premium Changes
Read Time: 5 minutes
Source: WorkCover QLD
Title: WorkCover continues to offer Queenslanders exceptional value and a sustainable fund
Read Time: 5 minutes