Finance Minister Dominic Perrottet and the NSW Government have led reforms to make business easier and cheaper, with workers’ compensation a key focus. These reforms reward strong performers and penalise poor ones. While many expected lower premiums, insurers advise that about 75% of medium to large NSW businesses will face higher 2015/16 renewal costs.
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October is Australia’s Work Safety Month and the theme of “Be Safe. Be Healthy. Because…” is something we here at ABILITY GROUP are passionate about. What is also important about workplace safety is the consequences injuries have to workers. Depending on the seriousness of the injury, or in the tragic situations of a workplace fatality, government bodies can issue businesses material fines to complement the other effects.
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The majority of medium to large NSW businesses are yet to receive their 2015/16 Premium Renewals calculated under the new formula. These business are yet to therefore see the impacts the 30 June 2015 NSW scheme changes will have on their business. With the workers compensation insurers currently anticipating to commence releasing the 2015/16 premium renewals next week, we are recommending businesses should prepare for this transition.
In the short term, many businesses will be facing higher workers compensation premiums than they previously paid. We recommend businesses subsequently should shift their focus to understanding how to minimise the financial and people impacts of these changes longer term. ABILITY GROUP has been busy working with clients and brokers in preparation and for a transition plan and further information
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Actively promoting workplace safety is an important ABILITY GROUP function. At times we unfortunately need to manage tragic consequences of workplace accidents. Businesses that adopt a safety first approach are making an important step towards avoiding accidents and injuries. A court recently found a leading Australian paper manufacturer liable for the death of an employee fining them $400,000.
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At ABILITY GROUP, we understand that effective claim management is critical to controlling workers' compensation costs and supporting injured employees back to health. Our Claim RTW Success story highlights how early intervention and specialist support can transform outcomes for both businesses and workers.
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