For small employer with premiums between $10,001 & $30,000, Barry O’Farrell announced reforms to provide an opportunity for these businesses to reduce costs and achieve more stable premiums. The reforms include receiving an Employer Safety Incentive (ESI) and Return to Work Incentive (RTWI) based on achieving certain criteria, boosting early payment incentives, removing claims experience impacts and reducing the amount of red tape.
Businesses across industries are set to benefit from premium rate reductions, a reform designed to ease financial pressure and reward safer workplaces. For small and medium enterprises, these changes mean lower costs, improved cash flow, and more opportunities to reinvest in growth.
Recent economic conditions impacting superannuation and an ageing population have resulted in employees working longer creating an ageing workforce. This can have a dramatic impact on workers compensation and something brokers and businesses alike need to understand.
Workers' compensation is often the largest insurance cost for a business, and it directly reduces business profits. For many businesses, workers' compensation is expensive, complex to manage and a source of frustration. If not effectively managed, workers' compensation can be unpredictable, making many believe it is an uncontrollable business expense.
ABILITYGROUP can alleviate your stress and frustrations by providing recommendations to control or reduce your workers compensation costs.
A RTW Coordinator, RTW Program and other requirements are compulsory for businesses with 20+ employees or NSW workers compensation premiums $50,000+.
To allow businesses to meet their regulatory compliance requirements, ABILITYGROUP provides specialist RTW services or outsourced solutions, allowing you to focus on your core business.
Our specialists will ensure expenses are tightly controlled and managed, thereby minimising premium increases.
