Increased Workers Compensation Renewal

by Marc Ring | Jul 31, 2014 | Consulting, Workers Compensation

Previously we advised that the NSW Government predicted the latest WorkCover legislation changes would reduce workers compensation premiums. For some businesses, these changes however have actually resulted in higher 2014/15 renewal premiums.

The late re-issuance of NSW WorkCover Insurance Premium Order (IPO) has meant some businesses are yet to receive their renewal premiums and invoicing and as such, if their workers compensation renewal has increased. An unexpected cost can have a dramatic impact on a business’ cash flow and in context of other changes there could be steps taken to reduce costs.

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ABILITY GROUP Saves Client $85,000

by Marc Ring | Jul 25, 2014 | Consulting, Workers Compensation

ABILITY GROUP had been working with a client for about 6 months in implementing strategies to reduce workers compensation related costs and their effort. We were excited to be able to advise our client recently that we had delivered $85,000 of workers compensation related savings for their business.

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Will my premium increase or decrease

by Marc Ring | Jun 18, 2014 | Consulting, Workers Compensation

Recent changes announced by NSW WorkCover initially suggest further premium reductions for businesses. There are however key changes that could have the opposite effect and result in higher 2014/15 renewal premiums. By reducing Industry Cost of Claims Rate (ICCR) by an expect average of 25%, in some situations it is likely to increase workers compensation premiums as a result. The 2014-15 NSW Budget cuts to WIC Rates by an average of 5% will help offset some of the expected increases and could benefit those with better than industry performance.

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NSW Workers Compensation Changes 2014

by Marc Ring | Jun 6, 2014 | Consulting, Workers Compensation

On the 3^rd of June, NSW WorkCover announced the latest changes designed to further improve the scheme effective 30 June 2014. A key change is an approximate 25% reduction in Industry Cost of Claims Rate (ICCR) rates. If a business has not had a similar % improvement in claims performance, then they will possibly face significant 2014/15 premium increases. Additional changes relate to maximum premium caps and extended instalment options. We recommend all medium to large businesses contact their broker or ABILITY GROUP to determine likely financial impact to their business.

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2014 Budget: What It Means For You

by Marc Ring | May 14, 2014 | Consulting, Workers Compensation

In the weeks leading up to yesterday’s 2014 federal budget the Australian media were filled with warnings of drastic measures and changes. So when Joe Hockey started his budget speech last night including “Our future depends on what we as a nation do today”, few expected to come out a winner. Are the changes beneficial longer term and what does the 2014 budget mean for you and your business?

We have sourced a variety of leading  and analysis commentary of the 2014 budget changes and the impacts to individuals, businesses and our country.

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