Recent reforms to the NSW Workers Compensation scheme are reshaping how businesses manage premiums, claims, and employee rehabilitation. For employers, including those in health and fitness sectors like PROHEALTH PHYSIO & FITNESS (EP), understanding these changes is essential to remain compliant while supporting staff wellbeing.
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For many businesses, workers compensation claims don’t only impact customers and other workers, they can have severe financial impacts. Since 1 July 2013, NSW legislation reforms mean businesses with workers compensation premiums >$30,000 are claims experience rated. In simple terms this means these premiums will increase for 3 years due to claims costs and often for every $1 in claims costs you pay more in premium. Like to reduce the impacts of claims?
We want to share our latest client success story, where last Friday we presented to the CEO of our newest client that we have delivered $350,000 (1st year refund in round terms) of workers’ compensation premium-related savings. Our client’s CEO and board are ecstatic, having since signed ABILITY GROUP as their specialist workers’ compensation partner on a long-term service agreement to ensure sustainability of their program.
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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.
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Workers’ compensation is designed to protect employees and businesses when workplace injuries occur. However, many organisations find themselves in workers’ compensation trouble, facing rising premiums, complex claims, and compliance challenges. For businesses, this can mean financial strain, reputational damage, and operational setbacks.
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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.
ABILITY GROUP can alleviate your stress and frustrations by providing recommendations to control or reduce your workers compensation costs.
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