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?
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.
ABILITY GROUP handles NSW WorkCover appeals and achieves success in wage audit and other cases. Workers’ compensation is complex, but depending on circumstances, appeals may challenge wage audits, late fees, and more.
Many businesses view workers’ compensation as an uncontrollable expense, but you can manage it strategically. For most companies, it ranks as the highest insurance spend and often becomes the second?largest cost after wages. Misunderstood, under?resourced, and frustrating, workers' compensation can feel more like a tax than a controllable business expense.
