2015-16 NSW Premium Renewals
The recent NSW workers compensation changes have caused challenges across the industry since taking effect on 30 June 2015. Medium to large businesses with premiums over $30,000 are yet to receive their official 2015/16 Premium Renewals calculated under the new legislated formula. Unofficial data suggests 75% of businesses will see higher premiums. Most businesses are yet to therefore understand if their 2015/16 Renewal Premium will increase or decrease due to the numerous changes. Under the new formula, the key drivers of renewal premium changes will include:
- Claims performance comparison to over scheme rather than industry
- 3 prior years of claims costs rather than 2 years
- Claims wage related costs only becoming premium impacting
ABILITY GROUP has already helped numerous clients with higher 2015/16 Renewal Premiums.
Social media is embedded throughout society as people throughout the day are connecting to others via an mediums like Facebook, Instagram, Twitter and others. If work related incidents are discussed or an employee is bullied, the employer liability is considered. Social media policies are consequently becoming increasingly important for all businesses as connections to workers compensation grow.
The 30 June 2015 NSW changes include a new formula to calculate premiums with a range of new metrics replacing traditional measures. Although designed to make premiums easier to understand, many people are saying the actual result is wide of this mark. In a recent report WorkCover Independent Review Officer (WIRO) labelled some workers compensation changes as too complex and confusing.
Workers compensation and related matters are often complex and confusing. Engaging specialists can assist in saving you money, effort and frustration. ABILITY 
One thing that was certain in our minds leading into the NSW State Election was that whichever party was elected there would be resulting significant workers compensation changes. To put this in context, SA has undergone the largest changes in over 20 years. Comcare, the national scheme, faces widespread change to modernise and keep relevant. NSW has experienced dramatic change and with the return of the Liberal government the 
Our business growth is built on providing our clients and partners with tailored services/solutions. We choose to partner with select general insurance brokers in offering specialist workers compensation related services to their clients. We find businesses that choose to engage a broker benefit in numerous ways. Businesses can save money, improve cover, reduce risks and much much more.