Reforms Causing Premium Increases
From 30 June 2015, the calculations for NSW businesses with a premium > $30,000 change completely. The new key drivers of premium become:
– Wages and business activity
– Claim performance now benchmarked against scheme rather industry
– Return to Work related metrics
The most significant changes in 20+ years were intended to simplify NSW workers compensation, but they are being referred to as complex and confusing. Although various claim costs are no longer premium impacting, some of the more dramatic premium increases will result from how an individual business compares to the overall NSW scheme performance. Businesses that struggle with claims will be penalised.
Difficult workers compensation injuries and claims can have a dramatic people, business and financial impacts that can cause problems for your customers/clients. ABILITY GROUP specialises in providing a variety of injury and claim management related services that assist businesses and brokers navigate the complexities of workplace injuries and workers compensation claims in achieving favourable outcomes and allowing them to focus on their core business. As an example, 9 months after the original injury ABILITY GROUP was engaged to assist a client with a difficult workers compensation claim. Our client had typical time pressures and with the injured worker continuing to be paid, claim costs were escalating.