by Marc Ring | Nov 25, 2024 | Premium, Wage Audits, Workers Compensation
In NSW the State Insurance Regulatory Authority (SIRA) has recovered $10M in underpaid premiums. SIRA identified 81 employers suspected of being underinsured for workers compensation, primarily due to under-declaring wages. This was achieved through direct employer engagement and predictive data modelling. Following our Wage Declarations & Adjusted Premiums article last month, SIRA’s actions act as a timely reminder for all Australian businesses to ensure they provide accurate actual wage declarations to avoid fines/penalties or interest.
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by Marc Ring | Oct 21, 2024 | Premium, Workers Compensation
Timely submission of a business’ actual wage declarations is an essential step in processing their workers compensation premium adjustment. In discussions with underwriters recently we have noted a heightened focus for insurers to obtain Actual Wage Declarations before the due date. Understanding wage declarations & adjusted premiums is important for businesses needing to successfully manage cash flow, profitability & other aspects.
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by Marc Ring | Oct 14, 2024 | Claim costs, Claim management, Claims, Premium, Workers Compensation
Workers compensation & annual leave entitlements are key components of employment law, ensuring that employees are protected & supported in the workplace. Each state/territory has specific workers compensation regulations with a common goal of providing financial support for injured & ill workers. So what happens with some types of Annual Leave & Workers Compensation Claims?
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by Marc Ring | Jun 3, 2024 | Premium, Workers Compensation
Businesses with Workers Compensation insurance must declare the amount of wages they actually paid within the policy year. Businesses must submit their Actual Wage Declaration at the end of their workers compensation insurance policy period. Your Adjustment Premium will be recalculated to help ensure each business pays the correct premium and contributes equitably to the scheme. Our Declaring wages guide & support can help make this process easier.
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by Marc Ring | May 28, 2024 | Breaking News, Premium, Workers Compensation
icare confirmed today that NSW workers compensation premiums will increase by the maximum allowed. This represents an average of 8% as previously communicated. Businesses already facing higher costs will be required to manage workplace injuries, workers compensation claims and related matters much more closely or face significantly higher premiums in subsequent years.
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by Marc Ring | Feb 5, 2024 | Premium, Work Health & Safety, Workers Compensation
A multifaceted approach is required for Workers Compensation Premium Reduction Strategies to be effective in reducing workers’ compensation premiums. Each Australian State/Territory has different legislation and premium formulae however the overarching approach remains the same – organisations must focus on improving workplace safety, reducing the risk of injuries and effectively managing claims. We identify and explore 10 Workers Compensation Premium Reduction Strategies organisations can utilise to help reduce workers compensation premiums.
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