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
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 actual wages paid during their policy period. This declaration is essential for calculating your Adjusted Premium, which ensures you pay the correct amount and contribute fairly to the scheme.
ABILITY GROUP’s Declaring Wages Guide & Support is designed to help businesses navigate this process with confidence. Whether you’re a small business owner or managing a large workforce, understanding wage declarations is key to staying compliant and managing costs effectively.
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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. To curb premiums, manage injuries and claims tightly.
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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. We outline 10 key strategies to help reduce workers’ compensation premiums.
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