Unofficial industry views indicate the recent NSW workers compensation legislation and premium formula changes resulted in 75% of medium to large businesses expecting higher 2015/16 Renewal Premiums. ABILITY GROUP has already won NSW WorkCover appeals on behalf of our clients reducing premiums payable. Higher renewal & need help?
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:
ABILITY GROUP has already helped numerous clients with higher 2015/16 Renewal Premiums.
In the new scheme changes, NSW WorkCover introduced a provision for a premium capping. Although not widely known, relevant businesses are able to apply for certain capping. Developing a business case to support the application, ABILITY GROUP can assist clients apply for this capping free of charge with fees payable only if we are able to secure a greater savings than those identified in the new legislation.