Finance Minister Dominic Perrottet and the NSW Government have led reforms to make business easier and cheaper, with workers’ compensation a key focus. These reforms reward strong performers and penalise poor ones. While many expected lower premiums, insurers advise that about 75% of medium to large NSW businesses will face higher 2015/16 renewal costs.
ABILITY GROUP has worked with partners and clients to prepare for the NSW Employer Reforms and reduce financial impacts. Under the new system, business claims are benchmarked against scheme performance, strong claims are rewarded, while poor results face penalties, sometimes significant.
A strong injury and claims management process is vital. ABILITY GROUP helps accelerate employee return to work, reducing claim costs and limiting premium increases over the next three years.
Reforms include:
- Only assessing risk ratings on an annual basis
- Introducing new minimum and maximum premiums
- Making policies easier to understand and reducing administration
- Supporting safety and rewards for businesses that maintain safe workplaces
- Incentives for employers who manage workers through safe recovery at work
- Introduction of a performance discount
For more information or assistance, please contact us and our specialists will be happy to discuss and assist.