The Minister of Finance, Dominic Perrottet, & the NSW Government have been driving reform to make it easier and cheaper to do business in NSW. Reforms have been diverse with workers compensation a beneficiary. As previously covered, workers compensation reforms are designed to reward the good and penalise the poor performers. Despite suggestions most businesses would pay lower premiums, the insurers have advised us that approximately 75% of medium to large NSW business will see increased 2015/16 Renewal premiums.
NSW Employer Reforms – ABILITY GROUP has been proactively working with our partners and clients in anticipation of the NSW Employer Reforms taking effect to minimise the financial impacts the changes/reforms have had on their businesses. What is critical under the new reforms is where your business claims performance is bench marked against the scheme performance. As expected, those with strong claims perform will be rewarded under the reforms while those that perform poorly against the scheme average will be penalised and at times dramatically.
A strong injury and claim management process is critical and ABILITY GROUP as specialists can assist in accelerating the return to work of injured employees to reduce claim costs and minimise premium increases for the next 3 premium 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.