Premium Rate Reductions for Businesses
Announcements made this week also included changes to 346 (or 66% of the market) industry WorkCover Industry Classification (WIC) rates reducing premiums from 30 June 2013 for these businesses. It was also confirmed that no business would receive a rate increase in 2013 which fuelled industry speculation rate increases will follow in 2014 to help cover the previous $4.1B NSW WorkCover scheme deficit.
Additional changes were made to policy management with all policies now having to expire on a month end. For brokers this is a good time to move clients to a common due date if required. ABILITY GROUP can assist clients with this process. Premiums paid in full now receive a 5% discount (up from 3%) and this may make premium funding more attractive or for business owners to pay in advance
As workers compensation specialists, ABILITY GROUP can assist clients with this process. Contact us to find out how.
Download WIC Rate Reduction Sheet here