Workers compensation is typically one of the largest costs for a business. If not actively monitored/managed your premium can increase quickly. Embedding HR, WHS & staff well-being strategies in your workplace can help ensure affordable premiums.
Reducing Workers Compensation Premiums – some NSW workers compensation premium renewals are still being processed by icare and businesses will be receiving their workers compensation premium policy documents for 2019/20 policy year. For businesses this will be the first time that they will gain visibility of the financial impact that any claims during the previous 12 months have had on their workers compensation renewal premium.
Workers compensation is typically the largest insurance cost for a business and unlike other lines of insurance if not actively managed your premium can increase materially and quickly. The way workers compensation premiums are calculated varies from state to state however the typical drivers of workers compensation premiums are:
- Wages
- Costs associated with claims
- Business risks or business types
The efficient and effective management of your workers compensation premium and injured workers and preventive HR, WHS and staff wellbeing strategies can assist you in keeping your workers compensation premium at a manageable level. These may preventative include:
- The establishment of policies and processes that assist you in recruiting the right people for your business
- The embedding of safe working processes and the identification of risks and hazards in your workplace
- Identifying and closing compliance gaps
- Implementation of policies and procedures that provide guidelines for overcoming difficult people related matters
- Conducting ergonomic assessments to ensure the work stations of employees are set up correctly as it has been shown that comfortable workers are happy workers with higher productivity and are less likely to have a work related injury
- Implementing onsite physiotherapy to ensure that workers are getting timely treatment and to minimise the time employees spend away from work.
- The management of injured workers with the aim of assisting them to recover at work
For more information on these preventative strategies and on how ABILITY GROUP can save time, money and frustration in relation to your workers compensation program contact us. By engaging ABILITY GROUP’s workers compensation, injury management, WHS, people risk or well-being services, you can focus on your core business activities with the peace of mind that your people related matters are being managed by specialists.