Update supplied by LNA Gold Partner ~ Nationwide Insurance Brokers 3.6.2015
WorkCover NSW has advised that there will be new arrangements for calculating premiums for medium and large employers in 2015/2016.
The Insurance Premiums Order for 2015/2016 is expected to be published on Friday afternoon, 5 June 2015. Some features of the new arrangements include:
An Employer Safety Incentive will be included expected to be around 10% of the Average Performance Premium, to provide an incentive to employers to invest in safe workplace initiatives;
Premiums will reflect the level of weekly benefits paid over the past 3 years placing a direct onus on employers to prevent injuries, and to do everything feasible to promote return to work when safe to do so (other measures such as the estimated claims cost, medical and rehabilitation expenses will no longer be taken into account for premium purposes);
New premium renewal forms will be sent by WorkCover to each employer, setting out the Employer Safety Incentive and the way in which the claims experience has had an impact on the premium;
Information will also be provided regarding the employer's position compared with the Scheme average it will be very obvious if the employer has a good workplace safety and claims history, or needs assistance to improve workplace safety and return to work.
WorkCover has published a short insurance premium user guide, to further explain the changes Click here.
Further information is expected to be published on the WorkCover NSW website on Friday 5 June 2015:
WorkCover sees a key role for risk advisers in working with employer clients to assess and manage workplace risks, implement workplace safety programs and loss prevention strategies, and to support best practice injury management and return to work strategies once an injury has occurred.
Where this is done effectively, medium and large employers should be able to expect significantly reduced premiums in the future. This will be especially important for the 18% of employers who are in the high risk of workplace injury category.
If you have any queries on any of these matters, please do not hesitate to email your enquiry click here