Are Your WorkCover Premiums As Low As They Can Go?

The aim of managing health and safety is to prevent injuries, but what do you do when something does go wrong?

Having just paid WorkCover premiums for the current financial year you may be wondering, how they are calculated and why your premium is so high? Your premium is calculated using a number of factors including your industry claims performance, the size of your organisation relative to the industry and your previous claims costs including the past three years of statutory claims costs, then the next two years of damages claims costs (five years in total).

This may sound a bit complicated but there are a few simple ways to keep your WorkCover premiums down.

  • Make sure you know about injuries as soon as possible after they occur. The last thing you want is for WorkCover to call telling you a worker has been injured. Well-defined and timely incident reporting processes that workers are familiar with will help you become aware of issues as they arise.
  • Have procedures in place and templates ready to go in the event of a claim can help reduce the time it takes to respond once you have been made aware of an injury. While each claim is unique having some templated forms, letters and/or suitable duties templates can enable your worker to get back to work quicker and not leave you scrambling at the last minute.
  • Make sure the right person is taking care of your claims. Internal resources should be readily available, possess good communication skills as well as have a good understanding of the different roles within the company and tasks that workers undertake. Employers are required to ensure that rehabilitation is managed effectively and that the people responsible for managing claims and return to work are “appropriately qualified”. However changes to legislation mean that rehabilitation and return to work coordinators no longer need to be registered or renew their certificate to carry out their roles.
  • Reducing “lost time” (time the worker is away from work) can significantly reduce future premiums. Be creative with suitable duties… think about those jobs that there is normally not time to get to. Reviewing safe work procedures, conducting risk assessments, running training or shadowing senior workers can be ways to get a worker back sooner while still benefitting the worker and your business.

If you have any questions regarding Workers’ Compensation give us a call!