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May 11, 2024 • 9 min read
5 Proven Ways to Cut Your Workers Comp Costs
Learn effective cost-cutting measures that enhance workplace safety and manage claims more efficiently.
Discover a range of incentives, discounts, and adjustments available to assist businesses in NSW in lowering their insurance premiums. Recognising workplace safety efforts, these incentives acknowledge and reward companies fostering healthier, safer workplaces. Access rewards by promptly reporting incidents, implementing safety protocols, and aiding injured staff in returning to work.
Moreover, businesses settling insurance premiums before the due date qualify for discounts. With policies starting at just $175, seize these opportunities to revolutionise workplace safety and unlock financial benefits.
1. Apprentice Incentive Scheme
If you employ apprentices in designated trade vocations and have a valid workers’ compensation policy, you’re eligible for premium reductions based on the wages paid to your apprentices. This not only aids in business growth and training new workers but also reduces your premium expenses.
2. Prompt Reporting to Avoid Excess Costs
Timely reporting of work-related injuries can prevent additional financial burdens. By notifying your claims service provider within specific time frames, you can steer clear of paying claim excess, thereby reducing your overall expenses. Employers must promptly inform their claims service provider within 48 hours upon discovering a work-related injury or illness. To avoid paying a claims excess equivalent to the first week of weekly compensation, notify your claim service provider within five calendar days of learning about a workplace injury.
3. Safe Employer Rewards
For employers demonstrating outstanding safety records and policy history, the Safe Employer Reward provides a premium reduction at renewal. The reward percentage varies based on an employer’s Claims Performance Rate (CPR).
4. Return-to-Work Incentives
Promoting a swift and sustainable return to work for injured employees within 52 weeks can lead to significant discounts on claim costs, fostering better work outcomes for all.
5. Performance-Based Discounts
“Employers with exceptional experience ratings and outstanding claims performance compared to the standards are eligible for a year-end discount.”
This benefit extends to all small employers too. However, it is crucial to note that the Performance Discount applies only to standard policies and relies on the Scheme’s financial performance. It may not be available for every policy renewal.
In essence, our aim is to assist businesses like yours in fostering safer workplaces while reducing insurance costs. By embracing these initiatives and incentives, you not only protect your employees but also improve your business’s financial resilience.
Source:
https://www.icare.nsw.gov.au/employers/premiums/ways-to-lower-your-premiums#gref
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*The details in this article were correct and current when it was written. However, changes in business practices, policies, and other pertinent areas may have occurred since then. Readers should confirm the current validity of the content on their own.
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