Workers’ Compensation savings for WA Business
24 April 2015
Workers’ Compensation savings for WA Business - are you eligible?
Employers need to be made aware of an important change that has been announced by WorkCover Western Australia, which could reduce employers’ workers’ compensation premiums.
On the 9th April 2015, WorkCover Western Australia (WorkCover WA) announced a 4.7% decrease in the 2015/16 recommended premium rates for compulsory workers’ compensation insurance in Western Australia.
The reduction in the recommended premium rates is a reflection of the overall improved performance of the claims experience and moderate wage growth in Western Australia.
“It’s important for the business world to understand this change and check how it affects their premiums. Traditionally workers’ compensation insurance premium costs can represent up to 50% of the total insurance premium costs to employers,” says Neil Magee.
“If you’re a large company or indeed a smaller business, you need to be asking the right questions about your workers’ compensation,” says Magee.
Austral Risk Services recommends you consider the following questions.
- How good is your overall performance with workers’ compensation insurance and claims management?
- Are you paying the correct level of workers’ compensation insurance premium?
- Do you have an effective injury management program in place?
“The Western Australian workers’ compensation insurance underwriters are highly competitive and have responded positively to premium costs where employers have demonstrated a proactive approach to injury management programs."
Austral has an established Workers’ Compensation Risk Program using specialist partners to specifically address the needs and requirements for employers.
Our experienced team has an in-depth knowledge of the workers’ compensation insurance system and its mechanisms to reduce employers’ costs.
Austral will work with you to ensure any possible savings are realised in your organisation.