New insurance reform guide good for business

WorkCover NSW

New insurance reform guide good for business

Media Release | 18/05/2015

WorkCover NSW today released a new guide to insurance reforms for businesses within the Workers Compensation Scheme across the State.

Since 2012, the WorkCover NSW Scheme has introduced a number of reforms to workers compensation premiums to make it easier to do business in New South Wales.

WorkCover NSW Chief Executive Officer Vivek Bhatia said following the success of premium reforms for small businesses in 2013, similar reforms would be rolled out across medium and large businesses from 30 June.

“As part of getting ready for the reforms, 14,200 medium and large businesses across NSW will receive a simple user guide to the new renewal process for premiums. It includes a copy of the new, streamlined annual premium renewal form,” Mr Bhatia said.

“We’re keeping business informed by providing this information as part of a campaign of awareness and engagement leading up to 30 June,” he said.

“The Insurance Premiums User Guide answers in simple terms some of the key questions raised in consultation with the industry.

“The Guide was developed by WorkCover NSW to ensure businesses within the Scheme have the facts it needs about the principles behind the reform and how they can reduce their premiums by having a good safety record and improving injury management.

“Safer workplaces are better for workers and increase productivity yielding better economic returns for NSW. Importantly, our new approach rewards employers that value and promote worker safety with lower premiums.

“WorkCover NSW remains committed to putting customer needs at the centre of its workers compensation scheme,” Mr Bhatia said.

Key facts: 2013 premium reforms

The 12‐month report card on the small business premium reforms resulted in:

  • a 15 per cent reduction in claims and injuries for small employers
  • the return to work rate has improved by 5 per cent
  • paperwork reduced by 50 per cent
  • disputes and appeals have been dramatically reduced.

The guide and the small business reforms report card is available from the WorkCover website.

 

Reference:

New insurance reform guide good for business, WorkCover NSW website, Link: http://www.workcover.nsw.gov.au/news/media-release/2015-safework-awards-now-open2 , Retrieved 20/05/2015.

 

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