For all those Victorian organisations that hold Workers Compensation policies, I have conducted a Q&A with the Managing Principal of ReWork, premium expert Joe Bisognano. The new financial year is here and brings with it WorkCover premium renewal notices. All policies holders will shortly be receiving their renewal notices from their agents.
Joe tell me about the discounts that are available for WorkCover premiums?
A quick win on reducing your WorkCover premiums is taking advantage of the early payment discounts. These discounts are greater the earlier you pay. To take advantage of the highest discount of 5%, premiums are due by 5th August 2019. Those paying after this date but before 1st October 2019 will receive a 3% discount. Premiums paid after this date up to the formal due date (1st November 2019) will incur the full premium notice amount. Should you pay your premium in instalments, the first instalment is due 1st October 2019.
How are premiums calculated?
Your 2019/20 premium renewal will be based on your 2018/19 estimated remuneration plus 4.75% (indexation). You can change your 2019/20 estimated remuneration by using the WorkSafe Online Employer Services. Please contact your Agent if you have not already registered for this service.
How can employers get a hold of their new Certificate of Currency?
You can now access a Certificate of Currency for the 2019/20 policy period via the WorkSafe website. Ensure you have your WorkCover Employer Number handy.
What factor could cause premium rates to increase?
The premium rate that will be applied to your 2019/20 renewal will be based on the cost of claims received within the period 01/01/2016 – 30/06/2018. If you have experienced claims within this period, you may find your premium rate has increased markedly.
Is there anything that can be done to minimise an increase if they have had a claim?
Premium increases due to WorkCover claims can be avoided. The cost of workplace injuries and claims can be successfully managed to ensure that premiums are minimised. My team at ReWork are dedicated professionals whose sole aim is to mitigate risk and premium impact on your Workers Compensation policy. We do this year in year out for our clients.
Thank you Joe. Where can people get more information on this?
Please contact me at Adroit Insurance and Risk’s specialist Workers Compensation division ReWork, immediately and allow us to show you how we can reduce your WorkCover premiums.