Following reforms to the NSW WorkCover Scheme in June, GIO Workers Compensation has urged NSW small businesses to prioritise claims management and return-to-work performance when selecting their workers compensation provider.
Following the introduction of the NSW WorkCover Scheme reforms in June of this year, around 95 per cent of the state’s businesses no longer have their premiums directly impacted by their claims history. However, the 13-week return-to-work discount means that there is still an incentive for small businesses to make significant savings to their premiums through high-quality claims management.
“Small employers that return an injured worker to some form of work within 13 weeks of the injury can be eligible for a 10 per cent discount on their premium,” Jason Allison, the Chief of GIO’s Workers Compensation Portfolio, explained. “Choosing the wrong workers compensation provider can prove very costly for your business. If an injured worker fails to return to some form of work within 13 weeks, you will lose the discount.
“There are plenty of other reasons to prioritise the management of your workers compensation claims. If you report a workplace injury or illness to your provider early, you will avoid having to pay an excess on the claim. In addition, focusing on prompt return-to-work times for injured workers can increase the productivity of your business and help retain valuable skills and experience within your workforce. It means you don’t have to spend time and money training replacement workers. It’s also simply better for staff morale.”
The WorkCover reforms in June expanded the small employer category to include all businesses that pay up to $30,000 in workers compensation premiums. The premiums of large employers are still affected by their safety records and history of returning injured workers to work.
GIO has launched a new campaign to educate NSW small businesses about the importance of workers compensation insurance with the launch of a series of online education videos. The four videos, which feature Allison, cover the essentials of workers compensation cover for small businesses – with a particular focus on the NSW Scheme – and how customers can get the best value from their cover. The videos can be viewed below:
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