New South Wales Leaves Workers Comp Rates Unchanged

WorkCover NSW of Australia is leaving workers compensation industry classification rates unchanged for 2011-12, according to information from the Work Cover Authority of NSW.

 
 
Each year the NSW government approves rates the WorkCover Scheme will charge employers for workers compensation cover. The government recently approved rates for the 2011-12 policy year and has published them in the Insurance Premiums Order 2011-12.(WCxKit)
 
The Insurance Premiums Order includes important information on the WorkCover Industry Classification System, premium rates, dust diseases rates and the manner in which an employer’s workers compensation premium should be calculated by scheme agents for the relevant policy period.
 
 
According to WorkCover NSW CEO Lisa Hunt, 87 percent of NSW employers covered by the scheme would see no change in their premium in 2011-12 unless their wages increase or decrease – or they move industry classification.

 

 
“For the 13 percent of employers whose premium takes into account their own claims experience, their premium may be affected by their wages and claim costs relative to other employers in the same industry classification,” Hunt said. “Those with a good claims record relative to their industry will benefit from a reduction in their basic tariff premium. Those with a relatively poor claims record would pay more than their basic tariff premium.”
 

Hunt added the NSW WorkCover Scheme target premium collection rate for 2011-12 will be 1.68 percent of wages covered by the scheme. “The decision to leave workers compensation industry classification rates unchanged is a good result for NSW employers, particularly small business,” she said.(WCxKit)

 

About 85,000 claims are made each year and premiums need to cover ongoing costs and claims payments, possibly over decades.

Author Robert Elliott, executive vice president, Amaxx Risks Solutions, Inc. has worked successfully for 20 years with many industries to reduce Workers Compensation costs, including airlines, healthcare, printing/publishing, pharmaceuticals, retail, hospitality and manufacturing. See www.LowerWC.com for more information. Contact: Info@ReduceYourWorkersComp.com.

 
Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker or agent about workers comp issues.
 
©2011 Amaxx Risk Solutions, Inc. All rights reserved under International Copyright Law. If you would like permission to reprint this material, contact Info@ReduceYourWorkersComp.com.

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