• Menu
  • Skip to main content
  • Skip to secondary navigation
  • Skip to primary sidebar
  • Skip to footer

Before Header

  • Search
  • About
  • Contact
  • Privacy
 
CHOOSE BROADSPIRE

Amaxx Workers Comp Blog

Reduce Workers Compensation Costs By 20-50%

Header Right

  • Home
    • Training Center
  • Get Started
    • Newcomers Class for WC Professionals
    • Subscribe to Free Newsletter
    • Free Training Center Account
    • Return to Work Resources
    • WC Claims Mgmt. Resources
    • Insurance Advisor Resources
  • Membership
    • Insider (free account)
    • WC Mastery
    • Teams & Managers Mastery
    • Training Partners
  • Products
    • On-Demand Courses
    • Specialty Courses
    • Certifications & Mastery Courses
    • Ultimate Guidebooks
  • Blog
    • Video Blogs
    • COVID-19 / Coronavirus Pandemic
  • Login

Mobile Menu

Choose Broadspire

CHOOSE BROADSPIREBroadspire Delivers Meaningful Results to Our Clients and Their Claimants
  • Home
    • Training Center
  • Get Started
    • Newcomers Class for WC Professionals
    • Subscribe to Free Newsletter
    • Free Training Center Account
    • Return to Work Resources
    • WC Claims Mgmt. Resources
    • Insurance Advisor Resources
  • Membership
    • Insider (free account)
    • WC Mastery
    • Teams & Managers Mastery
    • Training Partners
  • Products
    • On-Demand Courses
    • Specialty Courses
    • Certifications & Mastery Courses
    • Ultimate Guidebooks
  • Blog
    • Video Blogs
    • COVID-19 / Coronavirus Pandemic
  • Login
  • Search
  • About
  • Contact
  • Privacy
You are here: Home / Buyers Guide: Workers Compensation Insurance / Insurance Issues, Rates, Premiums / New South Wales Leaves Workers Comp Rates Unchanged

New South Wales Leaves Workers Comp Rates Unchanged

June 30, 2011 By //  by Robert Elliott, J.D. Leave a Comment

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.


Our WC Book:
http://corner.advisen.com/partners_wctoolkit_book.html
WORK COMP CALCULATOR: http://www.LowerWC.com/calculator.php
MODIFIED DUTY CALCULATOR:  http://www.LowerWC.com/transitional-duty-cost-calculator.php
WC GROUP: http://www.linkedin.com/groups?homeNewMember=&gid=1922050/
SUBSCRIBE: Workers Comp Resource Center Newsletter
 
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.

Filed Under: Insurance Issues, Rates, Premiums, WC in Other Countries (International) Tagged With: Australia, Australia & Workers Comp, Insurance Issues, Premiums, Rates, Workers Comp Classifications

Related Articles

Experience Modification Method To Calculate Workers Comp Premium

Experience Modification Method To Calculate Workers Comp Premium

Correctly Calculate the Average Weekly Wage

Correctly Calculate the Average Weekly Wage

Independent Contractors in Workers’ Compensation: When Are They Really An Employee?

Independent Contractors in Workers’ Compensation: When Are They Really An Employee?

Understanding the HIGH Cost of Selecting the LOW Price Work Comp Proposal

Understanding the HIGH Cost of Selecting the LOW Price Work Comp Proposal

Know Your Correct Job Classification Codes To Save Workers’ Comp Costs

Know Your Correct Job Classification Codes To Save Workers’ Comp Costs

Six Tips to Get the Most From Your Insurer

Six Tips to Get the Most From Your Insurer

The 8 Sections of Your Workers Compensation Insurance Policy

The 8 Sections of Your Workers Compensation Insurance Policy
6 Common Mistakes Made In A Workers’ Comp Premium Audit

6 Common Mistakes Made In A Workers’ Comp Premium Audit

6 Common Mistakes Made In A Workers’ Comp Premium Audit

Waivers of Statutory Immunity Impact on Workers Compensation

Waivers of Statutory Immunity Impact on Workers Compensation

Workers Compensation Insurance Premium Audits

Workers Compensation Insurance Premium Audits

Dollars and Cents of Frequency And Severity Work Comp Premium Impact

Dollars and Cents of Frequency And Severity Work Comp Premium Impact

5 Methods to Calculate Workers Comp Premiums

5 Methods to Calculate Workers Comp Premiums

Free Download

Workers' Comp Claims Review Checklist: 9 Must-Have, Serious-Impact Elements - FREE Download Click Here Now!

Train to Succeed

BECOME CERTIFIED IN WORKERS’ COMPENSATION

Proven Course Catalog & WC Toolbox Give You The Power To Achieve Lower Costs and Better Injured Worker Outcomes

VISIT WORKERS' COMP TRAINING CENTER

Free Download

The 5 Cs For Taking A Bulletproof Injured Worker Recorded Statement - FREE Download Click Here Now!

Train to Succeed

BECOME CERTIFIED IN WORKERS’ COMPENSATION

Proven Course Catalog & WC Toolbox Give You The Power To Achieve Lower Costs and Better Injured Worker Outcomes

VISIT WORKERS' COMP TRAINING CENTER

Previous Post: « Michigan Dairy Farm Penalized $2.7 Million for Hiring Illegal Aliens
Next Post: Treatment for Musculoskeletal Injuries in Workers Compensation Claims »

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

FREE DOWNLOAD

Workers' Comp Claims Review Checklist: 9 Must-Have, Serious-Impact Elements - FREE Download Click Here Now!

FREE DOWNLOAD

The 5 Cs For Taking A Bulletproof Injured Worker Recorded Statement - FREE Download Click Here Now!

Our Sponsors

Broadspire

Workers’ Comp 3rd-Party Administrator
 

Catastrophic Care Management, Complex Care, and Specialty Networks
 

Ametros

Post-Settlement Administration
 

Medcor

Injury Triage, Onsite Clinics

Read Our Award-Winning Blog

Blog Categories

Search Our Archive

Subscribe to Our FREE Newsletter

Footer

Search Our Archive

Search our continually growing archive of over 2500 articles about Workers' Comp issues.

Quiclinks

  • Calculators
  • Terms & Abbreviations
  • Glossary of WC Premium Terms
  • WC Resources
  • Best Practices
  • Industries

RSS Recent Blog Posts

  • Hire Lawyers, Not Law Firms to Defend Workers’ Comp Claims
  • Timely Reporting Claims Is First Step In Work Comp Management
  • Using Defense Attorneys to Defend Work Comp Cases
SUBSCRIBE TO OUR FEE NEWSLETTER
Let Us Help You Stomp Down the High Cost of Workers' Comp!
Top of Page ↑
  • Home
  • Training Center
  • Get Started
  • Membership
  • Products
  • Blog
  • About
  • Contact
  • Subscribe
  • Login
Copyright © 2021 Amaxx, LLC. All Rights Reserved. · Privacy Policy / Legal Notice