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Top tips on how to secure your Work Cover Premium discounts…
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.
Our WorkCover expert Joe Bisognano, is here to give you some top tips on how to
secure discounts on your premium and provide insight into minimising premium
increases.
Joe tell us 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.
Please contact Joe, at
our Adroit Insurance and Risk’s specialist Workers
Compensation division ReWork, immediately and allow us to show you how
we can reduce your WorkCover premiums.
Contact
Joe Bisognano on 0457 730 245 or joe@rework.com.au