We’re making changes to improve stability and certainty around what medium and large businesses pay, to cut red tape and to reward businesses that maintain a safe workplace.
These reforms will provide better outcomes for all workers compensation participants and users. The reforms focus on two key areas: improving safety and caring for the injured.
This will be done through:
- risk ratings conducted only on an annual basis – no double whammy reassessment of risk at the end of the year
- additional minimum and maximum premiums for stability and certainty as businesses grow
- simpler documentation that reduces administration
- rewards for businesses that maintain safe workplaces
- incentives for employers to manage workers through safe recovery at work.
The shift to annual risk assessment aims to provide certainty and stability to employers. Premiums will now only be adjusted during the 12-month policy period to reflect an employer’s wage change.
The new renewal form clearly outlines how premiums are now calculated for medium and large businesses, as well as how premiums can be reduced through improved performance and the various rewards and incentives available.