Reduce your WorkCover premium and add to your bottom line

Workers' compensation is the second largest labour cost for most organisations. It can be a huge financial burden on a company. Many organisations are unaware that their WorkCover premium may be able to be reduced. Money saved can be used to meet operational needs and fund OHS and ageing workforce initiatives, as well as funding training and support for managers to aid staff welfare through early intervention processes.

Many employers feel powerless and confused about the workers' compensation system. However, our experience shows that allowing claims to remain active and neglected often places employers at an immense risk of financial costs due to increased premiums, litigation and productivity loss.

This year we will see changes to the Victorian WorkCover scheme, which will affect your workers' compensation premium. There are also changes to Equal Opportunity legislation and OHS legislation.

In order to minimise your Workcover premiums, we can organise assistance regarding:

1. managing active workers' compensation claims;
2. managing workers currently off work due to confrontation with a manager or workplace injury or illness;
3. return to work plans; and
4. an assessment of your WorkCover premium to ensure that you are not paying above your industry rate.

Employers with at least 40 employees and at least 2-3 active claims are most likely to benefit from a review of their WorkCover.

You will receive your workers' compensation premium renewal (bill) in early September 2011. Now is the time to assess your premiums and try to reduce your costs.

If you would like to discuss how you can reduce your premium, please contact a member of our Employment & Industrial Relations team.