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Why a Premium Discount Scheme?
The WorkCover deficit has continued to increase.
As a result, the Government has introduced a range of reforms in an effort to reduce the cost of workers compensation claims in NSW.
For employers, one of the most significant reforms is the Premium
Discount Scheme.
The Scheme works by allowing employers to expend funds that would normally be paid in workers compensation premiums, to develop OHS
and injury management (rehabilitation) systems.
How much can I earn?
Under the Premium Discount Scheme employers are entitled to a maximum 3 years of premium discounts:
In the first year, a discount up to 15% is available;
In the second year, a discount up to 10% is available; and
In the third and final year, a discount up to 5% is available.
However, the actual discount percentage received by an employer
depends on the approval “rating” of the individual Premium
Discount Adviser.
How does the Scheme work?
To be eligible to a premium discount, employers must engage a “Premium Discount Adviser” approved by WorkCover.
These Advisers are OHS and Injury Management specialists and have been authorised by WorkCover to audit the OHS and Injury Management systems of employers in accordance with
audit benchmarks developed by WorkCover.
Where an employer is audited by a Premium Discount Adviser and meets these benchmarks, the Premium Discount Adviser will notify the workers compensation insurer and a discount is
provided at the employer’s next premium instalment.
How many audits are involved?
To be eligible to the full three years of premium discounts, your OHS and Injury Management systems would need
to be audited a total of four times.
These audits are aligned to your workers compensation policy year:
Two audits take place in the first policy year.
If you pass these you would be entitled to a premium discount of 15% for that policy year.
The discount would appear on your next policy instalment notice.
A further audit takes place in the second policy year. Passing this would entitle
you to a premium discount of 10%
for that year.
A final audit takes place in the third year.
Passing this would entitle you to a 5% discount.
Can I drop out of the Scheme?
The system is designed so that each audit builds on the last.
However, you are free to drop out of the Scheme at any stage, without having to pay back the discount you have already earned for the previous year.
If you drop out, you are free to take up the Premium
Discount Scheme again at a future date.
However, you are only entitled to a maximum of three years of discounts and you must complete those three discount years within a period of five years.
How can Ergo Fit help?
Ergo Fit is one of a number of Premium Discount Advisers who received the full 15% premium discount rating from WorkCover.
Some other Advisers are only able to offer a maximum of 5 or 10%.
This means Ergo Fit can offer the MAXIMUM AVAILABLE TO YOUR BUSINESS UNDER THE PREMIUM
DISCOUNT SCHEME.
What services can Ergo Fit offer?
Ergo Fit can provide a service tailored to the needs of your workplace.
If you already have an OHS and IM system in your workplace, Ergo Fit can audit that system to
determine if it meets WorkCover’s audit benchmarks.
If it does, you would be awarded a premium discount.
If it doesn’t, Ergo Fit can help you to modify your system until it does.
If you don’t have an OHS or Injury Management system in place, Ergo Fit can assist
you to develop one that is effective, aligned to your business and which will make you eligible to a premium discount.
Why choose Ergo Fit as your Premium Discount Adviser?
Ergo Fit can offer your business the maximum discount available to employers under
the Premium Discount Scheme.
In addition, Ergo Fit has a proven track record in assisting clients (link to portfolio) to reduce their workers compensation claims
costs.
ErgoFit was also the consultant chosen by WorkCover to develop training for inspectors in the new OHS Act 2000 and the OHS Regulation 2001.
Its understanding of the new legal obligations imposed by this legislation is therefore unmatched.
Contact Ergo Fit (link to “contact Ergo
Fit”) to see how we can help your business develop an OHS and injury management service that will:
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Meet your legal obligations
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Create
a safe and productive work environment
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Improve your workers comp claims
performance beyond the 3 year life of the Scheme AND
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Earn you to the maximum discount available
under the PDS.
Ergo Fit – Safety solutions to fit your business
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