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transitioning to the new premium scheme

We’re here to help your business make a smooth transition to the new premium model designed to decrease your premiums and improve safety and support.

We’re here to help your business make a smooth transition to the new premium model designed to decrease your premiums and improve safety and support.

We’re helping businesses transition to the new premium scheme.

A simpler and more transparent approach to workers compensation premiums for medium and large businesses in NSW has been introduced. We’ve listened to business and focused on making changes that will improve stability and certainty around what you pay, by streamlining processes and rewarding businesses that maintain a safe workplace. This includes:

  • only assessing risk ratings on an annual basis
  • making policies easier to understand and reducing administration
  • supporting safety and rewards for businesses that maintain safe workplaces
  • incentives for employers who manage workers through safe recovery at work.

The changes are also aimed at improving workplace safety and employer support for workers with an injury.

your checklist

To help with the transition and to reduce your premiums, you can:

transitional arrangements – 30% cap to support employers

SIRA has transitional arrangements in place for policy periods 2015/16 and 2016/17 and set a 30 per cent cap on increases to the premium percentage rate to ensure a smooth transition to the new premium model. All employers are eligible for the cap and your Workers Insurance agent has all the information to check if this is applicable to you.

For existing policies, your Workers Insurance agent will check to see if your premium requires capping and work with icare workers insurance on your behalf to make sure you don’t pay too much.

SIRA has introduced this cap so employers can be supported during the transition to the new model that is geared towards improving safety and support for workers.

If you’re a high cost employer, you should talk to your workers insurance agent, icare or your risk manager to help you improve your workers compensation performance.

investing in building safer workplaces

icare believes in partnering with employers to improve safety and reduce injury. That’s why the Employer Safety Incentive (ESI), a percentage of the Average Performance Premium, has been expanded to medium and large employers.

The purpose of the ESI is to help employers build safer workplaces. This incentive should be re-invested into improving safety and support systems so that it leads to more benefits in the future.

rewarding good performance

An Employer Safety Reward (ESR) is available to all medium and large employers who maintain a safe workplace and do not incur any premium impacting claims for four consecutive years. The reward is an additional discount off the Average Performance Premium that is delivered at the end of the policy year.

incentives for swift return to work

The Return To Work Incentive (RTWI) is rewards employers who proactively help injured workers return to suitable work safely. It is applicable for claims after 30/6/15.

The RTWI encourages employers to remain connected with injured workers and to find suitable return to work opportunities. We know that recovering at work promotes fast recovery and reduces the risk of long-term disability, benefiting both employer and employee.

improving your performance and reducing your premium

To improve your workers compensation performance, you should be working closely with icare, your scheme agent (if you have one) and risk manager. They can help you:

  • implement best practice injury management systems
  • introduce workplace safety programs
  • develop loss prevention strategies to minimise risk of injury.

This will maximise your ability to take advantage of the incentives and rewards under the new premium formula.