Premium & Policy
WorkCover is likely to be one of the largest insurance bills you receive each year, yet most employers simply accept and pay the premium they are charged. Employers can review and revise their policy structure at any time. Often this is overlooked or not considered when there has been a change in business activity or company structure.
Premium savings are available from a policy perspective and whilst this is a complex area the NewCare Group can review your situation and provide options that may save you thousands.
We all ask questions and query a lot of what we pay as a business and your WorkCover premium should not be any different. We can help you understand why you pay what you do and can implement strategies that are focused on achieving savings; whether that be through a: –
• Reduction in claims costs;
• Change in classification;
• Review of your remuneration or a;
• Restructure based on your activity/s.
Think about the last time you thought about this or thoroughly reviewed your premium and/or policy structure. You could be missing out on savings of thousands of dollars. Our biggest return – a $700K refund to a client. Yes, this is at the extreme end, and a phenomenal result but it does demonstrate what is possible. Would just five or ten percent of this be a phenomenal result for you?
The premium notice you receive each year provides you with very little information about how your premium has been derived. This, coupled with the complexity of the workplace classification system and the requirements for estimating and certifying remuneration provides opportunities on two fronts: –
• The provision of a detailed outline of what you pay and why;
• Investigate and pursue changes or revisions to your policy that can provide immediate financial benefits for current and past policy years.
Time to stop just accepting the status quo – we ask the right questions, investigate the opportunities and develop strategies to reduce your WorkCover premium.