AEI Transport offers all NatRoad members a free health check of your workers compensation premium, making sure you are aligned with your correct industry classification and your workers compensation premium is correctly calculated.
NSW Workers Compensation premium rates for the 2021/22 policy year have increased from 1.4% of wages to 1.44% per cent of wages. This results in an average 2.9% increase across the scheme.
Instead of icare increasing rates by 2.9% across the board, icare has increased 50% of industries by 5%, leaving the other 50% of industries with no increase.
Unfortunately, the transport industry is one of the sectors that has incurred a 5% increase. Please see the below rate increase:
|Code||WIC Description||2020-21 WIC Rate||2021-22 WIC Rate|
|611010||Road Freight Transport – Bulk Freight||5.220%||5.480%|
|611020||Road Freight Transport – Short Distance||6.060%||6.360%|
|611030||Road Freight Transport – Long Distance||6.360%||6.690%|
In New South Wales, the icare scheme is the only insurer and it is governed by the NSW State Government.
There are three main premium categories NSW employers fall within, and at AEI we offer support to all three areas to see how we can best provide advice on managing the most practical premium outcomes depending on claims.
Small Employers – If your Basic Tariff Premium (BTP) is $30,000 or less, you are classed as a small employer. This means that your premium will not be impacted by your claims cost.
Experience Rated Employer or Large Employer – If your BTP is greater than $30,000 you are considered as an experienced- rated/large employer. This means that your premium will be impacted by your claims costs.
Loss Prevention and Recovery (LPR) Employers (Also known as the burner model) – An employer is eligible for this model if their BTP exceeds $500,000.
The AEI Transport Workers Compensation team helps organisations reduce the inefficiencies, risks and costs associated with managing injuries in the workplace. Our specialty is working with organisations and their people to achieve excellent outcomes for all parties. AEI Transport provides an efficient and flexible service designed to support your workers compensation needs and take a strong stance in supporting our clients with a Workers Compensation solution that will provide them with the correct advice and management of claims, effectively either keeping premium costs to a minimum, or being able to reduce the overall premium costs with advice driven savings.
Early intervention, what it is and how can this help my premium.
As research has demonstrated, the longer an injured worker is off work, the harder it is to get them back to work. Delaying their return to work can cause significant increases in your workers compensation premium and other cost to your business.
What is early intervention?
Early intervention is plan that, in consultation with both the injured worker and doctor, sets out a recovery plan following a notification of injury/incident. The recovery plan is temporary and is designed to reduce the risk of a long-term claim and assist with the goal of getting the injured worker back to their pre-injury duties.
Identified benefits associated with an early intervention plan:
- improves injury outcomes and wellbeing of the injured worker
- creates a productive and supportive workplace when an injury occurs
- demonstrates management commitment and promotes a positive safety culture in the workplace
- prevents long-term claim duration.
- reduces workers compensation insurance premiums
- reduces indirect costs to the workplace, such as lost productivity, recruitment and training costs for replacement staff
- can prevent secondary injuries occurring (psychological or mental health related)
With our workers compensation program, we have a tailored approached to suit clients’ needs in workers compensation and provide subject matter experts to support their business needs.
If you have a workers compensation inquiry, please do not hesitate to call or email, as we are more than happy to help or call NatRoad for our details and case studies where we have been able to help members, some with considerable outcomes and savings.
Sponsored content by NatRoad partner, AEI.